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

To: Stephen O who wrote (898)	10/26/2001 1:27:28 PM
From: Stephen O	Respond to of 1643

Copper Prices Rise on Speculation More Producers Will Cut Back New York, Oct. 26 (Bloomberg) -- Copper futures rose for a second session on speculation that other mining companies will join Phelps Dodge Corp. in cutting production to boost prices from two-year lows. While demand has weakened for wire and pipes as economies slowed, producers have been reluctant to cut back. The 220,000- metric-ton reduction next year announced Tuesday by Phelps Dodge, the second-largest producer, amounts to 1.7 percent of world output last year. ``We need another cut,'' said Warren Gelman, president of Kataman Metals Inc. in St. Louis. ``There's too much copper around.'' Copper for December delivery rose as much as 1.3 cents, or 2.1 percent, to 63.90 cents per pound on the Comex division of the New York Mercantile Exchange. Copper has been trading at or close to a two-year low since mid-June, falling as low as 62 cents a pound on Monday, the lowest price since June 1999. While prices have risen 2.5 percent this week, they are down 26 percent from this time last year. Contributing to today's rally was speculation that Grupo Mexico SA, the No. 2 copper producer, would soon join Phelps Dodge in announcing output cuts, Gelman said. Hector Garcia de Quevedo, a spokesman for Grupo Mexico in Mexico City, said the company was preparing to issue an earnings report later today, but it won't include any change in copper production plans. ``We are not planning at this moment to do anything,'' he said. ``We are not closing any mines.'' Codelco Chile's state-owned Codelco, the largest producer, has announced its intention to boost annual production by 25 percent from 2000 levels to 2 million tons by 2006. Codelco has lower mining costs than Phelps Dodge, and Chile depends upon copper for more than 40 percent of its export revenue. Copper inventories in warehouses monitored by the London Metal Exchange have more than doubled this year as demand weakened. They reached an 18-month high of 748,100 tons on Oct. 10. Copper for delivery in three months rose $17, or 1.2 percent, to $1,396 a ton (63.32 cents a pound) on the LME. --Stephen Voss in the New York newsroom (212) 318-2278 or at sev@bloomberg.net with reporting by John Moody in Mexico City/jb

To: Stephen O who wrote (898)	10/29/2001 4:39:36 PM
From: craig crawford	Read Replies (1) \| Respond to of 1643

Breakwater Announces Early Closure of Nanisivik Mine biz.yahoo.com Monday October 29, 12:50 pm Eastern Time TORONTO, Oct. 29 /CNW/ - Breakwater announces that due to the continued depressed metal prices the Nanisivik mine will be closing in September 2002. During the first six months of 2001 the Nanisivik mine had an operating loss of $8.3 million and a cash outflow of $6.1 million. As a result of historic weak zinc prices and the likelihood that prices will remain weak into the early part of 2002 a new mining plan has been developed for the Nanisivik mine, which will focus on the accelerated removal of the mine pillars. The new plan does not incorporate the mining of lower grade reserves and resources and as a result the mine will close in September 2002. All of the Company's operations are under review and the Company intends on pursuing all avenues of cash preservation, which may include the temporary suspension of operations at one or more other mines.