Copper rose for a fifth consecutive trading session in London as output was halted at Indonesia’s Grasberg, the world’s second-largest copper mine.
Grasberg produced 660,000 metric tons of copper in 2005, about 4 percent of global output. Some analysts previously forecast usage will beat output in 2006.
“This is at a time when the copper market can ill afford to lose production,” John Meyer, a London-based analyst at Numis Securities, said today in an e-mailed report. “The suspension could cost some 1,800 tons of copper” each day, Meyer said.
Search this Blog
- Ottawa’s manufacturing fund a mirage
- High school co-op student dies at work placement
- U.S. Steel Canada files for creditor protection
- Canada manufacturing growth index at 4-month low in December – Yahoo Finance Canada
- 2 Ontario firms allege Chinese steel sinks violate trade rules, probes launched – Yahoo! Canada Finance