Copper metal investment: Copper hits 2-year high on bullish miners

LME (London Metal Exchange) Copper Prices 1 Month

Copper has been in use at least 10,000 years, but more than 95% of all copper ever mined and smelted has been extracted since 1900. As with many natural resources, total amount of copper on Earth is vast (around 1014 tons just in the top kilometer of Earth's crust, or about 5 million years worth at the current rate of extraction). However, only a tiny fraction of these reserves is economically viable, given present-day prices and technologies. Various estimates of existing copper reserves available for mining vary from 25 years to 60 years, depending on core assumptions such as the growth rate.[36] Copper is a finite resource, but, unlike oil, it is not destroyed and therefore can be recycled. Recycling is a major source of copper in the modern world. As consumption in India and China increases, copper supplies are becoming scarcer.[37] The copper price has quintupled from the 60-year low in 1999, rising from US$0.60 per pound (US$1.32/kg) in June 1999 to US$3.75 per pound (US$8.27/kg) in May 2006, where it dropped to US$2.40 per pound (US$5.29/kg) in February 2007 then rebounded to US$3.50 per pound (US$7.71/kg = £3.89 = €5.00) in April 2007.[38] By early February 2009, however, weakening global demand and a steep fall in commodity prices since the previous year's highs had left copper prices at US$1.51 per pound.[39] The Intergovernmental Council of Copper Exporting Countries (CIPEC), defunct since 1992, once tried to play a similar role for copper as OPEC does for oil, but never achieved the same influence, not least because the second-largest producer, the United States, was never a member. Formed in 1967, its principal members were Chile, Peru, Zaire, and Zambia.

Wednesday 13 October 2010

Copper hits 2-year high on bullish miners

Posted by PRECIOUS-METAL-INVESTMENT 16:57

By Javier Blas and Jack Farchy in London

Published: October 12 2010 19:01 | Last updated: October 13 2010 09:59

Copper miners will struggle to meet soaring demand in 2011, the world’s two largest producers have warned, painting a bullish picture for the metal, which many senior traders and investors expect will reach a record within the next year.
Their upbeat comments, in video interviews with the Financial Times, came as copper prices this week hit a two-year high. In early trading at the London Metal Exchange, copper for delivery in three months hit of $8,415 a tonne on Wednesday, up 1 per cent.
The price of the metal, used widely in manufacturing, has risen nearly 40 per cent since early June and is within striking distance of the record of $8,940 set in mid-2008.

“The price will be strong because supply is challenged and demand will continue to be strong,” said Richard Adkerson, chief executive of US-based Freeport-McMoRan Copper and Gold , the world’s largest listed copper miner.

[continued]
http://www.ft.com/cms/s/0/4eab2164-d623-11df-81f0-00144feabdc0.html

LME (London Metal Exchange) Copper Prices 1 Month

LME (London metal exchange) Copper Prices 3 Months

LME (London Metal Exchange) Copper Prices 1 Year

LME (London Metal Exchange) Copper Prices 5 Years

Copper metal investment

Copper metal investment

Wednesday 13 October 2010

Copper hits 2-year high on bullish miners

0 comments:

Post a Comment

Blog Archive