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

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    Great Value Carrots Sparky's Avatar
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    New all-time high today for this metal...

    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.

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    Gold Plastic's Avatar
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    Re: New all-time high today for this metal...

    4.20 What a nice round number. :P

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

    that number is in my head

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

    (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]
    everything we learn changes that which we know to be true

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    Great Value Carrots Sparky's Avatar
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    Re: New all-time high today for this metal...

    A new record this morning at $4.29/pound.

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

    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.

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

    Quote Originally Posted by 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.
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    Re: New all-time high today for this metal...

    Think this has anything to do with the recent surge?



    A Single Trader, JP Morgan, Holds 90% Of 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.
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    Great Value Carrots Sparky's Avatar
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    Re: New all-time high today for this metal...

    Quote Originally Posted by steyr_m
    Quote Originally Posted by 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.

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    Great Value Carrots Sparky's Avatar
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    Re: New all-time high today for this metal...

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

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