Copper pushed well above $10,000 a tonne to a record high on Friday, driven by encouraging employment data in the United States that backed views of a healthier 2011 demand outlook. Prices of the metal, often viewed as a barometer for economic conditions, posted their biggest weekly gain in nine weeks, as investment demand kept growing in anticipation of expected supply shortages and market deficits this year.
The benchmark COMEX March contract settled up 3.50 cents at $4.5795 per lb, after hitting its own record at $4.6140.