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

To: Stephen O who wrote (1252)	7/15/2005 1:51:16 PM
From: Stephen O	Read Replies (1) \| Respond to of 2131

Shanghai Copper Rises a Second Week on Higher China Demand 2005-07-15 04:05 (New York) By Claire Leow July 15 (Bloomberg) -- Copper futures in Shanghai rose a second week to a three-week high after a report showed rising demand for the metal in China, the world's biggest copper consumer. Chinese copper demand rose 3.1 percent in the four months ended April 30, the Lisbon-based International Copper Study Group said yesterday. Stockpiles in Shanghai are 43 percent lower this July from the year-ago month, Bloomberg figures show. ``Chinese demand is still strong,'' said Fang Xiangming, a metals analyst at Zhongcai Futures Brokerage Co. in Shanghai. Copper for delivery in September closed unchanged at 33,260 yuan ($4,019) a metric ton on the Shanghai Futures Exchange, after gaining as much as 130 yuan, or 0.39 percent, earlier to 33,390 yuan. The contract has gained a second week, rising 3.26 percent in the period to its highest closing price since June 24. Copper for delivery in three months on the London Metal Exchange traded as high as $28, or 0.84 percent, to $3,376 a ton. It traded at $3,365 at 8:49 a.m. London time. Yesterday, the contract rose $18, or 0.54 percent, to $3,330 a ton. In after-hours trading, copper for September delivery on the Comex division of the New York Mercantile Exchange gained as much as 1.3 cents, or 0.84 percent, to $1.56 a pound. It traded at $1.5550 at 3:50 p.m. Shanghai time. The contract fell 0.16 percent to $1.547 yesterday in New York. In other metal markets, zinc, used to galvanize steel for cars, gained as much as $3, or 0.25 percent, to $1,223 a ton at 8:47 a.m. local time on the London exchange. The contract closed 1.3 percent higher at $1,220 yesterday. Unionized workers at Teck Cominco Ltd.'s British Columbia lead smelter and zinc refinery, the world's second-largest such facility, said they plan to issue a 72-hour strike notice today. A previous four-year agreement expired May 31. The smelter, 634 kilometers (394 miles) east of Vancouver, has annual output of about 295,000 metric tons of zinc, or 2.9 percent of the International Lead and Zinc Study Group's estimate of world zinc output last year of 10.2 million tons. The complex also refines as much as 95,000 tons a year of lead, company spokesman Greg Waller said. That's about 1.4 percent of global lead output. --Editors: White, Gosman.