Has been posted here before... but price of copper keeps going up and up... check out price graph... Onaman has lots of it...

red911

Copper Gains on Speculation Improving Economy Will Spur Demand

By Anna Stablum | bloomberg.com

Aug. 28 (Bloomberg) -- Copper advanced in London, heading for its longest winning streak in more than two years, on speculation that improving economies will spur demand. Aluminum, nickel and zinc also gained.

European confidence in the economic outlook increased more than economists forecast in August, rising to the highest since October. The economy in the U.S., the second-biggest copper market after China, shrank less than economists anticipated in the second quarter, the Commerce Department said yesterday.

“The trend remains upward,” John Meyer, head of research at Fairfax IS in London, said by phone. “Investors are in for the long haul and they see general positive momentum.”

Copper for three-month delivery advanced $193.50, or 3.1 percent, to $6,463.50 a metric ton as of 10:02 a.m. on the London Metal Exchange. The market gained 3.1 percent this week, for a seventh consecutive weekly gain, the best performance since April 2007. The metal has risen every month this year, with prices more than doubling since the end of December.

Futures for December delivery rose 2.1 percent to $2.9310 a pound on the New York Mercantile Exchange’s Comex division.

Imports of refined copper into China, the world’s largest consumer, more than doubled in the first half. The country’s government is spending 4 trillion yuan ($585 billion) to stimulate the local economy.

Among other LME metals for three-month delivery, lead rose $75, or 3.7 percent, to $2,085 a ton. Aluminum added $26, or 1.4 percent, to $1,910 a ton and tin was unchanged at $14,000 a ton. Nickel rose 2.9 percent to $19,305 a ton and zinc gained 2 percent to $1,868 a ton.

To contact the reporter on this story: Anna Stablum in London at astablum@bloomberg.net

Last Updated: August 28, 2009 05:05 EDT