CDU 0.00% 23.5¢ cudeco limited

rc vs native copper, page-4

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    Copper Advances for Second Day as Demand Outlook Turns Positive
    By Glenys Sim - May 25, 2011 5:16 PM GMT+1000

    Copper in London climbed for a second day as banks from Goldman Sachs Group Inc. to JPMorgan Chase & Co. backed the metal?s prospects amid signs of improving demand.

    Three-month delivery copper on the London Metal Exchange rose as much as 1.1 percent to $8,958 a metric ton and traded at $8,949.75 at 3:12 p.m. Singapore time. Stockpiles of the metal in Shanghai Futures Exchange warehouses declined to the lowest in more than seven months last week, a sign that demand may be picking up in the world?s biggest consumer.

    ?As long as this is a growing market, there will not be enough scrap available, there will not be enough concentrates,? Christian Schirmeister, executive director at JPMorgan?s global commodities group, said at a conference in Singapore.

    Copper for August delivery on the Shanghai Futures Exchange gained for a second day, closing 0.9 percent higher at 66,960 yuan ($10,309) a ton. July-delivery copper on the Comex climbed as much as 1.1 percent to $4.056 per pound.

    ?Don?t expect copper prices to fall down to $5,000 or something,? Schirmeister said yesterday. ?Demand is stronger than production, whether it?s mined or secondary.?

 
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