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Gold/Mining/Energy : Copper - analysis
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To: tyc:> who wrote (175)8/4/2000 1:22:48 AM
From: Stephen O  Read Replies (1) of 2131
 
From a Canaccord comment on Rio Algom

Metals Distribution - Tightness Being Seen in Copper Products

Rio Algom Metals Distribution (RAMD) had a very strong Q2 continuing
the performance seen in Q1. Revenue for the quarter was $448 million
compared to $411 million in Q2/99. So far in 2000, revenue has
increased by $74 million compared to the same period last year.
Operating margins have also improved, increasing to 4.7% in Q2/00
versus 3.7% in Q2/99. The company indicated yesterday that it expects
the rest of the year to be good but not as good as the first half.
Some de-stocking by consumers is being seen and inventories in the
distribution business are somewhat higher than normal. However, the
company expects that it will be able to reduce inventories by the end
of the year. Management indicated that copper products are being
allocated in the market, indicating that demand is ahead of supply.
One would expect that this is positive for copper prices going
forward, if this situation continues.
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