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Gold/Mining/Energy : Copper - analysis
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To: kidl who wrote (1511)11/21/2006 3:21:33 PM
From: Stephen O   of 2131
 
Copper Rises Most in 9 Sessions on Improved Outlook for Demand
2006-11-21 09:06 (New York)

By Millie Munshi
Nov. 21 (Bloomberg) -- Copper prices in New York rose the
most in nine sessions after inventories dropped and Swiss mining
company Xstrata Plc forecast another decade of strong demand for
commodities, including metals.
Stockpiles monitored by the London Metal Exchange fell 0.06
percent. Xstrata executive Mark Sawyer said at a conference in
London today that demand for commodities will remain ``very
robust.'' Citigroup Inc. yesterday boosted its copper-price
forecast after the metal had jumped 63 percent in the past year.
``There was a small decrease in stocks today,'' said Andrew
Silver, a trader at London-based Natexis Commodity Markets.
``There were also some positive comments from Citigroup and
Xstrata saying demand is going to stay fairly strong, giving
some confidence back to the buyers.''
Copper futures for March delivery gained 3.95 cents, or 1.3
percent, to $3.118 a pound at 8:56 a.m. on the Comex division of
the New York Mercantile Exchange. A close at that price would be
the biggest gain for a most-active contract since Nov. 9. Prices
still are down 23 percent since reaching a record high in May
on speculation that mine output would exceed demand.
On the London Metal Exchange, copper for delivery in three
months gained $36, or 0.5 percent, to $6,876 a metric ton at 2
p.m. Prices have gained 63 percent in the past year.
A futures contract is an obligation to buy or sell a
commodity at a set price for delivery by a specific date.

--With Chanyaporn Chanjoren in London. Editor: Stroth.
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