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Posted - 07/02/2008 : 01:14:11
Copper extended a rally to an eight- week high on concern that labor unrest in Latin America will reduce production of the metal used in pipes and wires.
Workers at more than a dozen mines in Peru began their third national strike in less than 14 months yesterday. Mexico's largest mining union yesterday approved a one-hour walkout for this week. Copper jumped 28 percent in the first half, reaching a record in May, partly because of supply disruptions.
``Copper prices continue to strengthen, supported by recent supply problems,'' analysts at Barclays Capital said in a report.
Copper futures for September delivery rose 2.8 cents, or 0.7 percent, to $3.9105 a pound on the Comex division of the New York Mercantile Exchange. Earlier, the price reached $3.9245, the highest since May 6.
more info:http://www.worldscrap.com/modules/news/article.php?aid=7767 |
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