Copper, gold prices rise again

In the metals markets on Monday, copper hit another all-time high and gold reached its highest price in 25 years before falling back slightly.

Three-month copper was up 3.7 percent to $5,590 per tonne after going as high as $5,605 during the day as traders worried about the availability of adequate supplies. Part of the concern continued to be a strike at La Caridad mine in Mexico. The strike has now spread to two steel mills. Also contributing to the worries is a newly revised analyst report that had previously forecast a copper surplus of 380,000 tonnes for the year but now forsees a 50,000-tonne deficit in 2006.

Gold hit $591.50 per troy ounce during the day, a 25-year high, before easing back to $589.80 per troy ounce, with most analysts expecting the price to hit $600 per troy ounce soon.