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.

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

To: Stephen O who wrote (1150)	3/29/2005 9:43:26 AM
From: Stephen O	Read Replies (1) \| Respond to of 2131

Copper Climbs for a 3rd Day on Signs Demand Outpaces Supplies 2005-03-29 08:37 (New York) By Claudia Carpenter March 29 (Bloomberg) -- Copper prices in New York rose for the third straight session as a drop in metal stockpiles renewed speculation that demand is outpacing production. Inventory at warehouses approved by the London Metal Exchange fell for a 12th straight session to near a 16-year low, while stockpiles monitored by the Shanghai Futures Exchange dropped 42 percent last week. Copper fell 3.6 percent last week amid concern rising interest rates would slow consumption. ``The fundamentals are still solid,'' said Michael Purdy, a trader at ABN Amro in New York. ``Asia's been very busy the last couple of days.'' Copper futures for May delivery rose 2.05 cents, or 1.4 percent, to $1.475 a pound at 8:36 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. LME inventory was 44,600 tons, down 525 tons from March 24 and the lowest since Jan. 26. Stockpiles on Jan. 21 were 43,475 tons, the lowest since May 1988. ``Low global copper inventories will force prices higher'' through the second quarter, Barclays Capital said in a daily metals report. On the LME, copper for delivery in three months rose $52, or 1.6 percent to $3,249 a metric ton ($1.4735 a pound). --Editor: McKiernan