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

To: Stephen O who wrote (1120)	3/8/2005 11:50:15 AM
From: Stephen O	Read Replies (1) \| Respond to of 2131

Copper Climbs to 16-Year High in New York on Supply Constraints 2005-03-08 08:25 (New York) By Claudia Carpenter March 8 (Bloomberg) -- Copper prices in New York rose to a 16- year high after reaching a record in London amid expectations that production will lag behind demand through June. Smelters that extract copper from ore aren't boosting supplies because of ``maintenance outages,'' Merrill Lynch & Co. in New York said in a report today. Global inventory of metal is now enough to meet about three weeks of demand, said Jon Bergtheil, an analyst at J.P. Morgan Securities Ltd. in London. ``Anything below four weeks is still a danger zone,'' Bergtheil said. ``There is no doubt that copper is extremely tight in the first half of the year.'' Copper futures for May delivery rose 1.65 cents, or 1.1 percent, to $1.513 a pound at 8:21 a.m. on the Comex division of the New York Mercantile Exchange after reaching $1.519, the highest since March 8, 1989. A futures contract is an obligation to buy or sell a commodity at a set price by a specific date. --With reporting by Michael Schneider in New York. Editor: McKiernan