Copper Climbs to Record in London on Speculation Demand to Exceed Supply

Copper climbed to a record in London and rose to a 31-month high in New York on expectation demand will outpace supply as the global economy extends a recovery, and as investors sought alternatives to a weakening U.S. dollar.

The metal for three-month delivery on the London Metal Exchange rose as much as 0.4 percent to $9,259.75 a metric ton, surpassing the previous peak of $9,248 a ton yesterday.

Futures on the Comex in New York climbed as much as 0.5 percent to $4.2260 a pound, the highest level since May 2008, when they touched a record $4.6206.

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