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Gold/Mining/Energy : Copper - analysis
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To: chris714 who wrote (940)10/12/2004 10:26:25 AM
From: Stephen O  Read Replies (1) of 2131
 
Copper Falls Most in 5 Weeks; Shanghai Exchange Boosts Margins

By Choy Leng Yeong
Oct. 12 (Bloomberg) -- Copper prices in New York fell the
most in five weeks after the Shanghai Futures Exchange boosted
margin payments for purchases of the metal.
The margin was increased to 7 percent of the contract's
value from 6 percent effective today, the exchange said in a
statement. Copper for December delivery in Shanghai fell 2
percent to 29,940 yuan ($3,617 a metric ton), the biggest decline
since Aug. 6. Copper in New York rose 70 percent in the past year
as rising demand in China eroded global inventory.
The boost in margins ``took some of the speculation out'' of
the copper market, said Tom Boustead, an analyst at Refco LLC in
New York.
Copper futures for December delivery fell 3.25 cents, or 2.2
percent, to $1.436 cents a pound at 9:19 a.m. on the Comex
division of the New York Mercantile Exchange. A close at this
level will mark the biggest decline for a most-active contract
since Sept. 2.
Prices on the Comex reached $1.482 a pound on Oct. 8, the
highest for a most-active contract since April 1989. A futures
contract is an agreement to buy or sell a commodity at a specific
price, quantity and date.

--Editors: McKiernan

clyeong@bloomberg.net
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