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Gold/Mining/Energy : Copper - analysis

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To: Stephen O who wrote (1007)	11/11/2004 6:16:12 PM
From: Stephen O	of 2131

Copper Rises for Second Time This Week on Falling Inventory By Claudia Carpenter Nov. 11 (Bloomberg) -- Copper prices in New York rose for the second time this week as falling inventory renewed expectations that supply may fall short of demand. Stockpiles at warehouses approved by the London Metal Exchange fell below 70,000 tons for the first time since July 1990. The 5.9 percent increase in world demand from January to August exceeded output from scrap yards and mines, leaving a shortfall of 643,000 tons, double the deficit of a year earlier, the International Copper Study Group said yesterday. ``It's tougher for some people to get material now,'' said Paul Morris, non-ferrous metals buyer at PSC Metals Inc. in St. Louis. Supplies have been reduced because ``makers of industrial scrap are becoming more efficient,'' he said. Copper futures for December delivery rose 0.9 cent, or 0.7 percent, to $1.372 a pound at 8:49 a.m. on the Comex division of the New York Mercantile Exchange. A futures contract is an agreement to buy or sell a commodity at a specific price and date. --Editor: McKiernan

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