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Copper, Tin Prices Jump on Strike News |
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Written by Chelsey Drysdale
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Wednesday, 16 April 2008 |
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LONDON – Copper jumped more than 3% Wednesday, reversing a prior drop, as word leaked of a possible strike at Codelco, the world’s largest producer.
Meanwhile, tin reached a record high as Indonesia, the world's second leading producer, said it might cap output this year.
Copper stocks are down about 40% since the beginning of the year.
On Tuesday, Indonesia announced possible restrictions on tin production, with limits of about 100,000 tons per year.
Tin inventories have dropped 34% this year, and with demand cresting, tin prices are not likely to fall soon. |
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