Chinese buying has driven the price of copper to a record of nearly $9,000 a tonne and traders warned that prices could rise a further 25 per cent next year to more than $11,000 as demand continues to outpace supply.
The red metal is a crucial cog in the global economy as its use in electronics and construction means it is found in almost every appliance and building.
The record price at the London Metal Exchange of $8,966 a tonne on Thursday makes copper the first major commodity to surpass its 2008 peak.
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