Economics
Copper Jumps to 27-Month High as Dollar Drops, Commodities Surge
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Copper in London and New York surged to 27-month highs on speculation that the Federal Reserve will increase measures to stimulate the U.S. economy, weakening the dollar and boosting demand for commodities as alternative investments. The metal jumped to a six-month high in Shanghai.
Three-month delivery copper rose as much as 0.9 percent to $8,388 a metric ton, the highest price since July 2008, before trading at $8,362 a ton at 2:13 p.m. in Singapore. Futures for December delivery on the Comex in New York gained as much as 1.2 percent to $3.82 a pound, also the highest since July 2008, before trading at $3.808 a pound.