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  • Aug 28th, 2004
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COMEX copper futures rose but closed off from a fresh one-week peak on Friday, buoyed by supply concerns amid falling warehouse stocks and a strike threat for August 31 at two copper mines in South America.

Early New York trading was active, with key December copper vaulting $1.26 a lb resistance, but gains were later pared.

"All eyes will be on the labour situation at SPCC in Peru in order to determine the next move for copper. If a strike does occur, we should see some more short-covering, which in turn could bring in some strong technical buying...," Man Financial said in a report.

December futures on the New York Mercantile Exchange's COMEX division ended up 0.90 cent at $1.2595 a lb, after trading in a range of $1.2430 to $1.2790 that marked highest price since August 20.

September was up 0.85 cent at $1.2590, spot August climbed 0.95 to $1.2610 and the rest rose 0.75-0.95 cent.

Copyright Reuters, 2004


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