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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (21740)	9/22/2006 10:38:34 AM
From: LoneClone	Read Replies (1) \| Respond to of 78421

LME Review: Short covering boost copper before kerb Source: Dow Jones metalsplace.com Short covering among speculators shortly before the afternoon kerb lifted London Metal Exchange copper Thursday after a rangebound trading day, trader said. Market sentiment is jittery after recent volatility, scraping close to important levels of support, while technical indicators were "looking neutral" with prices "possibly moving strongly in either direction based on technicals," a trader said. Inco Ltd.'s cut in copper production at its Voisey's Bay nickel-copper operation in Canada to 60,000-65,000 tons for the third quarter from a forecast 76,000 tons due to the ongoing strike at the mine was also supportive to the market, another trader said. The prospect of other labor negotiations further protect copper prices on the downside. At Chile's Spence copper project, workers are expected to strike on Sept. 26 if labor mediators are unable to reach an agreement by Sept. 25, though union workers indicated Wednesday an agreement was likely. Government mediators have been called to help stalled negotiations at Teck Cominco Ltd.'s Highland Valley Copper mine, where labor contracts expire on Sept. 30. LME lead outperformed its peers Thursday to rise to a fresh seven-month high of $1,377/ton on the back of firming fundamentals. "Unexpected delays in mine supply additions have turned the market from surplus at the beginning of the year to balanced or small deficit," an analyst said. Continual stock declines also helped to firm up sentiment, with another drop in LME warehouse stocks of 950 tons to 66,200 tons Thursday. LME zinc also drew support from LME stock outflows, down 2,125 tons to 150,225 tons, with prices rising strongly to to a ten-day high of $3,460/ton, up 3.5%. LME nickel also saw gains on the day but remained within the recent range. Inco cut its third-quarter production forecast to 118-123 million pounds compared with previous output expectation of 135 million pounds. 3 months metal (prices in dollars a ton) Bid – Ask, Change from Wednesday PM kerb Copper 7559.00-7560.00 Up 111.00 Lead 1376.00-1377.00 Up 16.00 Zinc 3440.00-3445.00 Up 100.00 Aluminium 2555.00-2560.00 Up 85.00 Nickel 27350.00-27400.00 Up 395.00 Tin 8950.00-8975.00 Up 40.00