Copper Rises to Record in London as Chile Strike Enters 6th Day
2006-01-09 10:46 (New York)
By Simon Casey
Jan. 9 (Bloomberg) -- Copper rose to a record in London on
speculation a six-day-old strike by workers at Chile's Codelco,
the world's largest producer of the metal, may disrupt supplies.
Copper for delivery in three months rose as much as $81, or
1.8 percent, to $4,595 a metric ton on the London Metal Exchange,
beating the previous record set Jan. 4 by $19. The metal, used to
make wiring and plumbing, was $72, or 1.6 percent, higher at
$4,586 as of 3:44 p.m. London time.
Production at state-owned Codelco hasn't been disrupted by
the protest by contract workers who are demanding bonus payments,
company and government officials said last week. Codelco's El
Teniente mine is producing as it was prior to the strike, Jorge
Sanhueza, a spokesman for the mine, said today.
--Editor: Wallace
jcarrigan@bloomberg.net |
