New all-time high today for this metal...

[Sparky]

Hey all, copper established a new all time high this morning at $4.20/pound. Permission granted to fondle your nickels and pre-1982 pennies.

[Plastic]

4.20 What a nice round number. ;D :P

[97guns]

that number is in my head

[Silver Rocket Bitches!]

(Updates prices with new copper record)

By Marie-Louise Gumuchian and Melanie Burton

LONDON, Dec 13 (Reuters) - Copper hit a new record high on
Monday, boosted by strong data from top consumer China over the
weekend, and supply worries could propel prices even further.

Benchmark copper on the London Metal Exchange CMCU3 traded
at $9,201.50 at 1512 GMT, from $8,980 at the close on Friday.
The metal used in power and construction earlier peaked at
$9,225 a tonne.

"Obviously the China outlook is helping copper, but more
than a general story it's very much a copper story," said BNP
Paribas analyst Stephen Briggs.

"It's the awesomely strong fundamental story for copper...
and I imagine that (exchange-traded products) will remain a big
part of that story as well," he added.

Base metals have reacted positively to Chinese import data
out last week and the fact Beijing has not raised interest rates
despite climbing inflation, Briggs said.

China released a swathe of macroeconomic numbers over the
weekend, including inflation, which rose above 5 percent to a
two-year high. The numbers also showed buoyant industrial
production and fixed asset investment. [ID:nBJL002113]

Investors have been watching closely for any policy moves
that would dampen demand in the world's top copper consumer.

The decision to raise banks' required reserves rather than
interest rates on Friday means China's authorities have opted
for a milder form of monetary tightening for now, suggesting
they believe they are still well able to control price
pressures.

Import data from China, which last week showed strong
numbers after a slump in October and the launch of
physically-backed exchange-traded products (ETPs) on Friday have
raised expectations for demand but also worries over potential
price distortions.

China's monthly production of refined copper and lead in
November rose 10.8 percent and 8 percent, respectively, to
record highs, setting a solid basis for another record month in
December. [ID:nTOE6BC03G]

Meanwhile, the listings by UK-based ETF Securities of
physically backed copper, tin and nickel exchange traded
products in London on Friday have aroused concerns, notably
among copper consumers, that these products will distort market
fundamentals and prices. [ID:nLDE6B81L8]

These factors, against a mine supply shortfall could propel
the metal to new peaks in the months ahead, analyst say.

"We maintain our 12-mo ahead copper price forecast of
$11,000/mt and believe that prices could spike substantially
above these levels, most likely in late 2011," said Goldman
Sachs in a research note on Monday. [ID:nLDE6BC11U]

[Sparky]

A new record this morning at $4.29/pound.

[Trinity]

I consider copper making new highs bullish for Gold and Silver. To tell you the truth a couple of months ago I didn't think copper could overtake those 2008 highs but it did. This is demand driven and not speculation that is driving the metals IMHO.

[steyr_m]

Hey all, copper established a new all time high this morning at $4.20/pound. Permission granted to fondle your nickels and pre-1982 pennies.


I think that's cool, but say "so what" at the same time. I micro-sorted some pre-96 pennies (Canada stopped making copper pennies then) but my scrap-dealer didn't want them. He said it was illegal to melt them. I personally thought that was a US law.

[osoab]

Think this has anything to do with the recent surge?



A Single Trader, JP Morgan, Holds 90% Of LME Copper (http://www.zerohedge.com/article/single-trader-jp-morgan-holds-90-lme-copper)


When a week ago we reported that JP Morgan has denied it owned more than 90% of the copper positions on the LME, we suggested that this could very well mean that Blythe Master's firm could just as easily control 89.999% of the copper and still not misrepresent the truth per that non-commital press release. Turns out our unbridled cynicism was spot on as usual. The Wall Street Journal has just reported that in the copper market "a single trader has reported it owns 80% to 90% of the copper sitting in London Metal Exchange warehouses, equal to about half of the world's exchange-registered copper stockpile and worth about $3 billion." Oh and yes, while JP Morgan technically is not singled out, we will be delighted to issue a retraction the second JP Morgan approaches us with a refutation that it is not the trader in question. And while we are at it, we also will repeat our claim that it was indeed JP Morgan that reduced its massive silver position, as per the recent FT article: as above we will immediately issue a retraction and apologize should JPM's legal department contact us that we are wrong on this. Somehow we don't think that will be an issue. And so it is once again made clear that the biggest market manipulating cartel in the world is not only JPM's commodity trading operation, but the "regulators" at the CFTC, who are doing all they can do to delay implementing rules on position limit- a stalling tactic whose sole purpose is to make the life of Jamie Dimon as comfortable as possible while he corners the copper market (and offloads his PM shorts to some "foreign bank"), even if that means the complete collapse in faith in the commodity market. Presumably, this means that Mr. Gensler has received an outsized Christmas gift to assuage his conscience. As for the commodity market, well, just look at what has happened to the stock market now that everyone knows it is nothing but a house of cards scam where a few robots front run each other. We are confident to quite confident tomorrow's ICI report will confirm that 33rd consecutive outflow from domestic equity funds. It is a pity that the same fate will now happen to the commodities market, as everyone tells Gensler to shove his corrupt market, and moves to physical. Frankly, it couldn't happen to a nicer group of so-called regulators.

A bit more @ the link.

[Sparky]

Hey all, copper established a new all time high this morning at $4.20/pound. Permission granted to fondle your nickels and pre-1982 pennies.


I think that's cool, but say "so what" at the same time. I micro-sorted some pre-96 pennies (Canada stopped making copper pennies then) but my scrap-dealer didn't want them. He said it was illegal to melt them. I personally thought that was a US law.


It was also illegal to melt silver coins from 1967-1969, but they lifted that ban to presumably allow more silver to get into the industrial market. I would expect a similar treatment for pennies and nickels once their composition changes in 2012 or 2013.

[Sparky]

Copper closed the year today at an all-time high of $4.42/pound.

[Sparky]

A new record for copper this morning at $4.46/pound. A 44-month high in nickel this morning at $12.62/pound. These base metals have continued a solid advance during this gold/silver correction.

According to coinflation.com, the melt value of a nickel exceeded 7 cents this morning, for a nice clean 40% free premium. Melt of pre-1982 pennies it at 2.9 cents.

[woodman]

Hey all, copper established a new all time high this morning at $4.20/pound. Permission granted to fondle your nickels and pre-1982 pennies.


I think that's cool, but say "so what" at the same time. I micro-sorted some pre-96 pennies (Canada stopped making copper pennies then) but my scrap-dealer didn't want them. He said it was illegal to melt them. I personally thought that was a US law.


Probably legal to melt the Canadian ones in the US and the US ones in Canada. Close to the border?

[ximmy]

It's going to break .03 cents value for a penny... :D

02/01/11... $0.01 = $0.0297898 = 297.89%

[Sparky]

Yep, pre-1982 pennies finally pushed above 3 cents yesterday!

A new copper record at $4.57/pound. Nickel advanced to $12.76/pound.

A year ago, copper was $2.75, nickel was $7.75. Both up 65%!

[Book]

http://ny-image0.etsy.com/il_fullxfull.146897212.jpg

Cheaper for plumbers to start punching holes in pennies when they need a copper washer.