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Gold/Mining/Energy : Copper - analysis
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To: Stephen O who wrote (1044)12/13/2004 11:06:47 AM
From: Stephen O  Read Replies (1) of 2131
 
Copper Prices Rise for 3rd Straight Session on Buying in China

By Claudia Carpenter
Dec. 13 (Bloomberg) -- Copper prices in New York rose for a
third straight session amid signs of buying in China, the world's
biggest consumer of the metal.
``Good buying interest'' helped to spur a 1.4 percent rally in
prices on China's Shanghai Futures Exchange, Barclays Capital in
London said in a report. A rebound in demand in China, Japan and
Europe helped send the world copper market into deficit in
September for the first time in three months, according to figures
Dec. 10 from the International Copper Study Group.
``For the most part, what we're seeing is speculative-driven
action,'' said Marc Morgan, a trader at Triland USA Inc. in New
York.
Copper futures for March delivery rose 1.75 cents, or 1.3
percent, to $1.345 a pound at 8:40 a.m. on the Comex division of
the New York Mercantile Exchange. A futures contract is an
obligation to buy or sell a commodity at a set price by a specific
date.

--Editor: McKiernan
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