This can't hurt UC look at the last 2 NR's

drill it and they will come

griz

Copper Gains in Asia as Chinese Physical Buyers Enter Market

By Glenys Sim

Oct. 31 (Bloomberg) -- Copper prices rose in Asia on speculation demand in China will offset weaker consumption in the U.S., as traders and processors in the world's largest user of the metal bought the commodity after a decline in prices.

U.S. Treasury Secretary Henry Paulson said yesterday it's too soon to call an end to the housing slowdown. Home prices in 20 U.S. metropolitan areas slumped in August by the most in at least six years, a private survey showed.

Meanwhile, stockpiles of copper in Shanghai declined for the first week in three, dropping by 6,964 metric tons to 56,931 tons last week.

``Every time the price nears 65,000, physical buyers come in, because that's a level where they are able make a certain amount of profit,'' Li Junchao, an analyst at Xinguolian Futures Brokerage Co. in Shanghai, said today. ``Some of them have orders to fill so instead of waiting for the price to drop further, they make use of every opportunity to buy when there are dips in the market.''

January-delivery copper on the Shanghai Futures Exchange rose as much as 0.5 percent, or 310 yuan, to 65,510 yuan ($8,769) a ton, and stood at 65,230 yuan a ton at the 11:30 a.m. local time break.

The metal for immediate delivery in Changjiang, Shanghai's biggest cash market, was little changed at 65,000-65,100 yuan a ton today.

London Metal Exchange copper for delivery in three months advanced 0.3 percent to $7,785 a ton at 11:37 a.m. Shanghai time, reversing yesterday's 1.1 percent loss.

December-delivery copper on the Comex division of the New York Mercantile Exchange gained 0.3 percent to $3.4930 a pound at the same time. The contract fell as much as 2.6 percent yesterday, before ending off 1.2 percent at $3.4835 a pound