After sinking to a four-year low of US $1.27 per pound in December 2008, copper prices showed strength in 2009, increasing by 151.4%. Price strength may be largely attributable to strategic buying by China, the world’s largest consumer of the metal, and arbitrage trading between Shanghai and the London Metal Exchange. While many believe that OECD demand recovery is crucial for copper to maintain or continue its rally, for now China is providing most of the horsepower and holding copper at prices much higher than where they were a year ago.