| Phelps Dodge sees no end soon to high copper price |
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| Written by Reuters | |
| Wednesday, 10 May 2006 | |
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"The price of copper, which is used for wiring in housing construction, has risen five times over two years and some 40 percent in the last two months. The metal, which was selling for around 70 cents a pound in 2003, was going for $3.60 in New York on Tuesday. Molybdenum, a by-product of copper mining, which is used in stainless steel production, has also soared. Molybdenum sold for around $5 per pound in 2003 and hit a high of $36.63 last May. But Peru said although it was still strong at $20-$25 per pound, it was expected to moderate." |
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