The Copper Report

The copper market continues to be influenced by international events and the eroding equity markets. The uncertainty in the stock market has also had a negative effect on the copper market. Copper continues to remain in the $0.70's enduring tough times and the world production of refined copper continues to exceed consumption. Spot copper prices hit a 20-month high of $0.79 at the end of January 2003 but prices are now hovering around $0.75 and are not expected to change in the near future.

Comex and LME warehouse copper stocks have declined since the first of the year but increased production from Chile and the settlement of a strike in Mexico may mean for the short term that inventories will not shrink. If copper consumption and demand do not show steady growth we may continue to see the prices remain in the $0.70's for some time.

As always, we are closely monitoring our copper inventories to ensure that we maintain the broadest range of cables at the lowest cost, allowing us to pass the saving on to you.