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Copper Rebounds After 7-1/2 Month Low
September 10, 2008 @ 8:36 am In Copper Market News
Problems at their Grasberg mine led Freeport-McMoRan [1] to reduce its production output, which further fueled supply concerns and led to copper's 7-1/2 month low rebounding. China's import data remains unclear.
Freeport-McMoRan Copper & Gold Inc (FCX.N: Quote [2], Profile [3], Research [4], Stock Buzz [5]) said on Wednesday it is lowering its 2008 copper and gold production outlook, due to an incident at its Grasberg mine in Indonesia.
Read the article here [6].
LME [7]'s increased stocks also raise concerns about supply issues.
LME copper prices have slumped about 20 percent since their
record high in July of $8,940 a tonne, fuelled by the heavy
flows of material into LME warehouses which brought total copper stocks to around 203,900 tonnes — the highest since March 2007.
Find the complete article here [6].
China's August figures were down although late buying is expected to materialize this month and the figures from September and October will be most critical.
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URLs in this post:
[1] Freeport-McMoRan: http://www.fcx.com/
[2] Quote: http://www.reuters.com/stocks/quote?symbol=FCX.N
[3] Profile: http://www.reuters.com/stocks/companyProfile?symbol=FCX.N
[4] Research: http://www.reuters.com/stocks/researchReports?symbol=FCX.N
[5] Stock Buzz: http://reuters.socialpicks.com/stock/r/FCX
[6] here: http://www.reuters.com/article/etfNews/idUSLA12609220080910
[7] LME: http://www.lme.co.uk/
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