drágul a réz

 

Hot copper

 

http://www.miningnews.net/storyview.asp?storyid=52026&sectionsource=s0

 

MOST experts talked the copper price down all through 2005, especially in the second half of the year. Only problem was, someone forgot to tell copper, which finished 2005 around 40% higher year-on-year. While the contrast between forecast and reality merely emphasises the rhetorical nature of the where-to-from-here question, the bulls would love the fact that some believe the fundamentals of the red metal even outshine those of black gold. Focus Feature by Michael Quinn

 

 

At comfortably over $US2 per pound earlier this month, copper was well above the $US1.64/lb it averaged in 2005 and $US1.30/lb in 2004.

It was also miles ahead of the $US0.95/lb its averaged for the past 10 years, which must go a long way to explaining why the experts have trouble fearing anything other than a "deep correction".

At the heart of the situation were stocks earlier this month totalling around 160,000 tonnes – in an annual world market of 17-18 million tonnes.

The stocks, which take in the LME, NYMEX and Shanghai warehouses, compared to the 1Mt or so at the LME alone just five years ago – when the copper price was around US60-70c/lb.