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Gold/Mining/Energy : Copper - analysis

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To: Stephen O who wrote (1205)	5/25/2005 11:08:01 AM
From: Stephen O	Read Replies (1) of 2131

Copper Prices Rise for Fourth Session as Inventories Decline 2005-05-25 09:55 (New York) By Jennifer Itzenson May 25 (Bloomberg) -- Copper prices in New York rose for a fourth session as inventories fell to six-week low and a report showed U.S. durable goods orders rose last month. Stockpiles monitored by the London Metal Exchange fell to 49,225 metric tons, the 10th straight decline and the lowest since April 12. Inventories tracked by the Comex division of the New York Mercantile Exchange also fell. Orders for durable goods rose 1.9 percent last month, the U.S. Commerce Department said today, more than economists forecast in a Bloomberg survey. ``The present decline in the LME and Comex registered stocks is supporting the copper market,'' said Daniel Vaught, an analyst at A.G. Edwards & Sons Inc. in St. Louis. The durable goods report and a separate report showing U.S. mortgage applications rose are also pushing prices higher, he said. Copper futures for July delivery rose 0.35 cents or 0.3 percent, to $1.4085 a pound at 9:51 a.m. on Comex. A futures contract is an obligation to buy or sell a commodity at a set price by a specific date. --Editor: Enoc

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