* Tin ended up $275 at $26,775 a tonne, after hitting a record $27,100
Copper prices rallied on Wednesday to a fresh 27-month peak as prospects for renewed liquidity measures in the United States and the bearish impact it has had on the US dollar continued to drive momentum in the broader metals complex.
"I would say this has almost everything to do with the US dollar," said Jeff Pritchard, a broker and analyst with Altavest Worldwide Trading in Mission Viejo, California.
"With more quantitative easing inevitable, the dollar is just going to slowly continue to erode, and that's going to be supportive for the metals."
London Metal Exchange tin soared to a fresh record and lead jumped to its most expensive price since January.
Copper for December delivery on the COMEX metals division of the New York Mercantile Exchange rose 3.10 cents to settle at $3.8205 per lb, the highest level on a closing basis for a third-position futures contract since July 7, 2008.
LME copper rallied to $8,430 a tonne, its loftiest price since July 2008, before ending up $12 at $8,362.
Weakness in the US dollar against other major currencies gathered pace after the release this week of the minutes of the US Federal Reserve's Sept. 21 policy meeting, which helped whet investor appetite for dollar-denominated commodities.
"Right now the trend in the metals is up and, with what the Fed is doing, I don't see how this trend can't be up," Altavest's Pritchard said.
A weaker dollar lowers the price of dollar-priced assets for holders of other currencies.
The effect of earnings season reports on investor sentiment was also expected to influence metals' direction in the near term.
US bank JPMorgan Chase & Co, the first of the banks to report third-quarter earnings, said its quarterly profit jumped, helped by lower loan losses in its retail and credit card units.
"With Q3 reporting season starting up in the US, the performance of the US equity markets will also be an increasingly important factor in terms of dictating short term price direction over the coming weeks," analyst Leon Westgate of Standard Bank said in a note.
Rio Tinto is to release its third-quarter production report on Thursday and that is expected to show strong iron ore output.
Copper is benefiting from a tightening market as stocks in LME warehouses have tumbled more than 30 per cent since the middle of February.
The latest data showed LME stocks down 475 tonnes at 371,275 tonnes, having fallen from seven-year highs above 555,000 tonnes in late February.
Tin ended up $275 at $26,775 a tonne, after hitting a record $27,100. The metal has hit a succession of record highs, underpinned by tight supply from top exporter Indonesia
Production there is set to fall in coming months as the rainy season will flood onshore mines and lash offshore miners with high waves.
Indonesia's refined tin exports fell 11 per cent to 6,904.37 tonnes in September, from 7,755.30 tonnes in the same month a year ago, trade data showed on Wednesday.
Lead rose $60 to close at $2,435 a tonne, after hitting its highest level since January at $2,440.25 a tonne.
Aluminum slipped $20 to $2,417 a tonne, having earlier hit its highest level since April at $2,447.
Zinc also rose to its highest level since April at $2,419 a tonne, before ending $40 higher at $2,410. Nickel rose $350 to finish at $24,400 a tonne. Source: The Bull
Copper prices rallied on Wednesday to a fresh 27-month peak as prospects for renewed liquidity measures in the United States and the bearish impact it has had on the US dollar continued to drive momentum in the broader metals complex.
"I would say this has almost everything to do with the US dollar," said Jeff Pritchard, a broker and analyst with Altavest Worldwide Trading in Mission Viejo, California.
"With more quantitative easing inevitable, the dollar is just going to slowly continue to erode, and that's going to be supportive for the metals."
London Metal Exchange tin soared to a fresh record and lead jumped to its most expensive price since January.
Copper for December delivery on the COMEX metals division of the New York Mercantile Exchange rose 3.10 cents to settle at $3.8205 per lb, the highest level on a closing basis for a third-position futures contract since July 7, 2008.
LME copper rallied to $8,430 a tonne, its loftiest price since July 2008, before ending up $12 at $8,362.
Weakness in the US dollar against other major currencies gathered pace after the release this week of the minutes of the US Federal Reserve's Sept. 21 policy meeting, which helped whet investor appetite for dollar-denominated commodities.
"Right now the trend in the metals is up and, with what the Fed is doing, I don't see how this trend can't be up," Altavest's Pritchard said.
A weaker dollar lowers the price of dollar-priced assets for holders of other currencies.
The effect of earnings season reports on investor sentiment was also expected to influence metals' direction in the near term.
US bank JPMorgan Chase & Co, the first of the banks to report third-quarter earnings, said its quarterly profit jumped, helped by lower loan losses in its retail and credit card units.
"With Q3 reporting season starting up in the US, the performance of the US equity markets will also be an increasingly important factor in terms of dictating short term price direction over the coming weeks," analyst Leon Westgate of Standard Bank said in a note.
Rio Tinto is to release its third-quarter production report on Thursday and that is expected to show strong iron ore output.
Copper is benefiting from a tightening market as stocks in LME warehouses have tumbled more than 30 per cent since the middle of February.
The latest data showed LME stocks down 475 tonnes at 371,275 tonnes, having fallen from seven-year highs above 555,000 tonnes in late February.
Tin ended up $275 at $26,775 a tonne, after hitting a record $27,100. The metal has hit a succession of record highs, underpinned by tight supply from top exporter Indonesia
Production there is set to fall in coming months as the rainy season will flood onshore mines and lash offshore miners with high waves.
Indonesia's refined tin exports fell 11 per cent to 6,904.37 tonnes in September, from 7,755.30 tonnes in the same month a year ago, trade data showed on Wednesday.
Lead rose $60 to close at $2,435 a tonne, after hitting its highest level since January at $2,440.25 a tonne.
Aluminum slipped $20 to $2,417 a tonne, having earlier hit its highest level since April at $2,447.
Zinc also rose to its highest level since April at $2,419 a tonne, before ending $40 higher at $2,410. Nickel rose $350 to finish at $24,400 a tonne. Source: The Bull
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