Saturday, April 14, 2007
Copper Extends Longest Rally Since May on Mine Disruptions
Bloomberg News
Copper prices rose in New York, extending a six-week rally that is the longest since May, on speculation that supplies will be disrupted at mines in Indonesia and Argentina.
Workers at the Grasberg mine in Indonesia plan a ``rally'' starting April 18 that will last until owner Freeport-McMoRan Copper & Gold Inc. agrees to raise wages, said Frans Pigome, who heads the local group behind the action. In Argentina, Xstrata Plc delayed some copper shipments after a flood disrupted rail services. Prices have risen 47 percent in the past 10 weeks.
The disruption of supply ``only adds fuel to the bullish fire,'' said Jim Wyckoff, senior markets analyst at TradingEducation.com in Wesley Chapel, Florida. ``The market is technically and fundamentally bullish.''
Copper prices rose in New York, extending a six-week rally that is the longest since May, on speculation that supplies will be disrupted at mines in Indonesia and Argentina.
Workers at the Grasberg mine in Indonesia plan a ``rally'' starting April 18 that will last until owner Freeport-McMoRan Copper & Gold Inc. agrees to raise wages, said Frans Pigome, who heads the local group behind the action. In Argentina, Xstrata Plc delayed some copper shipments after a flood disrupted rail services. Prices have risen 47 percent in the past 10 weeks.
The disruption of supply ``only adds fuel to the bullish fire,'' said Jim Wyckoff, senior markets analyst at TradingEducation.com in Wesley Chapel, Florida. ``The market is technically and fundamentally bullish.''
Labels: Copper
