METALS-Copper surpasses $10,000/T on global economic recovery hope

By Reuters9 days ago

HANOI, May 5 (Reuters) - Copper prices rose past a key psychological level of $10,000 a tonne on Wednesday, buoyed by optimism about global economic recovery, but trading volume was tepid due to China market holidays.

Three-month copper on the London Metal Exchange CMCU3 rose as much as 0.6% to $10,030, its highest level since February 2011 when the contract hit its record high of $10,190 a tonne.

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Aluminium CMAL3 advanced 0.5% to $2,441 a tonne at 0338 GMT, nickel CMNI3 increased 1.2% to $17,885 a tonne and tin CMSN3 climbed 1.9% to $29,535 a tonne.

The U.S. economy is growing at its fastest rate since the early 1980s while British manufacturing activity grew at the fastest pace in almost 27 years last month.

FUNDAMENTALS

* LME copper inventories MCUSTX-TOTAL fell to 137,400 tonnes, their lowest since March 26.

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