Wednesday, August 02, 2006
Copper Climbs on Speculation Chilean Supply Will Be Disrupted
Bloomberg.com: Latin America
Copper prices rose as labor disputes and supply disruptions in Chile curb production amid growing demand for the metal used in wiring and plumbing.
Copper gained 78 percent this year, partly because of strikes and production glitches in countries including Mexico, Chile and Indonesia. A looming stoppage at Escondida, the world's biggest copper mine, may limit supply. Production at Codelco's Chuquicamata mine was cut by a July 23 rockslide.
``Those are the two biggest open pit mines in the world, so everyone's watching them,'' said Herwig Schmidt, a London-based trader at Triland Metals Ltd.
Copper prices rose as labor disputes and supply disruptions in Chile curb production amid growing demand for the metal used in wiring and plumbing.
Copper gained 78 percent this year, partly because of strikes and production glitches in countries including Mexico, Chile and Indonesia. A looming stoppage at Escondida, the world's biggest copper mine, may limit supply. Production at Codelco's Chuquicamata mine was cut by a July 23 rockslide.
``Those are the two biggest open pit mines in the world, so everyone's watching them,'' said Herwig Schmidt, a London-based trader at Triland Metals Ltd.
Labels: Copper
