Copper prices still on the rise !!!Copper Rises to Record for Third Straight Day as Global Inventories Drop
Oct. 5 (Bloomberg) -- Copper prices climbed to a record for the third
straight day in New York as global inventories declined, suggesting demand
remains high for the metal used in wiring, manufacturing and construction.
Stockpiles monitored by the London Metal Exchange fell 1.8 percent today to
74,975 metric tons, the fifth straight drop. Work stoppages at copper mines
and refineries in the U.S. and Canada added to concerns that demand will
exceed supplies.
``Stocks continue to go out of the LME and the Comex,'' said Warren Gelman,
president of Kataman Metals Inc. in St. Louis, a trading firm. ``The
strikes are still on at Asarco and Falconbridge. I don't see anything that
would weaken the market.''
Copper futures for December delivery rose 0.5 cent, or 0.3 percent, to
$1.771 a pound at 11:39 a.m. on the Comex division of the New York
Mercantile Exchange. Prices earlier reached $1.775, the highest ever. A
futures contract is an obligation to buy or sell a commodity at set price
by a specific date.