(Bloomberg) -- Copper dropped in New York, erasing
earlier gains, on speculation a rally that increased prices
7 percent in the past month was overdone.
The metal, which gained in recent weeks on strikes in Latin
America, rose 28 percent this year on concern demand would
outpace supply. BHP Billiton Ltd., the world's biggest miner,
said today its copper production jumped 17 percent in the three
months ended June 30. Marius Kloppers, the incoming chief
executive, said he wants to raise metal output 10 percent a year.
Read more at Bloomberg Commodities News
earlier gains, on speculation a rally that increased prices
7 percent in the past month was overdone.
The metal, which gained in recent weeks on strikes in Latin
America, rose 28 percent this year on concern demand would
outpace supply. BHP Billiton Ltd., the world's biggest miner,
said today its copper production jumped 17 percent in the three
months ended June 30. Marius Kloppers, the incoming chief
executive, said he wants to raise metal output 10 percent a year.
Read more at Bloomberg Commodities News
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