Thursday, September 13, 2007
Copper up 4 cents in New York
Story link: Copper up 4 cents in New York
by Elaine Frei
by Elaine Frei
December copper added 4 cents to trade at $3.40 per pound in New York on Thursday, sent higher on reports from Southern Copper Corporation (NYSE: PCU) that its output could be reduced this year due to strikes that have been ongoing since the end of July at three mines in Mexico.
Three-month copper on the London Metal Exchange was also higher, adding $118 to $7,538 per tonne, or $3.42 per pound.
While a planned strike was called off in Peru Wednesday after workers and management resumed talks over wages, Southern Copper’s CEO said that the continuing strikes in Mexico have “definitively paralyzed” operations there.
Southern Copper is fifth-largest producer of copper globally.
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