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Thread: copper may pop back up

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    parrothead started this thread.
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    copper may pop back up

    based on this article. There is a power outage in chili ehich is the main supplier of mined copper. Follow the link.

    http://news.yahoo.com/chiles-capital...000026440.html


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    i hope so, but remember the miner strike? didnt seem to do anything and then the bottom dropped out

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    A few hour or even a few day power outage isn't going to change the world copper prices by much if any.

    Now if they were hit with another earth quake and experts didn't expect the mines to start up again for months then you would see a drastic rise in prices.

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    as economys tank arround the world, orders for durable goods, washers dryers cars etc drop. no job no money no money no new washer, no new washer inventories of goods build, when they do the manyfacturers cut back and metal buys slow down.

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    yes, a global recession would lower the metal price as olddude said... a national recession would raise the price due to the higher export value... looks like we're in for an interesting year

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    Copper opening this morning takes another hit, $3.1897

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    Quote Originally Posted by gustavus View Post
    Copper opening this morning takes another hit, $3.1897
    Just saw that. Down close to 3%.

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    ouch!!!!!!!!!

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    Back up to $3.2754 in three hours. That's why you can't worry about hourly or even daily fluctuations. Take a long view and watch what's going on in the world. Prices will come back, it's just a matter of how long it will take. Copper is a "construction commodity". Very different than an "investment commodity" like gold and silver.
    People may laugh at me, but that's ok. I laugh all the way to the bank.

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    Yard just informed me that ferrous scrap is going to drop $10.00 maybe $15.00a tin at the end of this month.

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    Quote Originally Posted by gustavus View Post
    Yard just informed me that ferrous scrap is going to drop $10.00 maybe $15.00a tin at the end of this month.
    That may not be too bad of a thing. Price drop could equal less scrapers out there.

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    If a person does not need the money immediately, this would be a reason to hoard and sell when the price gets higher.

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    Quote Originally Posted by Mick View Post
    Back up to $3.2754 in three hours. That's why you can't worry about hourly or even daily fluctuations. Take a long view and watch what's going on in the world. Prices will come back, it's just a matter of how long it will take. Copper is a "construction commodity". Very different than an "investment commodity" like gold and silver.
    So why do yards change there price so quickly? I thought that they had a contracted amount price wise for X amount of lbs to ship to a company that is doing business with them.

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    How low do you guys think copper could go? The yard I go to had it at about $3.50 a couple of months ago, could prices drop as low as $2? Just wondering what has happened in the past.

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    Depends on the economy and bigger still, the Chinese economy, see bad news about either of these and expect it to go down. More QE either by Fed or Europe along with the miracle of an improving outlook will send it up. Currently if you look at the daily chart for copper there is a big hammer at $3lb LME price indicating very strong buying at that level so this should prove strong resistance to break. Rumours are that the Chinese stockpile at this price so they have for the moment put a bottom in for the market. Copper won't go down to what it did in the past, all the easy metal has been found, now new ore is harder to find and costs more to mine.

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    Quote Originally Posted by hobo finds View Post
    So why do yards change there price so quickly? I thought that they had a contracted amount price wise for X amount of lbs to ship to a company that is doing business with them.
    Why would they pay more when they dont have to?...They increase their profits that way

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    Quote Originally Posted by rgd76 View Post
    How low do you guys think copper could go? The yard I go to had it at about $3.50 a couple of months ago, could prices drop as low as $2? Just wondering what has happened in the past.
    It could go way lower! In 2000 I was getting .43 a pound for Copper, .41 for Alum cans and steel was .01 a pound...

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    Quote Originally Posted by hobo finds View Post
    It could go way lower! In 2000 I was getting .43 a pound for Copper, .41 for Alum cans and steel was .01 a pound...
    Gas was also $1.50...will that happen?...lol

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    Quote Originally Posted by sjones99 View Post
    Gas was also $1.50...will that happen?...lol
    No! But eggs were not $2.09 a dozen then as they are now! I guess you get screwed all the way around! What was the spot price for copper in 2000?
    Last edited by hobo finds; 09-28-2011 at 06:19 PM.

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