Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Commodities - The Coming Bull Market -- Ignore unavailable to you. Want to Upgrade?

To: craig crawford who wrote (728)	8/23/2001 12:25:27 PM
From: Stephen O	Read Replies (1) \| Respond to of 1643

Copper Rises as LME Inventories Decline for Sixth Day London, Aug. 23 (Bloomberg) -- Copper rose for a second day after a drop in stockpiles in Asia boosted expectations of a recovery in demand, particularly in China. Inventories held in London Metal Exchange warehouses fell by 500 metric tons yesterday, the sixth consecutive decline, bringing the drop in the period to 8,575 tons, or 1.1 percent. The decline has been largely from the Singapore warehouse, indicating increased demand from China, analysts said. ``This is a noteworthy decline for August, when we would normally see an inventory increase,'' said Robin Bhar, an analyst at Standard Bank in London. The copper is ``believed to be going toward China.'' Copper for delivery in three months rose as much as $11, or 0.7 percent, to $1,512 a metric ton on the LME. Prices remain near a two-year low after falling 20 percent in the last 12 months. Prices for metals including copper, aluminum and nickel have fallen in the last year because slowing world economic growth has reduced demand from carmakers, electronics manufacturers and construction companies and other buyers. Still, those metals rose yesterday after an unexpected increase in German business confidence boosted hopes that an economic slowdown in Europe's largest economy might be coming to an end. Government figures today showed the nation's economic growth slowed to zero in the second quarter for the first time since 1999 as companies spent less on machinery and construction. Signs of increased copper demand in China eased concern about an economic slowdown there, Bhar said. --Jon Hurdle in the London newsroom (44) 207 673 2095 or jhurdle1@bloomberg.net/tc