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

To: Stephen O who wrote (1265)	7/27/2005 7:18:29 PM
From: Stephen O	Read Replies (1) \| Respond to of 2131

U.S. Commodities: Copper Closes at Record High; Supply Falls 2005-07-27 15:54 (New York) By Jennifer Itzenson July 27 (Bloomberg) -- Copper prices rose, closing at a record, as global inventories declined, signaling growing demand for the metal used in homes, cars and appliances. The London Metal Exchange said stockpiles fell 300 metric tons today to 26,550 tons. Inventories have dropped 46 percent this year. Copper prices this week in New York, London and Shanghai rose to the highest ever as demand from China, the world's biggest user, showed little sign of slowing. ``We're in a bullish mode,'' said Michael Giblin, a partner at Bruckman Trading Corp. in New York. ``We're close to contract highs, and there is demand.'' In other markets, natural-gas prices rose amid speculation that hot weather last week probably limited the pace at which utilities added to inventories. Corn prices climbed. The energy- weighted Goldman Sachs Commodity Index gained 1.12 to 394.54. Copper futures for September delivery rose 2.1 cent, or 1.3 percent, $1.627 a pound on the Comex division of the New York Mercantile Exchange. Prices reached an intraday record of $1.635. Stockpiles monitored by Comex are down 75 percent this year. A futures contract is an obligation to buy or sell a commodity at a set price for delivery by a specific date. Natural Gas Supplies likely rose by 50 billion cubic feet, the median of 21 estimates in a Bloomberg survey. That would trim a surplus compared with a year earlier, as inventories last year gained by 70 billion, according to U.S. Energy Department data. ``We are expecting tomorrow's inventories to be less than normal, so we're cutting into that surplus a little more,'' said Chris Ovrebo, a broker with FC Stone LLC in Eden Prairie, Minnesota. Gas for August delivery rose 22.2 cents, or 3 percent, to $7.647 per million British thermal units on the New York Mercantile Exchange. Copper Corn prices rose for a second day on speculation that hot, dry weather in the Midwest next week will hurt production of the largest U.S. crop. Above-normal temperatures and below-normal rains are expected July 30 to Aug. 9, the National Weather Service said. Temperatures will approach 94 degrees Fahrenheit (34.4 Celsius) this weekend with temperatures averaging above normal in August, said Todd Crawford, senior meteorologist for WSI Corp. in Andover Maryland. ``Soil moisture has been depleted in a hot July, so regular heavy rains are required to help corn finish pollinating and develop kernels,'' said Gail Martell, president of MartellCropProjections.com in Milwaukee, Wisconsin. ``A dry weekend forecast is a worry.'' Corn futures for December delivery rose 2.5 cents, or 1 percent, to $2.4775 bushel on the Chicago Board of Trade. Corn reached a 13-month high of $2.73 on July 18 on concern drought would damage the crop. Prices fell 8.7 percent last week on forecasts for rain this week. Commodities settled as follows: Precious metals: December gold up $1.30 to $430.60 an ounce September silver up 2.2 cents to $7.04 an ounce October platinum down 50 cents to $884.90 an ounce September palladium up 70 cents to $191.60 an ounce Livestock: October live cattle up 0.2 cent to 81.375 cents a pound August feeder cattle down 0.125 cent to $1.07125 a pound October lean hogs down 0.1 cent to 56.625 cents a pound August pork bellies up 2 cents to 77.95 cents a pound Grains: November soybeans down 2.5 cents to $6.865 a bushel December corn up 2.5 cents to $2.4775 a bushel September wheat up 2 cents to $3.305 a bushel December oats down 2.25 cents to $1.7175 a bushel Food and Fiber: September coffee down 2.5 cents to 99.35 cents a pound September cocoa up $21 to $1,458 a metric ton December cotton down 0.43 cent to 51.46 cents a pound October sugar down 0.01 cent to 9.95 cents a pound September orange juice up 0.35 cent to 98.15 cents a pound Energy: September crude oil down 9 cents to $59.11 a barrel August natural gas up 22.2 cents to $7.647 per million British thermal units August heating oil up 1.35 cents to $1.6172 a gallon August gasoline up 2 cents to $1.7158 a gallon Others: September copper up 2.1 cents to $1.627 a pound September lumber down $5.40 to $307.70 per 1,000 board feet --With reporting by Jim Kennett in Houston and Jeff Wilson in Chicago. Editor: McKiernan