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Gold/Mining/Energy : Copper - analysis
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To: Mac who wrote (983)10/29/2004 6:45:06 PM
From: TrueScouse  Read Replies (1) of 2131
 
Mac:

The key points from your last post...

<<... "China's demand is still growing for copper. Their economy is going to slow from 8 percent to 7-1/2 percent, so big deal," said one analyst. On Thursday, giant U.S. copper miner Phelps Dodge (PD.N: Quote, Profile, Research) said that rampant demand from China's booming economy would continue to lead growth in global copper consumption in the fourth quarter. Copper demand in China, which consumes almost a fifth of the world's supply of the metal, was forecast to rise 9 to 10 percent next year, compared with around 8.5 percent in 2004....>>

I'm still amazed at the massive sell-off a couple of weeks ago. I presume it was because of hedge funds entering huge orders due to a technical signal. I mean even 2% growth would be very bullish when you're the world's biggest importer and supplies are incredibly tight! LME stocks dropped to a 14 year low this week. I still think copper's going to $2 in the next 12 months (Don Coxe's prediction) and that it may even overshoot that and create a massive spike on the charts. The key thing is to build a position and not get shaken out. I've been trading without stops recently because I got tired of the floor taking me out at the very low of every correction!

Regards,
Howy
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