AXcess News: Copper Prices Rise as Demand Fuels Exploration
26 Juni 2008 - 9:32PM
Marketwired
HOUSTON, TX CFO, Richard Schnoor, in commenting on the copper
mining activity in Chile, which produces 38% of the world's copper.
Schnoor's comment came as copper futures rose to $3.86 Thursday in
New York.
Copper futures for September delivery on the CMX traded up
Thursday as supply-side concerns fueled market activity. In London,
copper cash prices were $8,542 per tonne, open interest in
contracts was 122,625 tonnes.
In Chile, where 38% of the world's copper is mined, much of the
copper being exported is being loaded onto ships bound for China,
Schnoor said. China imports in May were down 19% over year-ago
levels and 26% below April at 94,196 tonne. On supplies, the World
Bureau of Metal Statistics stated that copper output trailed demand
by 42,000 tonne from January through April, narrowing a deficit of
135,800 tonne in the same period a year earlier. LME Copper stocks
are currently hovering around 124,000 tonne.
Network Exploration's Schnoor, the former South American
Exploration Manager for Noranda and former General Manager
responsible for Latin America for Teck Peru S.A., says that while
the 'easy finds' have already been discovered in Chile, demand is
fueling greater levels of exploration that make it possible for
junior mining companies like NET to elbow in on the boon in
copper.
"People talk in pounds now, when referring to price," says
Schnoor, crediting the growing demand for copper in Asia for the
shift in economic thinking.
Network Exploration is focusing on South America with a copper
and gold porphyry target located in the Huasco province within the
third region (Atacama) of northern Chile. The company announced
earlier this month that sampling indicated uniformity in the
mineralization with plans to commence drilling to test copper and
gold concentrations at depth.
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