re: copper going nuts Copper hits all-time high
By Jon Nones
10 Oct 2005 at 02:31 PM
December copper marked an all-time high at $1.8225 a pound. But it closed at $1.806, down 0.25 cent. Prices have now touched a record high in eight of the last nine New York sessions.
Supply and demand issues continued to call the tune in the copper market, driving prices for the industrial metal to an all-time high, according to MarketWatch.
"Supply disruptions in North America and Zambia are causing some regional tightness in copper and metal, as a result, is being shipped from Europe to the U.S. -- hence the recent drawdown in stocks," said Williams Adams, an analyst at BaseMetals.com.
Citigroup's Hill also blamed the exchange inventory declines on a "series of strikes and mechanical outages at mines/smelters" at Noranda , Grupo México unit Asarco and other companies.
"Added supply is on the horizon, but the near term looks tight and an upside test of $2.00/lb is clearly possible," he said in a research note. "We would lighten copper exposures into this strength," he added.
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