Copper Rises, Extending Rally to 16-Year High on Asarco Strike
2005-07-25 08:25 (New York)
By Claudia Carpenter
July 25 (Bloomberg) -- Copper prices in New York rose for a
second day, extending a rally to a 16-year high, as strikes at
Asarco LLC entered a fourth week.
No talks are scheduled between the union and management until
Aug. 2, and ``I don't think there's any possibility'' the strike
could end before then, union head Terry Bonds said over the
weekend. Asarco has said the strike would cut its output in half
since 1,500 workers walked off the job at mines and refineries in
Arizona and Texas.
``The fundamentals are solid enough to keep this rally
alive,'' said Scott Meyers, an analyst at Pioneer Futures Inc. in
New York.
Copper futures for September rose 0.65 cent, or 0.4 percent,
to $1.61 a pound at 8:13 a.m. on the Comex division of the New
York Mercantile Exchange, after touching $1.619, the highest since
Jan. 4, 1989. The record is $1.6199 set on that day.
A futures contract is an obligation to buy or sell a
commodity at a set price by a specific date.
Asarco is a wholly owned subsidiary of Grupo Mexico SA in
Mexico City.
--Editor: Enoch |
