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

To: Stephen O who wrote (1268)	8/10/2005 1:29:26 PM
From: Stephen O	Read Replies (1) \| Respond to of 2131

Copper Gains in London on Speculation That Demand Will Rise 2005-08-10 12:36 (New York) By Mark Cobley Aug. 10 (Bloomberg) -- Copper advanced the most in two months in London on speculation that economic growth in Japan and Europe will boost demand for the metal at a time when labor disputes at copper producers are disrupting supply. Japan's Nikkei 225 index rose 1.7 percent to a 15-month high, and in Europe the FTSE 100 rose to its highest in almost four years after the U.S. Federal Reserve's Open Market Committee, or FOMC, signaled yesterday it won't accelerate the pace of interest rate rises. Asarco LLC, which supplies 1 percent of the world's copper, filed for Chapter 11 bankruptcy today after 1,500 workers went on strike July 1, halving production. ``The Asarco bankruptcy is helping support the market,'' William Adams, an analyst at Saffron Walden, England-based Web site Basemetals.com said in a telephone interview. ``The equity markets are strong, after the FOMC decision.'' Copper for delivery in three months rose $64, or 1.8 percent, to $3,553 a metric ton as of 5:19 p.m. in London. Copper traded on Aug. 5 at a record high of $3,600. It has risen 13 percent this year, the best performer on the LME. Workers at mines, a smelter and a refinery in Arizona and Texas operated by Asarco, a unit of Group Mexico SA, are striking for a sixth week in a dispute over medical and pension benefits. The two sides are scheduled to hold talks on Aug. 12. ``If the Asarco and union talks are still at stalemate when they have concluded, that would be reason enough to see prices moving up,'' Adams said. ``Supply disruptions, especially at smelters, are critical.'' --With reporting by Claudia Carpenter in New York. Editor: Wallace Phelps Dodge is up $5 this am