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------Original Message------
From: MeLinda MeLisa
Sender: [email protected]
To: StockForex
ReplyTo: [email protected]
Subject: [StockForex] Copper Climbs to a Five-Month High as Inventories 
Contract for 30th Week
Sent: Sep 19, 2010 5:58 PM

Copper rose to the highest price in almost five months as inventories
dropped for a 30th straight week to the lowest level since November.

Stockpiles tracked by the London Metal Exchange have slumped 31
percent since Feb. 18 to 384,200 metric tons. Orders to draw metal
from inventories posted the biggest weekly jump in four weeks. Copper
is among the raw materials that will “break out to the upside in
coming months,” Goldman Sachs Group Inc. said in a report.

“The market is increasingly aware of fundamental tightness in copper,”
said Tom Kendall, an analyst at Credit Suisse Group AG in London.
“Stocks keep being drawn down.”

Copper for delivery in December rose 2.85 cents, or 0.8 percent, to
close at $3.522 a pound at 1:20 p.m. on the Comex in New York. The
price is up 3.4 percent this week, the fourth gain in five weeks.

Earlier, the metal touched $3.5525, the highest price for a
most-active contract since April 26.

Potential strikes by miners in Chile and Peru, the world’s largest
copper producers, also “added to the bull sentiment,” Alex Heath, the
head of industrial-metals trading at RBC Capital Markets in London,
said in a daily report. Concern for supply “simply adds extra spice to
a market already looking like it’s gearing up for its next big move,”
Heath said.

Supply deficits probably will “quickly deplete” stockpiles over the
coming year, Goldman Sachs analysts including Jeffrey Currie said
today in a report.

Copper for delivery in three months rose $20, or 0.3 percent, to
$7,720 a metric ton ($3.50 a pound) on the LME.

Tin gained 0.4 percent to $23,600 a ton after touching $23,800, the
highest price since July 16, 2008.

Aluminum, lead and zinc also rose in London. Nickel fell


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