Where Will Reduced Output Send Copper Prices?
Nonfarm payrolls rose by 146,000, less than the expected 200K. The May
figure was revised to +104K from +78K. The unemployment rate fell to 5.0%, the
lowest level since September 2001. Average hourly earnings rose 0.2%.
Crude oil futures rose 1.5%
on the week. Oil was lower on Friday even though concerns remain about Hurricane
Dennis possibly damaging refineries and platforms in the Gulf. Dennis is a
category 4 storm, with winds reaching 145 MPH. Key West residents are leaving
town.
After the London bombings, a
secret chat room run by financial regulators in Britain helped keep
financial markets open. The system was set up after the September 11 attacks in
the U.S. and allows the Bank of England, the Treasury and the Financial systems
authority to talk with major banks.
The G8 agreed to end export
subsidies, but no timetable was given.
Copper rose for a fourth
straight day on concerns that strikes in Arizona and Chile may reduce output.
Inventories are already at 30 year low levels.
The London Metal Exchange opened
again today. The exchange–located just 400 meters from one of the
bombings–closed yesterday.
Brice Wightman