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Gold/Mining/Energy : Copper - analysis

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To: Stephen O who wrote (1246)	7/5/2005 10:21:03 AM
From: Stephen O	Read Replies (1) of 2131

Copper Prices Rise in N.Y. Amid Mine Strikes in Arizona, Chile 2005-07-05 08:36 (New York) By Jennifer Itzenson July 5 (Bloomberg) -- Copper prices rose in New York amid strikes at Grupo Mexico SA's Asarco Inc. and Placer Dome Inc.'s Zaldivar copper mine in Chile. Most of Asarco's copper mines in Arizona have been on strike since July 1, which may cut output by 50 percent of capacity, Mexico City-based Grupo Mexico said yesterday. Workers at Placer Dome's Zaldivar mine began striking yesterday and daily production may drop by a quarter, the Vancouver, British Columbia-based company said. ``The copper market is tight and there's certainly a chance these strikes could be more substantial than some we've seen in the past few years,'' said Daniel Vaught, an analyst at A.G. Edwards & Sons Inc. in St. Louis. Copper futures for September delivery rose 1.85 cents, or 1.3 percent, to $1.493 a pound at 8:32 a.m. on the Comex division of the New York Mercantile Exchange. The exchange was closed yesterday for the U.S. Independence Day holiday. A futures contract is an obligation to buy or sell a commodity at a set price by a specific date. --Editor: Enoch

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