Strictly: Drilling II Message Board

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Strategies & Market Trends : Strictly: Drilling II

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To: Frank Pembleton who wrote (4387)	11/25/2001 9:37:35 PM
From: t4texas	Read Replies (1) of 36161

pd alone has removed 500 tons total with this 220 ton curtailment action. the press release you supplied says pd estimates 500 tons of copper overcapacity (so it should be covered by pd's cutbacks alone). i haven't been making a list, but i have read press releases from three or four other big copper producers in the past couple of months about their big cutbacks in copper production too. as we have seen in the past few weeks december copper futures have popped from 60 cents to about 68 cents. i think what is happening in copper (and other base metals) is similar to the oil situation in early 1999. the producers are having to manage the production and the inventories to survive, and i think that will be the mother of more profit invention. in the press release you provided, it even discusses pd's profit forecasts for the next couple of years. i think the price of copper will continue to move up in 2002. i have tried to buy some more copper stocks in the past two weeks, but i have not gotten a large enough pullback yet. if i get the pullback i will be buying again. if the coppers keep moving up too fast, i will sell and hope for a blessed pullback.

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