Apr 09 2009
Copper Inventories/Price
An article today titled ‘Falling inventories fuel copper’s surge’ says “copper shot through $4,500 (U.S.) a tonne to 5-month highs on Thursday after inventories fell and warehouse metal tagged for delivery rose, but dire demand prospects will cap prices”. Analysts say copper is heading for China, the world’s largest consumer because of the price premium in Shanghai over London Metal Exchange prices – about $1,200 a tonne.
It seems to me this confirms the possibility (if not likelihood) of continued growth in China – which I see as being nothing but positive for copper and other commodity metals.
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