首页|Copper Up On Gaspe Smelter Closure, Rest Steady
Copper Up On Gaspe Smelter Closure, Rest Steady
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NSTL
Copper rallied on the news that Canadian base metals miner Noranda Inc. is to permanently close its Gaspe copper smelter, located in Murdochville, Quebec, effective April 30. Three-month metal touched a high bid of 1,657 dollars a metric ton on the news, with players forgetting that to a certain extent this had already been factored into prices when the company announced on Nov. 30, 2001, that it would temporarily close the smelter for at least a six-month period in response to extremely weak market and economic conditions. Closing the kerb at 1,652 dollars/ton (bid), dealers said the upside is favoured near-term with 1,670 dollars/ton the next key target. Nonetheless, given the closure of the London Metal Exchange Friday and Monday for the long Easter holiday period, dealers said most players have been book squaring.
NSTL
