"Frenzied buying of copper and molybdenum took place Tuesday in Asian and European markets after news Monday that Grupo Mexico, the biggest Mexican mining company, had declared force majeure on supply contracts for those metals as a result of a three-week strike by miners.

Copper, used in construction and electronics, has risen more than fourfold from below $1,400 a metric ton in November 2001 amid strong demand and tight supply after years of underinvestment in new mining projects.

Spot supply shortages of copper, molybdenum, zinc and nickel have been reported in several countries in recent weeks. All four metals are elemental to a number of core industries."