HANOI- Copper prices in Shanghai soared to near a 10-year high on Thursday, while other base metals also gained, as the US Federal Reserve signaled continued supportive measures to the world’s largest economy.
The most-traded April copper contract on the Shanghai Futures Exchange rose as much as 4.4 percent to 70,670 yuan ($10,947.59) a ton, a level unseen since March 2011.
Three-month copper on the London Metal Exchange hit its highest since August 2011 of $9,617 a ton, only 5.6 percent below its record high level of $10,190 a ton hit in February 2011.
Aluminum also climbed, with Shanghai prices jumping as much as 6 percent to a 9-1/2-year high of 17,635 yuan a ton, while the LME contract was trading up 2.1 percent to $2,229.50 a ton. – Reuters