email:  
 
 
  
 

Monday, July 31, 2006

Copper Closed Higher As Strike Looms

Copper closed higher as strike looms: September Copper closed near two-week highs, after workers at Chile's Escondida mine voted late on Friday to authorize a possible strike next week. Escondida is the world's largest Copper mine, and any production disruptions will be magnified, as world Copper supplies remain tight. This news caused a short- covering rally to commence this morning, as traders fear possible price spikes should the strike commence. Prices gapped higher at the opening, triggering light buy stops. Further speculative buying came in once September moved above 360.00. Read More....