Another stupid short has entered. How about this...MORON
Copper May Rise For a Sixth Week in London on Forecasts for Output Deficit Nov. 25 (Bloomberg) -- Copper may rise for a sixth consecutive week in London because of forecasts from analysts that demand may outpace production in 2005 and 2006.
Stephen Briggs, an analyst in London at Societe Generale, said in a Nov. 21 report that he doubled his forecast deficit for this year to 500,000 metric tons. Next year there will be a shortfall of 200,000 tons, Credit Suisse First Boston said in a Nov. 21 report. Prices may almost double in the next two years because of lagging supply, the bank said.
``People have been expecting the market to turn into a surplus for some time, but supply continues to disappoint,'' said David Thurtell, an analyst in Sydney at the Commonwealth Bank of Australia, in a television interview today.
Copper for delivery in three months on the London Metal Exchange rose $24, or 0.6 percent, to $4,217 a ton as of 10:24 a.m. local time. The metal, used in wiring and plumbing, is $17 higher than its Nov. 18 closing price. On Nov. 21 copper traded at $4,243, equaling a record set Nov. 18.
Output has been curbed this year in Chile, the world's largest copper-producing nation. The Collahuasi mine, owned by Falconbridge Ltd. and Anglo American Plc, lost 20,000 tons of production in the first half of this year due to a conveyor system failure. Cerro Colorado, a mine owned by BHP Billiton, the world's largest mining company, lost output after an earthquake in June.
A fuel shortage in Zambia, Africa's largest copper-producing nation, cut output at plants operated by Glencore International AG and Vedanta Resources Plc in October. Asarco LLC, the second- biggest U.S. copper producer, said Nov. 8 it reached an agreement with unions to end a four-month strike at plants and mines in Arizona and Texas. The dispute cut Asarco's output by about half, the company said in August.
Aluminum rose $1.5, or 0.1 percent, to $2,085.50 a ton. Yesterday it traded at a 10-year high of $2,096.
Zinc increased $6 to $1,655, nickel dropped $125 to $12,925, lead was $5 higher at $993 and tin was unchanged at $6,150.
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