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Gold/Mining/Energy : Precious and Base Metal Investing -- Ignore unavailable to you. Want to Upgrade?

To: re3 who wrote (31858)	10/27/2004 10:32:56 AM
From: loantech	Read Replies (1) \| Respond to of 39344

CLG is no doubt waiting to surprise one way or the other.

To: re3 who wrote (31858)	10/27/2004 11:53:56 AM
From: russwinter	Respond to of 39344

LME and Comex Cu inventory now down to 121,961 MT. NY copper opens higher on possible labor strikes Wed Oct 27, 2004 10:27 AM ET NEW YORK, Oct 27 (Reuters) - COMEX copper futures opened higher on Wednesday following reports of possible labor strikes at both Peru's top copper producer and at the El Abra copper mine in northern Chile, traders said. "There was talk about some labor negotiations in both Peru and El Abra first thing this morning which may raise uncertainty about short-term supply," said one. Benchmark December copper (HGZ4: Quote, Profile, Research) on the New York Mercantile Exchange's COMEX division was 1.25 cents firmer at $1.2950 a lb at 10:17 a.m. EST (1417 GMT). Early trade ranged from $1.2750 to $1.2950. Copper futures jumped out to their early-session highs following a spike in aluminum prices, one dealer said. "Aluminum has just picked up some speed this morning and now copper is beginning to be bid up as well, so there seems to be new buying interest in both aluminum and copper after a very dull start to the morning," he said. Spot November (HGX4: Quote, Profile, Research) was 0.60 cent higher at $1.2910 a lb. Workers at Peru's leading copper producer, Southern Peru Copper Corp. (SPC.LM: Quote, Profile, Research) (PCU.N: Quote, Profile, Research) will go on strike on Nov. 3 unless a fired worker is reinstated, a union leader from one of the company's two mines said on Tuesday. The union said it was traveling to Lima on Thursday to meet the (Labor) minister for the reinstatement of the fired worker. Meanwhile, a union worker at El Abra copper mine in northern Chile, which is controlled by Phelps Dodge Corp., (PD.N: Quote, Profile, Research) said the union would reject the company's latest wage offer in a vote on Wednesday, paving the way for a strike next week. Copper production in Chile, the world's leading producer of the metal, rose 13.6 percent to 449,410 tonnes in September compared with the same month last year, the government's National Statistics Institute said on Wednesday. In other news, U.S. orders for long-lasting durable goods rose by a smaller-than-expected 0.2 percent in September, compared to analyst's forecasts of a 0.5 percent increase. "Durable goods really had no effect on us today. It's a very unreliable, volatile indicator, but taking out the transportation component of it, it looked a bit better than the actual number," said one analyst. On the London Metal Exchange (LME), three months copper (MCU3: Quote, Profile, Research) pared earlier losses, up $17.5 at $2,809.50 a tonne from $2,792 at Tuesday's close.