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**copper set for a huge rise**

  1. 34,607 Posts.
    hi guys..

    is copper set for a huge rise..????

    Copper Futures Rise After Chilean Mine Workers Vote to Strike
    June 30 (Bloomberg) -- Copper futures rose in New York and London after workers voted to strike as early as Friday at Chile's Collahuasi mine, producer of almost 3 percent of global copper supplies.

    The mine's management and the union representing two-thirds of the project's workers have until Friday to reach an agreement that may avert the strike, said Eleazer Rodriguez, president of the Union of Mining Company Dona Ines de Collahuasi. Copper prices rose almost 5 percent in the week that began Jan. 29 after workers at the smaller Cerro Colorado mine walked off the job.

    ``Collahuasi is a large mine and the affect of withdrawing its production from the market could be relatively big,'' said Daniel Hynes, a resources analyst with Australia & New Zealand Banking Group Ltd. in Melbourne. ``The strike would have to go on for a week or two though.''

    Copper for September delivery rose as much as 1.4 cents, or 1.2 percent, to $1.189 a pound in after-hours trading on the Comex division of the New York Mercantile Exchange. The contract traded at $1.184 a pound at 2:09 p.m. Sydney time.

    Copper for delivery in three months was bid at $2,594 a metric ton, and offered at $2,600 a ton at 2:48 p.m. Sydney time on the London Metal Exchange, compared with yesterday's close of $2,583.

    Low Stockpiles

    New York copper futures have risen 57 percent in the past 12 months as increasing demand from China and the U.S. combined with production shortages at the world's biggest mines to drain stockpiles. Inventories in warehouses monitored by the London Metal Exchange rose 0.3 percent from a seven-year low to 105,375 tons, the exchange said yesterday. It was their first increase since May 17.

    Workers at Collahuasi, which produced 395,000 metric tons of copper in 2003, are seeking a pay rise of at least 5 percent, union leaders said. The mine offered workers a pay increase of 2.5 percent.

    Collahuasi is owned 44 percent each by Anglo American Plc and Toronto-based Falconbridge Ltd., and the rest by a group of Japanese companies headed by Mitsui and Co. The mine will not comment until union leaders inform management of voting results today, William Gysling, a mine spokesman said.

    Copper for October delivery on the Shanghai Futures Exchange fell 310 yuan, or 1.2 percent, to 25,010 yuan ($3,022) in the morning trading session.

    Yesterday, copper futures in New York dropped 2.9 percent on concern a U.S. interest rate rise may slow demand for the metal, used in cables and wiring in buildings and autos.

    The Federal Reserve may announce an increase in borrowing costs later today.



    To contact the reporter on this story: Matt Chambers in Sydney at
    at [email protected]

    To contact the editor responsible for this story: Peter Langan at [email protected]
    Last Updated: June 30, 2004 01:38 EDT
 
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