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Gold/Mining/Energy : Copper - analysis
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To: Cal Gary who wrote (1949)10/13/2008 10:36:20 AM
From: Stephen O1 Recommendation   of 2131
 
LONDON, Oct 13 (Reuters) - Copper prices rallied 4.5 percent on Monday, bouncing after its biggest sell-off ever as part of a general improvement in sentiment and after the world's largest copper mine declared force majeure on some deliveries.
Chile's Escondida, the world's biggest copper mine, said late on Friday it would be unable to meet its contract obligations for some copper concentrates after it was forced to shut down a mill used to pulverize rock.
"The Escondida news is very, very bullish," said Dan Smith, analyst at Standard Chartered. "On its own it counts for 8 percent of global supply."
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