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

To: Stephen O who wrote (1290)	9/29/2005 12:59:53 PM
From: Stephen O	Read Replies (1) \| Respond to of 2131

Copper Rises to Record on Speculation Inventory May Decline 2005-09-29 06:03 (New York) By Simon Casey Sept. 29 (Bloomberg) -- Copper rose to a record in London for an eighth consecutive trading session on speculation about a decline in inventory, used by consumers to make up a shortfall in supplies from mines. Copper stockpiles tracked by the London Metal Exchange stand at 83,750 metric tons, or less than two days of global demand. Of that, 19,525 metric tons, or 23 percent of the total, is marked for possible delivery out of warehouses. Another 4,350 tons has been added to the total of unavailable metal, the exchange said today in a daily report. The unavailable metal ``seems to be the focus at the moment,'' said Will Adams, an analyst at Saffron Walden, U.K.- based metals information Web site Basemetals.com, in an e-mailed report today. ``Bullish sentiment in copper continues to push prices to new highs.'' Copper for delivery in three months on the LME traded as high as $3,835 a ton. It was up $34, or 0.9 percent, at $3,820 as of 10:55 a.m. London time. The metal has surged 21 percent this year. Copper demand in 2005 will beat production from mines and recycled scrap by 85,000 tons in 2005, Morgan Stanley said in a report last month. Output may be disrupted if workers strike at the Kidd Creek copper refinery and zinc plant in Ontario, owned by Falconbridge Ltd., Canada's largest mining company. A labor agreement for 615 union workers at the plant expires Sept. 30. No new contract has been agreed, Hemi Mitic, a spokesman for the Canadian Auto Workers, which is negotiating on behalf of the employees, said Sept. 26. National Holiday ``The market is also focusing on developments at Kidd Creek,'' said Angus Macmillan, an analyst at Bache Financial in London, in an e-mailed report yesterday. Copper also rose as China's cable and electric-wire producers bought metal before a week-long national holiday starting Oct. 1. Processors such as Jiangxi Copper Co. will keep working through the week-long holiday. Shanghai's futures and spot markets will be closed for the entire week. ``For processors, they have to buy copper at relatively high prices to have enough feed for next week's holiday,'' Yuan Fang, a metal analyst at Shanghai Oriental Futures Co., said today by telephone from Shanghai. Most other metals on the LME also gained. Aluminum rose $6, or 0.3 percent, to $1,860 a ton. Nickel gained $20, or 0.2 percent, to $13,475. Zinc was up $3 to $1,415 and tin rose $50 to $6,475. Lead dropped $3.5 to $946. --With reporting by Yu Xiao in Beijing and Matthew Craze in London. Editor: Wallace