Copper rose 5.3 percent to $8,001.25 a metric ton on the London Metal Exchange this year, averaging $7,980, the second- highest on record. The MSCI All-Country World Index of equities gained 12 percent and the Standard & Poor’s GSCI gauge of 24 commodities added 2.1 percent. Treasuries returned 1.4 percent, a Bank of America Corp. index (MXWD) shows.
Codelco, the world’s largest copper producer, expects a recovery in demand for commodities because of the stimulus in China, Chief Executive Officer Thomas Keller said in an Oct. 16 interview. China’s economic growth has started to stabilize, Premier Wen Jiabao said in remarks published Oct. 17 by the official Xinhua News agency.
Copper traders who a week ago were the most bearish in four months are now the most bullish in a year after economic reports signaled accelerating growth from China to the U.S.
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» Copper Prices LME rose 5.3 percent in 2012
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