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

To: Stephen O who wrote (1224)	6/8/2005 9:41:07 AM
From: Stephen O	Respond to of 2131

Copper Rises in London Amid Lowest Stockpiles in Thirty Years 2005-06-08 05:50 (New York) By Chanyaporn Chanjaroen June 8 (Bloomberg) -- Copper futures rose for a fifth day in six in London as stockpiles stayed near their lowest in 30 years amid a two-week closure at BHP Billiton's Tintaya mine in Peru, the country's third-largest producer of the metal. Copper inventories monitored daily by the London Metal Exchange fell 500 metric tons, or 1.2 percent, to 40,700 tons, the exchange said today, near the lowest since July 1974, when inventories were reported weekly, according to Bloomberg data. ``Supply problems are escalating,'' Angus MacMillan, an analyst at Bache Financial in London, said yesterday in an e- mailed report. Stockpile data from the futures exchanges in both London and New York suggest that the declines ``will remain in place for some time.'' Copper for delivery in three months rose $23, or 0.7 percent, to $3,265 a ton as of 9:50 a.m. London time, taking their gain this year to 3.7 percent. The shortage on copper for immediate delivery eased, with the so-called cash contract trading at $205 more than the benchmark three-month contract, from an eight-year-high of $220 yesterday. In a market with adequate supply, prices are higher for later delivery than immediate delivery because of storage and interest costs. BHP Billiton's Tintaya mine in Peru remained closed after a government delegation failed to reach an agreement with protestors, company spokesman Mauro Valdes said yesterday. BHP Billiton, the world's largest mining company, shut Tintaya on May 24 after protesters entered the mine compound to pressure the company into investing more in local communities. Tintaya produced 118,527 tons of copper last year, according to Peru's Energy and Mines Ministry. Most other LME-traded metals for delivery in three months gained. Nickel rose $25, or 0.2 percent, at $16,175 a ton and lead was $5, or 0.5 percent, higher at $965. Zinc was up $11, or 0.8 percent, at $1,313. Aluminum was down $1 at $1,752 and tin wasn't traded. --Editor: Carrigan.