Hurricane Watch, Plus, Copper Rallies…Again
Crude closed above $61 for the first time ever, ending
at 61.28. Â Traders are concerned
Tropical Storms Cindy and Dennis may disrupt Gulf of Mexico operations and
specifically refiners’ ability to boost pre-winter fuel supplies. Unleaded gas
and heating oil closed at record highs as well.
Workers at the Asarco copper mining plant in Tucson are on
strike. More than 1200 workers walked out as did workers at a smelter in Texas.
Copper rose, making the biggest two-day gain in a month. Copper is
up 26% this year.
It is dry in Illinois. Forty seven counties have taken steps
to file for drought relief. Soybeans fell 18.5 cents to $7.095.
Coffee consumption is up in Brazil. This, according to
Brazil Coffee Roaster’s Association, who said consumption rose 12% in 2004-2005.
Cattle made a three-week high in anticipation of the
August contract rolling to October. Hogs made 5-week highs.
Brice Wightman
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