copper price hits all time high

http://www.bloomberg.com/news/2011-02-01/asian-stocks-copper-gain-as-growth-outlook-overcomes-concerns-over-egypt.html

Beating Stocks

Commodities have beaten stocks for three months, the longest stretch since June 2008, after the Federal Reserve pledged to buy $600 billion of Treasuries and demand for clothes and food lifted cotton, cocoa and copper. Equities were poised to break the streak until Jan. 28, when concern Egyptian President Hosni Mubarak will be ousted sent the MSCI gauge to its biggest retreat since November and boosted food and fuel.

Today?s slump in Treasuries increased the difference between 2- and 30-year yields to an almost record high. The extra yield investors demand to hold 30-year bonds instead of 2- year notes touched 4.03 percentage points, compared with a record 4.04 percentage points set Jan. 28.

Copper rose to a record as expanding manufacturing in China added to signs of growth in industrial-metals demand. Aluminum and nickel climbed to two-year highs. Global economic growth of 4 percent this year and next will mean similar gains in industrial-metals demand for both years, led by aluminum and nickel, Credit Agricole SA said.

Copper, Aluminum

Copper futures for March delivery climbed to an all-time high of $4.551 a pound. On the London Metal Exchange, aluminum touched $2,570 a ton, the highest since September 2008, and nickel climbed to $28,120 a ton, the highest since May 2008