Wednesday, February 22, 2006
Copper Rises as Protest Halts Production at World's No. 2 Mine
Bloomberg.com
Copper rose for a fifth consecutive trading session in London as output was halted at Indonesia's Grasberg, the world's second-largest copper mine.
[...]
Grasberg produced 660,000 metric tons of copper in 2005, about 4 percent of global output. Some analysts previously forecast usage will beat output in 2006.
``This is at a time when the copper market can ill afford to lose production,'' John Meyer, a London-based analyst at Numis Securities, said today in an e-mailed report. ``The suspension could cost some 1,800 tons of copper'' each day, Meyer said.
Copper rose for a fifth consecutive trading session in London as output was halted at Indonesia's Grasberg, the world's second-largest copper mine.
[...]
Grasberg produced 660,000 metric tons of copper in 2005, about 4 percent of global output. Some analysts previously forecast usage will beat output in 2006.
``This is at a time when the copper market can ill afford to lose production,'' John Meyer, a London-based analyst at Numis Securities, said today in an e-mailed report. ``The suspension could cost some 1,800 tons of copper'' each day, Meyer said.
Labels: Copper
