Jim Letourneau's Blog

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Copper Confounds

Copper made a new high yesterday. Then Prudential reduced its copper price estimates. I don't have an edge when it comes to predicting copper prices. The copper price is down today (see Kitco graph at bottom)and Phelps Dodge is currently below US$100. Copper's upside moves have been far from decisive. I personally don't see copper supplies magically appearing but I'm not going to argue with what is in front of me either. It doesn't cost you anything to stand aside and watch.

Copper Price - 6 Month Chart

Copper Price - 2 Year Weekly Chart

[Most Recent Quotes from www.kitco.com]