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Copper surges to record as Chinese stockpiles decline!

NEW YORK - December 28, 2010 - Copper futures rose to a record in New York for a second straight day on speculation that supply will remain tight as demand in China and India continues to grow.

Stockpiles monitored by the Shanghai Futures Exchange fell 5.8% last week, the biggest drop in almost three months. Refined-copper imports by China surged 37% in November from a month earlier. Copper use will outpace supply by 825,000 metric tons next year, more than twice the inventories monitored by the London Metal Exchange, Barclays Capital said.

“Fundamentals are very bullish,” said Michael K. Smith, the president of T&K Futures & Options in Port St. Lucie, Florida. “There is optimism out there. China and India are growing. The demand picture will remain robust.”

Copper futures for delivery in March rose 2.2 cents, or 0.5%, to $4.302 a pound at 10:17 a.m. on the Comex in New York. Earlier, the metal reached $4.3195, the highest ever.