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Gold/Mining/Energy : Copper - analysis -- Ignore unavailable to you. Want to Upgrade?

To: Robert Douglas who wrote (1077)	12/29/2004 3:32:36 PM
From: Stephen O	Respond to of 2131

Copper Prices Drop on Concern of Speculator Selling After Rally By Claudia Carpenter and Jennifer Itzenson Dec. 29 (Bloomberg) -- Copper prices in New York fell for the first time in four sessions amid speculation that hedge funds may sell to lock in this year's 39 percent rise in prices. The gain in 2004, largely on increased demand in China, the world's largest buyer of the metal, and accelerating growth in the U.S. followed last year's 49 percent rally. Buying by funds and other large speculators contributed to the climb, sending futures to a two-month high yesterday. ``A lot of funds are closing books,'' said Michael Giblin, a partner at Bruckman Trading Corp. in New York. ``Demand is still high, and it will be next year too.'' Copper futures for March delivery fell 0.7 cent, or 0.5 percent, to $1.446 a pound at 8:26 a.m. on the Comex division of the New York Mercantile Exchange. A futures contract is an obligation to buy or sell a commodity at a set price by a specific date. --Editor: McKiernan