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

To: Stephen O who wrote (1178)	4/20/2005 11:10:46 AM
From: Stephen O	Read Replies (1) \| Respond to of 2131

Copper Prices Rise on China's Increasing Industrial Production 2005-04-20 08:33 (New York) By Claudia Carpenter April 20 (Bloomberg) -- Copper prices in New York rose to a one-week high after China, the world's biggest metals user, said its industrial production increased in the first quarter. Output at Chinese factories rose 16 percent from a year earlier to 1.44 trillion yuan ($170 billion), the Beijing-based National Bureau of Statistics said today, exceeding the median forecast of 15 percent in a Bloomberg survey. Industrial growth in China buoyed demand for copper in plumbing, electrical wiring and power plants, sending prices up 14 percent in the past year. ``I am being assured by Chinese copper buyers that they see a continued strong demand for copper in China,'' said Steve Solomon, president of Solomon Metals Inc., a Lynn, Massachusetts-based supplier of scrap copper, including to ``numerous'' buyers in China. ``To me, the bottom line is that the same scenario that led to higher prices 18 months ago is the same story today.'' Copper futures for May delivery rose 2.15 cents, or 1.5 percent, to $1.493 a pound at 8:25 a.m. on the Comex division of the New York Mercantile Exchange, after touching $1.497, the highest since April 13. A futures contract is an obligation to buy or sell a commodity at a set price by a specific date. Prices on China's Shanghai Futures Exchange rose to a record 33,630 yuan a ton ($1.84 a pound). --With reporting by Nerys Avery in Beijing. Editor: Enoch