asdje
/ 86.45.142.* / 2009-11-05 17:18
miedź bez blasku
Nov. 5 (Bloomberg) -- Copper prices fell by the most in almost a week as rising stockpiles fueled concern that demand is waning for the metal used in pipes and wires.
Stockpiles monitored by the London Metal Exchange jumped 1.5 percent to 379,825 metric tons today, the highest level since May 11 and the biggest one-day advance in six weeks. The gain was “sizeable,” said Edward Meir, an analyst at MF Global Ltd. in Darien, Connecticut. Copper prices dropped 2.6 percent last week on concern consumption may falter.
“There’s some uncertainty about future demand,” said Patrick Chidley, a Barnard Jacobs Mellet LLC analyst in New York. “People are seeing this as an opportunity to take some profit.”
Copper futures for December delivery lost 2.6 cents, or 0.9 percent, to $2.967 a pound at 9:55 a.m. on the New York Mercantile Exchange’s Comex unit. A close at that price would be the biggest decline for a most-active contract since Oct. 30.
“We are still wary about metals at this point,” Meir said today in a report. Copper has “uninspiring fundamentals, typified by patchy demand and rising LME stocks.”