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Copper Declines From 13-Month High as the Dollar Strengthens

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BHP Spence Workers Warn of 'Long' Strike Over Pay

LONDON, Oct. 23 -- Copper fell from the highest price in almost 13 months in New York as the dollar strengthened, eroding metals' appeal as an alternative investment.
&nbsp;&nbsp;&nbsp; The dollar rose from yesterday's 14-month low against the euro on speculation that China will curb stimulus spending after reports today showed the Asian nation's gross domestic product climbed at the fastest pace in a year in the third quarter and inflationary pressures grew. China, the world's biggest copper consumer, is spending 4 trillion yuan ($586 billion) on roads, power lines and other projects to stoke the economy.
&nbsp;&nbsp;&nbsp; &quot;The question now is how long can the economy sustain the stimulus package and when is the moment to exit these policies,&quot; Edward Meir, an MF Global Ltd. analyst, wrote today in a report. &quot;It is becoming almost imperative to trade metals from the perspective of the dollar these days.&quot;
&nbsp;&nbsp;&nbsp; Copper futures for December delivery fell 3.8 cents, or 1.3 percent, to $2.998 a pound on the New York Mercantile Exchange's Comex unit. The price reached $3.0575 yesterday, the highest for a most-active contract since Sept. 29, 2008.
&nbsp;&nbsp;&nbsp; On the London Metal Exchange, copper for three-month delivery was unchanged at $6,590 a metric ton ($2.99 a pound), after also reaching the highest price in more than a year yesterday.
&nbsp;&nbsp;&nbsp; The U.S. Dollar Index, a six-currency measure of the greenback's value, rose as much as 0.7 percent before paring gains. The euro topped $1.50 yesterday for the first time since August 2008 and has climbed 7.6 percent this year against the U.S. currency. A declining dollar makes metals cheaper for buyers using other monies.
&nbsp;&nbsp;&nbsp; Industrial Output 
&nbsp;&nbsp;&nbsp; A weaker dollar has helped copper prices to double this year, along with record first-half shipments into China. Industrial production in the country climbed 13.9 percent in September from a year earlier, the fastest pace in more than a year, figures from the statistics bureau showed.
&nbsp;&nbsp;&nbsp; Gross domestic product rose 8.9 percent in the third quarter from a year earlier, the agency said in Beijing today. The government is paying &quot;close attention&quot; to the prospect of inflation, statistics bureau spokesman Li Xiaochao said today.
&nbsp;&nbsp;&nbsp; Chinese output of copper and aluminum gained 8 percent in September from the prior month, causing concern that production may be exceeding demand, Eugen Weinberg, a Commerzbank AG analyst in Frankfurt, said today in a report. The country &quot;has been producing more aluminum than ever before,&quot; he said.
&nbsp;&nbsp;&nbsp; Consumption in Asia will drive demand for minerals, said BHP Billiton Ltd., the world's largest mining company.
&nbsp;&nbsp;&nbsp; &quot;We stand at the threshold of an era of unprecedented growth due to demand generated by China and, in the future, India,&quot; Chairman Don Argus said today.
&nbsp;&nbsp;&nbsp; Strike at Spence 
&nbsp;&nbsp;&nbsp; A strike at BHP's Spence copper mine in Chile entered its 10th day today. Workers are prepared stay away for a &quot;long time&quot; unless the company improves its wage and benefits offer, a union official said yesterday.
&nbsp;&nbsp;&nbsp; Spence miners are seeking similar terms to BHP workers at the Escondida copper mine, also in northern Chile, said Daniel Ibacache, a union spokesman. The mine accounts for 1 percent of global copper production, he said.
&nbsp;&nbsp;&nbsp; In other LME markets, nickel and lead fell, while tin and zinc rose. Aluminum was unchanged.
&nbsp;&nbsp;&nbsp; (Source: Bloomberg) 
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Copper Declines From 13-Month High as the Dollar Strengthens

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