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Copper jumps over 7% as commodities rally

Posted on 14 October 2008

From Businessspectator.com.au: Copper prices bounced more than seven per cent as a global effort to recapitalise banks sparked a broad recovery in equity and commodity markets and led investors back into industrial metals.

News from last week that Chile’s Escondida, the world’s biggest copper mine, had declared a force majeure on some deliveries following a mill closure also helped copper prices. “The Escondida news is very, very bullish,” said Dan Smith, analyst at London’s Standard Chartered. “On its own, it accounts for eight per cent of global supply.” …. Full Article: Source


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