Copper Climbs to Record on Concern Demand Will Outstrip Supplies
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Copper extended a rally to a record on mounting concern that the global economic recovery will boost consumption of the metal used in cars, homes and appliances while mining companies struggle to increase output.
Freeport McMoRan Copper & Gold Inc., the world’s largest publicly traded producer, said the market will be “tight in 2011, and for the foreseeable future.” The metal has more than tripled since the end of 2008 on rising demand from China, the world’s largest buyer. In the U.S., the second-biggest user, unemployment fell in January to the lowest level since April 2009, the Labor Department said today.