Copper prices hit a new record in Europe this morning as rock solid demand and supply prospects for the year ahead combined with a weaker dollar.
Benchmark copper on the London Metal Exchange climbed to $9,639 a tonne from a close of $9,490 on Thursday.
The metal used in power and construction earlier reached a new record high of $9,645. Prices are poised to hit five figures early next year and are set to close 2010 up around 30%.
The global market for refined copper is expected to move into a supply deficit next year of 400,000 tonnes due to declining ore grades in Chile, the world's top producer, and a lack of large new projects.
The metal was also lifted by a weaker dollar, which makes commodities less expensive for holders of other currencies.
