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Published on: 5/7/2008
Last Visited: 8/21/2008
"The strike was the main support to copper prices and everyone expected prices would come down after it ended," said Catherine Virga, of CPM Group in New York."Now that this short-term supply shock has been taken out, people have to reevaluate their outlook for the market," she offered.
Virga was among those still unable to explain Monday's sudden huge jump, and equally quick fall, in the copper price.
Noting that neither London nor Shanghai had anything similar today, "it signals that yesterday's move was only something that happened with a few traders in New York," she said, adding that, "I can't imagine what would have driven prices up that high."