Copper Prices Rise as Inventories Decline Most in Two Weeks
2005-06-10 08:49 (New York)
By Jennifer Itzenson
June 10 (Bloomberg) -- Copper prices in New York rose for the
third straight day as inventories plunged the most in two weeks,
suggesting demand continues to outpace supply.
Stockpiles monitored by the London Metal Exchange fell 4.9
percent today to 38,625 metric tons, the biggest drop since May 26.
Copper prices have climbed 14 percent from $1.363 a pound on May 19
as inventories tracked by the LME dwindled to a 30-year low.
``There are some supply issues,'' said Joe Gartland, vice
president at Willow Grove, Pennsylvania-based H.M. Hillman Brass &
Copper Inc., a supplier of parts to power plants and shipbuilders.
``The stocks are way down, and every time the stocks dip a bit,''
large investors start buying, he said.
Copper futures for July delivery rose 1 cent, or 0.7 percent,
to $1.557 a pound at 8:48 a.m. on the Comex division of the New
York Mercantile Exchange. Prices gained for the 15th time in 16
sessions. A futures contract is an obligation to buy or sell a
commodity at a set price by a specific date.
--Editor: McKiernan |
