Copper shot decisively through the $US10,000 a tonne barrier on Friday to a record high after data showed the US jobless rate tumbled and employment in the manufacturing sector surged.
The industrial metal -- widely used in the power and construction sectors -- hit $US10,100 a tonne, a gain of more than 65 per cent since June 2010 when markets feared sovereign default in the euro zone could derail global economic growth.
A monthly report showed US jobs growth at a meagre 36,000 in January versus 121,000 in December, but the unemployment rate fell to 9.0 per cent in January, its lowest level since April 2009 and down from 9.4 per cent in December. "The unemployment rate is extremely bullish ... Looks like there is an element of sustainability about it," said Dan Brebner, analyst at Deutsche Bank. "The data will reinforce confidence in the investor community."
Benchmark copper on the London Metal Exchange was trading at $US10,060 a tonne at 1547 GMT up from $US9,930 on Thursday, when it made its first foray into five figures.
Sister metal tin, mainly used in solder for electronics, also extended gains to an all-time peak of $US31,300 a tonne, an increase of about 15 per cent so far this year after a jump of more than 58 per cent last year.
A major reason behind price gains in recent years is the generally weaker US currency, which makes industrial metals denominated in dollars cheaper for holders of other currencies.
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