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Gold/Mining/Energy : Precious and Base Metal Investing

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To: Stephen O who wrote (29093)	4/16/2004 10:00:59 AM
From: Stephen O	Read Replies (1) of 39344

Copper is up 3c today. If this price holds Gartman will be covering his short. Copper Futures Rise After Report of Increase in Housing Starts By Claudia Carpenter April 16 (Bloomberg) -- Copper futures in New York had their biggest gain in a month after U.S. housing starts last month rose more than expected, signaling more demand for the metal. Builders started work on new homes at an annual pace of 2.007 million in March, up 6.4 percent, the Commerce Department in Washington said. Economists expected a pace of 1.9 million, the median estimate in a Bloomberg News survey. An average home contains 400 pounds of copper, according to industry estimates. Copper for May delivery rose 2.35 cents, or 1.8 percent, to $1.312 a pound at 8:52 a.m. on the Comex division of the New York Mercantile Exchange. A close at that price would mark the biggest one-day gain for a most-active contract since March 15. Prices are up about 25 percent this year. On the London Metal Exchange, copper for delivery in three months rose $40 to $2,885 a metric ton ($1.309 a pound). --Editors: Stroth, McKiernan, Stroth.

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