Copper – $US9355 a tonne
Copper prices stormed to record levels this week, closing yesterday at $US9355 a tonne. speculation is there that a trader has accumulated up to 90 per cent of the copper on the London Metal Exchange, amid a dramatic rise in the metal’s price driven by demand from China and other emerging economies.
Oil – $US90 a barrel
Oil pushed through $US90 a barrel for the third time in two years, after the banking crisis raised fears of a slowdown in the world economy and a cut in demand for oil and other commodities.
On the sharemarket, the big miners performed well, Rio Tinto adding 42¢ to $87.20 and BHP Billiton up 65¢ at $46.47.
Shiny metals have also hit fresh highs recently. Silver has reached its highest price in 30 years while palladium has traded at prices last seen in 2001.
The spot price of gold was down $US2.28 an ounce at $US1387.20 at the close of Sydney trade
US MARKETS BREAKING NEWS :
US regulators seeking an overhaul of the $US583 trillion privately traded derivatives market want to throw open membership of clearinghouses. (More here…)
