Copper and Aluminium Prices Soar to Record High

Overseas copper markets kept strong on 6 March. Settlement price at London Metal Exchange exceeded US$ 8,788 per tonne marked on 12 May, 2006 and hit another record at US$ 8,881 on 6 March. LME copper settlement soared by 33.2% from US$ 6,666 on 2 January, 2008. Global copper supply maintains tight while productive troubles emerged in China or other countries and speculative purchasing focused in oil and precious metal markets.Copper settlement at Commodity Exchange of New York Mercantile Exchange decreased by US 7.50 cents to US 391.45 cents per pound on 6 March from the previous day. However, on the same day, the price temporarily exceeded US 400 cents for the first time since 26 May, 2006.Primary aluminium also kept strong. LME primary aluminium settlement was US$ 3,238 per tonne on 6 March, approaching record US$ 3,260 marked in June 1988. Speculative funds are flowing into commodity markets when US stock market is weakening. Productive troubles are concerned to continue for a while due to electric crisis in China and South Africa. Primary aluminium could stay high in short term.