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Gold/Mining/Energy : Copper - analysis

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To: RagTimeBand who wrote (36)	4/19/1998 10:09:00 PM
From: RagTimeBand	Read Replies (1) of 2131

FOCUS-U.S. smelter glitch briefly spooks copper biz.yahoo.com Friday April 17, 5:15 pm Eastern Time LONDON, April 17 (Reuters) - Start-up difficulties at Asarco Inc's Hayden copper smelter in Arizona spooked LME copper trade late on Friday, with rumours of problems there driving prices up before firmer news emerged to dull prices. Precious metal palladium traded choppily, rising fast on news that Russian deputies had rejected President Boris Yeltsin's nominee for prime minister only to fall again later. LIFFE coffee futures ended mixed after a volatile session while white sugar futures drifted to near the day's lows despite good buying support around current levels. Cocoa held its early gains by the close. The Asarco copper smelter was experiencing ''some start-up difficulties'' following a planned one-month shutdown that began March 18, an company spokesman told Reuters. ''The problem wasn't anything out of the ordinary. We were originally expected to come back Saturday. It looks like we're going to start up Sunday morning. Such problems aren't unusual when you bring a smelter up from a shutdown.'' Rumours of an explosion drove London Metal Exchange copper for three months delivery up $30-a-tonne from the day's low to a session high of $1,854, $14 above Thursday's close, as sellers backed-off in the face of panic shortcovering which touched off stop-loss buying. ''This underlines how vulnerable the copper market is'' said Martin Squires, analyst at brokers Rudolf Wolff. He was referring to a tightening in availability of copper caused by a shortage of scrap feed material to smelters and by buoyant demand for refined metal and products, and also a hint of an engineered squeeze on supplies. Squires said that against this background any talk of production problems would have an immediate impact on prices. Palladium began dull on the back of U.S. dollar strength only to firm sharply after Russia's opposition-dominated lower house of parliament rejected Yeltsin's prime ministerial nominee Sergei Kiriyenko for the second time. The white precious metal peaked at $323.50 an ounce bid within a couple of hours of State Duma deputies' vote only to lose most of its gains as the European afternoon progressed. The Duma must now hold a crunch vote by next Friday that will lead either to a parliamentary climb down on the nomination question or unwanted early elections.

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