Sunday, July 31, 2011

Comex Copper Prices Nearing Record High

With copper prices skyrocketing, now would be a good time to take a hard look at your wire needs for the rest of the year.

Copper prices hit $4.52/lb on European futures exchanges this afternoon, fueling speculation that Comex prices for the precious metal will soon approach the all-time high record high of $4.63/lb set back in January. 
Most of the world’s copper demand comes from a single country, China. With China arguably in a real estate bubble, and simultaneously trying to control inflation by tightening monetary policy, it would seem that copper would have fallen out of favor with traders.
Copper trading data indicates that this has not been the case.
Fueled by steadily increasing orders from China, record high prices for all precious metals, and an improving U.S. construction outlook - speculators are shouting "buy, buy, buy!", while worldwide copper supplies continue to dwindle.

By Peter Coyne 
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