similar vein from Reuters.
Copper hits $9,878/T,
Tin peaks at $30,400/T
Coming Up: US ISM Manufacturing PMI; 1500 GMT
By Marie-Louise Gumuchian LONDON, Feb 1 (Reuters)
Copper hit a record high on Tuesday and tin also
peaked, buoyed by positive economic data as well as supply concerns, and a weaker dollar also lent support. By 1036 GMT three-month copper on the London Metal Exchange CMCU3 stood at $9,820 a tonne versus $9,745 at Monday's close. The metal used in power and construction hit $9,878 a tonne. "(With) the encouraging signs in terms of macro data and a reasonable (view) towards the commodities complex, you get a feed through in terms of investment flows into the complex," RBS analyst Daniel Major said. "It's also important to know that copper does have the strongest fundamentals out of the industrial metals." A widening market deficit is seen propelling copper to new highs this year, with some analysts forecasting the metal hitting $10,000 a tonne.
Tin hit a record $30,400 a tonne, before trading flat at Monday's close of $30,100. Prices are up more than 10 percent this year, boosted by worries about supplies from top exporter Indonesia. Metals are feeding off positive sentiment from a steady stream of positiveeconomic data -- including a 22-? year high in Midwest factory activity and an upbeat tone in U.S. consumer spending. HSBC's China Purchasing Managers Index reported a rise in January showing solid growth in the country's vast manufacturing sector.
China's official PMI fell to a five-month low, but analysts cautioned against reading too much into survey results for a single month. Markets in top consumer China will be shut from Wednesday for week-long holidays.
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