Soaring Demand Sends Copper to 7-Year High

Industrial demand for copper has shot prices to more than $1 a pound, and while the market took a setback Thursday on profit taking, analysts say prices could go higher as long as the economy does not slump.

Copper futures in London Thursday rose to record highs, spilling over into the New York market.

But the advance here brought out profit taking, and copper for delivery in November fell 2.65 cents to close at $1.0425 a pound.

Copper stocks on the New York Commodity Exchange have dropped 10,246 tons to 54,790 tons last week.