| Copper: The New Gold |
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| Written by Mike Buetow | |||
| Tuesday, 25 April 2006 10:37 | |||
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LONDON -- Continuing a spike that has lasted more than two years, copper prices hit record levels today, driven by market speculation following a labor dispute at a mine in Chile. Three-month copper on the London Metal Exchange hit an all-time high of $7,320 a metric ton Tuesday. It closed at $7,220 a metric ton, up 6.4% from the day before. Copper also set a in-day record on the New York Mercantile Exchange. Several factors are playing into the price spikes, analysts say. Among them: geopolitical jitters, inflation fears, low inventories and momentum of commodities markets. The latest price surge was prompted by a labor dispute at a major mine. Yesterday, workers at a site in Chile rejected a final contract offer. Another strike, at a La Caridad, Mexico, mine is ongoing. Copper's demand outlook remains strong, while ongoing supply disruptions will buoy prices further, the Associate Press quoted Barclays Capital analyst Ingrid Sternby as saying.
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