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Copper closed up 3.2% on the London Metal Exchange to US$10,420 per tonne, eclipsing its 2011 peak.
Iron ore has risen above $200/t, to $201.50/t according to MySteel for 62% Australian fines.
"Vale has just sold a cargo of 65% Fe basis IOCJ on GlobalORE for $243.60, and a cargo of BRBF (62% Fe basis) on COREX for $214.20," Fastmarkets MB Iron Ore Index tweeted on Friday.
US economic stimulus plans and strong China trade data have been pinpointed, while Pepperstone head of research Chris Weston said the weakness in the US dollar was "a clear tailwind for commodities".
"Copper has caught a bid into $4.76 [per pound] and remains a juggernaut and crude has also found buyers," he said.
Gold has also risen back above $1,800 an ounce and was about $1,832/oz on the spot market at the time of writing.
Mining majors gained, with diversified Anglo American leading the charge in London with a 3.55% rise.
Copper major Freeport-McMoRan surged 4.52% in New York and Barrick Gold rose 1.3% in Toronto.
Finally, market futures are up after the S&P 500 closed at yet another record high on Friday of 4,232.6.
