Copper prices climbed back towards record highs on Monday, after renewed supply threats in top producer Chile provided an additional underpinning to the red metal's demand-driven rally this year. For a second-straight session, copper prices managed to push higher in the face of a stronger dollar and persistent concerns over European debt, after the closure of a major port terminal in Chile, the world's top copper producer, reinforced widespread market expectations for tighter supply in 2011. On the London Metal Exchange, copper for three-months delivery ended up $131 at $9,201 per tonne, well within reach of its record high of $9,267.50 hit last week. On the New York Mercantile Exchange, COMEX copper for March delivery rose 4.70 cents, or 1.1 per cent, to settle at $4.2060 per lb, near the upper end of its $4.1605 to $4.2235 session range. COMEX copper hit a record at $4.2290 per lb last week. Investors remained confident Chinese demand would remain strong, despite recent concerns that potential further monetary tightening in the world's top consumer of base metals could hit the country's demand. Traders also said copper's move toward record levels earlier was part technical, with Shanghai copper's move to a 33-month high in Asia forcing shorts to cover. Cold snaps tend to damage batteries, boosting replacement demand. Lead finished up $20 at $2,440 a tonne. Aluminium ended up $43 at $2,378 a tonne and zinc gained $15 to close at $2,289 a tonne. Tin rose $140 to close at $26,190 a tonne, while nickel shed $450 to end at $24,550 a tonne.
AVB Price at posting:
13.0¢ Sentiment: Hold Disclosure: Held
