Copper Rises to 28-Month High as Dollar Tumbles on Fed Stimulus
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Copper rose to the highest price in 28 months as the dollar tumbled after the Federal Reserve pledged more stimulus money to bolster the U.S. economy.
The Fed, led by Chairman Ben Bernanke, said yesterday it will purchase an additional $600 billion of Treasuries through June, debasing the U.S. currency. The greenback slumped to an 11-month low against a basket of six major currencies. The Thomson Reuters/Jefferies CRB Index of 19 raw materials extended a rally to the highest level since October 2008.