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.
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