Friday, May 12, 2006
Copper Leads Metals Rally as Record Prices Fail to Curb Demand
This is not good new for stampers of copper or brass parts trying to keep a steady price for their customers.
Bloomberg.com
Copper soared above $4 a pound for the first time and nickel and zinc rose to records on signs that higher prices have done nothing to curb demand. Gold climbed to a 26-year high and platinum jumped to the highest ever.
Stockpiles monitored by the London Metal Exchange fell the most in five weeks, as makers of wire and pipe tapped inventory to make up for a shortfall from mines. Strikes and declining ore grades in Mexico and Indonesia have cut copper output this year. Demand will climb 5.7 percent this year after rising 1.8 percent last year, according to Citigroup Inc.
[...] a London-based analyst said. ``Every day I'm stunned as prices keep going up.''
Bloomberg.com
Copper soared above $4 a pound for the first time and nickel and zinc rose to records on signs that higher prices have done nothing to curb demand. Gold climbed to a 26-year high and platinum jumped to the highest ever.
Stockpiles monitored by the London Metal Exchange fell the most in five weeks, as makers of wire and pipe tapped inventory to make up for a shortfall from mines. Strikes and declining ore grades in Mexico and Indonesia have cut copper output this year. Demand will climb 5.7 percent this year after rising 1.8 percent last year, according to Citigroup Inc.
[...] a London-based analyst said. ``Every day I'm stunned as prices keep going up.''
