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Copper Market Continues To Soar

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http://www.telegraph.co.uk/finance/markets/8307108/Copper-market-continues-to-soar.html

In London on Monday the price touched $10,122 a tonne. The effects of this astonishing rise have rippled across the world. In Britain trains have faced delays as rail companies have struggled to fix power lines that have been attacked by thieves determined to strip them of their valuable copper.

For E.On the problem of copper theft has become so acute that the power company has begun hiring former Gurkhas to guard electricity substations. Even the Church of England has been moved to decry the cost to it of fixing the damage caused when thieves target their buildings.

Behind the price rise are a variety of factors, but by far and away the leading driver is China's economic boom. In 2010, Chinese consumption of copper increased by 38pc, with the country now accounting for about one-third of total global demand.

Asian demand as a whole last year hit 10.7m tons and is expected to exceed 11m tones this year, compared to combined European and North American demand in 2011 of 5.6m tons.

Copper miners have been ramping up production to meet the growing demand, but the International Copper Study Group still expects a global supply deficit this year of 400,000 tones.

Looks like theft is going to continue for as long as the price keeps going up.

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http://www.telegraph.co.uk/finance/markets/8307108/Copper-market-continues-to-soar.html

Looks like theft is going to continue for as long as the price keeps going up.

Friend of mine works in railway security. They have cases where a JCB is used to rip the signalling cables out of a working line, the cable is then laid across the line (whilst live) for the train to cut as it runs across. The thieves pick remote spots where they can be away with the cable before the police can get there.

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Friend of mine works in railway security. They have cases where a JCB is used to rip the signalling cables out of a working line, the cable is then laid across the line (whilst live) for the train to cut as it runs across. The thieves pick remote spots where they can be away with the cable before the police can get there.

can't be too hard to find or chase a JCB - doubt it could get too far.

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IIRC 1 and 2p coins minted before 1992 are worth more than their face value now. Worth bearing in mind.

what were they made of, higher copper content?

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"Copper the new gold...useful as well as valuable."

That's why I buy, Freeport-McMoRan Copper & Gold Inc, NYSE epic, "FCX".

P/E, who cares ....

Interesting. I'll look into that one. Although I dont like the idea of currency fluctuations.

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When China blows, which it will ,there will be one helluva mess.

http://www.telegraph.co.uk/finance/china-business/8291626/Underground-world-hints-at-Chinas-coming-crisis.html

I think the trick is to create diversified and resilient income streams to see one through those bad times.

That and keeping your debt low.

But what do i know?

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You know nothing. Income is only worth your time if you have hundreds of thousands of pounds to invest

Edited by nohpc

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Oh quite.

Even if you can drag any lucre outta the quicksand all around, by the time you've paid what you have to and avoided what you can, you certainly need twice or probably more like twice thrice that to make anything other than PAYE worth the candle.

And there's FCX, after a bright as bonnets start, down 2%.

Who'd've thunk that?

Edited by indirectapproach

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what were they made of, higher copper content?

they were actually made of copper.

What we have now is a copper plated steel slug which is why new 1p and 2p's are magnetic.

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they were actually made of copper.

What we have now is a copper plated steel slug which is why new 1p and 2p's are magnetic.

And they are now very near on 99%+ of the penny piece supply. The past 3 years has seen them disappear from circulation.

The nickel-cupro pieces next!

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And they are now very near on 99%+ of the penny piece supply. The past 3 years has seen them disappear from circulation.

The nickel-cupro pieces next!

There was an article on it last year.. will try to find it.

5p,10p,20p,50p and pounds to be magnetic in 2011/12 ?

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There was an article on it last year.. will try to find it.

5p,10p,20p,50p and pounds to be magnetic in 2011/12 ?

Yes, money just isn't what it used to be.

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On a serious FCX moment, google finance tells me they have the 2nd best P/E of their peers and the best net profit margin.

Bloomberg tells me their short interest is a very manageable 2.6%. That compares with a short interest percentage of 5.7% for GE to 0.7% for ExxonMobil.

FCX came out with results on January 20, which according to americanbankingnews.com beat estimates by 8% with quarter on quarter revenue up 21.5% but the shares have not kicked on from their pre-results levels.

FCX looks set to take some kicking on the back of China's interest rate move this afternoon but unless copper and gold have topped out as of this afternoon, it is a very good bet to go up a lot in price soon.

After all, it even has, "Copper and Gold" in its name, which is one of the reasons I hold this baby and believe in it.

Edited by indirectapproach

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