Copper vaults to new high

Shanghai copper rose to near six-week highs yesterday as the dollar fell to its weakest level in 14 months, boosting the appeal of commodities.

The dollar index, a gauge of its performance versus six major currencies, fell as low as 75.103 yesterday on the view rising unemployment will keep US interest rates near zero, making dollar-based commodities cheaper for local currency holders.

The greenback's slide lifted oil above $80 a barrel and gold to near record levels, while global stocks climbed to one-year highs after strong sales numbers from Apple Inc suggested US consumers are spending more.