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 (913)	11/5/2001 9:28:11 AM
From: Stephen O	Read Replies (1) \| Respond to of 1643

(MB) - Copper prices take a beating 2001-11-02 17:02 (New York) November 2 (Metal Bulletin) - The price of copper on the LME crumbled after renewed selling at the end of the week, having previously held at around $1,370 per tonne. On November 2, copper made a quiet start after a flurry of selling the previous afternoon and proceeded to trade down to $1,354 per tonne by the afternoon close. The latest US employment data du to be released on November 2 was seen as an important factor in deciding copper's direction in the coming week. Market sources reported a good volume of two-way business as copper breached its support, an indication to some that the market was close to finding a bottom. However, there is little incentive for a sustained rally, and Phelps Dodge's recent cut in copper production only served to stabilise the market. "A lot more is needed; there are not enough cutbacks," said a trader. Meanwhile the latest statistics from China show that the country produced 115,000 tonnes of copper in September, up 7% on the same month last year. This brings the total copper output between January and September to 1.06m tonnes, up 18.1% from last year. Also in September, China imported 111,000 tonnes and exported 4,265 tonnes of copper, respectively 45% up and 29% down on the same month last year. In the first three quarters of the year, Chinese copper imports reached 607,000 tonnes, down 2.6% on the corresponding period of 2000. January-September exports totalled 43,800 tonnes, down 49.2% year-on-year. Chinese copper consumption in September was around 205,000 tonnes, up 16%, thus bringing total January-September consumption up to 1.7m tonnes, up 12% against the same period last year. The average ex-works price in September was 15,368 yuan per tonne, down marginally on August levels, while the average spot price was around 15,602 yuan per tonne, 2.8% less than August. Domestic copper prices fell largely due to excessive storage levels and oversupply, as well the low activity in the international copper market. Industry observers predict that the copper price is not likely to rise robustly in the remainder of this year. Metal Bulletin newsroom, London Tel +44 207 827 9977 Fax +44 207 928 6892 New York Tel +1 212 213 6202 Fax +1 212 213 6273 -0- (BN ) Nov/02/2001 22:02 GMT