Tuesday, September 27, 2011

Good News for Wire Prices: Copper Falls to 14-Month Low

Copper futures have fallen 21% this month, as increased copper production from Chile has been heavily influencing the market price the market, while commodity traders continue to cash in their paper gains from the run-up in copper prices.

Last month, a strike at one of Chile's largest copper mines - which accounts for 3 percent of global production - ended with a labor agreement.

Comex copper futures which began the month at $4.20/lb, dipped as low as $3.31/lb yesterday. This comes as good news to electrical contractors needing to purchase wire, as Monday's price of $3.32/lb was the lowest Comex close in the last 14 months.

By Peter Coyne / TheElectricWeb.com
September 27, 2011