Copper Tops $4, Touching 28-Month-High as Commodity Demand Jumps
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Copper topped $4 a pound, extending a rally to a 28-month-high, as speculation mounted that the dollar will weaken and as commodity prices surged.
The greenback has slumped 8.5 percent against a six-currency basket since July 1 on concern that Federal Reserve spending will spur inflation. The Fed said last week it will purchase an additional $600 billion of Treasuries through June to bolster the U.S. economy. The Thompson Reuters/CRB Index of 19 raw materials rose for a ninth straight day, heading for the longest uninterrupted advance since March 2005.