Shanghai copper hits record highs

Shanghai copper hit a record high on Monday, on expectations that prices will rise further in the coming months on inflation worries and belief that tighter China monetary policy won't dent demand next year. Shanghai's benchmark third-month copper hit a all-time high of 69,700 yuan a tonne, before retreating to close at 68,640 yuan, up 0.3 percent from the previous close.
Investors who have been closely watching China's tightening moves were relieved as a feared interest rate hike did not materialise at the weekend, while the country's senior officials sent dovish messages on next year's monetary policy. Zhang Ping, head of the National Development and Reform Commission, China's top planning agency, said last week that a change in China's monetary policy setting announced earlier this month does not imply tightening rates next year.