Monday June 18, 4:04 pm Eastern Time
COMEX copper futures end firm above new 2-year lows
biz.yahoo.com
NEW YORK, June 18 (Reuters) - COMEX copper staged a timid recovery on short covering Monday after setting fresh two-year lows in morning trade, but dealers saw negative factors still overhanging the market. Rising metal inventories, soft consumer demand and recent speculative selling all weighed on prices, leaving players doubting they would see a sustained rally in the near term.
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Meanwhile, the International Copper Study Group (ICSG) said it sees world production of refined copper up 500,000 tonnes or 3.4 percent in 2001, while use was forecast down 100,000 tonnes, or less than 1 percent. Lisbon, Portugal-based ICSG said in a statement it expected a ``small surplus'' of 130,000 tonnes of refined copper to reverse last year's production deficit in 2001. In 2002, however, the group predicted a production deficit of 359,000 tonnes. |
