RI mine shuts, copper rises

RI mine shuts, copper rises

LONDON (Bloomberg): Copper yesterday rose from its lowest
price in a month on expectations that a stronger yen would spur
buying in Japan, while a strike at the world's second-largest
copper mine cut output.

Japan, the world's second-largest copper consumer behind the
U.S., buys more metal when the yen gains because the dollar-
priced metal becomes cheaper.

Also, a strike by workers demanding higher wages halted work
for a second day at Freeport-McMoRan Copper & Gold Inc's
Grasberg, Indonesia, mine.

The Grasberg strike hasn't had a big impact yet because they
can sell from stockpiles, but people are keeping an eye on it,"
said Karen Norton, a base metals analyst at Billiton Metals Ltd
in London.

The London Metal Exchange benchmark three-month copper
contract rose US$5, or 0.3 percent, to $1,620 a metric ton (73.48
cents a pound). Yesterday, the contract closed at its lowest
price since July 10.