Copper prices hit a record of US$4,132 a tonne on the London Metal Exchange Monday driven by rumours that China must now buy large quantities to cover a short position it took, the Financial Times reported. Speculation was fuelled by the disappearance of trader Liu Qibing, believed to have worked for China's State Reserve Bureau. He allegedly shorted 100,000 – 200,000 tonnes he had sold without owning in hopes of later buying it back cheaply.