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Base metal prices are performing strongly at the start of the year as investors and consumers have rushed to take advantage of a brief dip in prices,pushing copper to a new record peak on Wednesday.Traders said a wobble in prices the previous day ignited the latest rally,but prices were further boosted by news that contract workers at the worlds biggest copper producer Codelco had begun a strike.Earlier news of a strong earthquake in the Gulf of California off the Mexican coast sent prices up another leg, although there were no immediate reports of damage.Ingrid Sternby,analyst at Barclays Capital ,said renewed dollar weakness might also lift commodities.The benchmark copper futures of the London Metal Exchange rose to $4,554 a tonne,just off an earlier peak of $4,566 and up 2.6% from Tuesdays closing price of $4,440.The latest gains were matched by a rally in precious metals,with gold,platinum and silver scoring three-week highs,and a fresh infusion of investor money took oil to an 11-week high.Mining shares were firm,although some earlier gains were pared.Other metals also jumped,with zinc hitting a new 16-3/4-year peak at $1.948 a tonne and seen climbing further on concerns about global supplies.It was last quoted at $1,941,up $18.Aluminium hit a 17-year high of $2,310,50,before retreating slightly to $2,303,up $20.5. |
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| Posted : 1/5/2006 |
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