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

To: Stephen O who wrote (1214)	5/27/2005 10:00:47 AM
From: Stephen O	Read Replies (1) \| Respond to of 2131

Copper Climbs, Heading for Biggest Weekly Gain Since Late 2003 2005-05-27 08:36 (New York) By Claudia Carpenter May 27 (Bloomberg) -- Copper prices in New York rose, heading for the biggest weekly gain since December 2003, amid speculation that a drop in global inventory may signal growing demand for the metal. Supplies at warehouses monitored by the London Metal Exchange in 28 cities in Asia, Europe and the U.S. plunged 26 percent since May 11, LME figures show. Copper prices have climbed 5.7 percent this week amid signs that mining companies can't keep up with growing industrial demand. Protests forced BHP Billiton Ltd. to shut its Tintaya copper mine in Peru on May 24. ``People really want'' copper, said Michael Giblin, a partner at Bruckman Trading Corp. in New York. Copper futures for July delivery rose 0.45 cent, or 0.3 percent, to $1.454 a pound at 8:27 a.m. on the Comex division of the New York Mercantile Exchange. A close at the price would mark the biggest weekly advance since Dec. 5, 2003. Trading will end at 12:05 p.m. today, instead of the normal closing at 1 p.m., and the exchange will be closed May 30 for the Memorial Day holiday. A futures contract is an obligation to buy or sell a commodity at a set price at a specific date. --Editor: McKiernan