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

To: mcbeanburger who wrote (1827)	8/22/2007 1:11:23 PM
From: Stephen O	Respond to of 2131

Copper Climbs for Fourth Session After Chinese Demand Soars (bloomberg) 2007-08-22 09:16 (New York) By Millie Munshi Aug. 22 (Bloomberg) -- Copper in New York rose for the fourth-straight session as demand surged in China, the world's largest consumer of the metal. China's refined-copper imports in July jumped 65 percent from a year earlier, the Beijing-based customs office said today. BHP Billiton Ltd., the world's biggest mining company, said global demand for commodities remains strong, driven by China. Copper, used in pipes and wires, has gained fourfold in the past four years as demand outpaced supplies. ``Globally, demand is holding up well,'' said John Gross, publisher of the Copper Journal in Cranston, Rhode Island. ``The environment is still one that would suggest continued strength in prices and volatile trading.'' Copper futures for December delivery gained 6.15 cents, or 1.9 percent, to $3.2265 a pound at 9:14 a.m. on the Comex division of the New York Mercantile Exchange. The price climbed 2.4 percent in the previous three sessions. Before today, the metal climbed 10 percent this year. ``Demand growth from China is expected to remain robust,'' BHP said in a statement. The company reported an eighth consecutive record half-yearly profit because of consumption in China and higher commodity prices. China's refined-copper imports last month climbed to 103,089 metric tons. Imports in the seven months that ended in July more than doubled to 1.03 million tons. On the London Metal Exchange, copper for delivery in three months gained $151, or 2.2 percent, to $7,126 a metric ton ($3.23 a pound). Before today, the metal dropped 8.8 percent in the past 12 months. --Editor: McKiernan From Financial Post 22 Aug 2007 Copper to peak near US$4 per pound this fall, Chinese demand remains intact The 11.9% growth China’s economy saw in the second quarter represents the fastest pace in 12 years. It also serves as a signal that the country may continue to import large quantities of copper and other raw metals to meet surging demand from the construction and power sectors. So far in 2007, China has imported more copper that it did all last year, Octagon Capital analyst Hendrik Visagie told clients in a note. “Demand from China remains strong despite the fact that demand usually slows in the summer because of holidays and maintenance,” he said. With refined copper imports more than doubling in the first seven months of 2007, as well as a 65.1% year-over-year gain in July, Mr. Visagie is confident that Chinese demand remains intact . He also noted that copper inventories continue to be low as the season for higher demand approaches. He expects copper prices will peak in the fall, somewhere around last year’s high of US$4 per pound, despite weakness in the U.S. market.