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Gold/Mining/Energy : Precious and Base Metal Investing
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To: Stephen O who wrote (22511)10/21/2003 12:20:53 PM
From: TrueScouse  Read Replies (3) of 39344
 
Stephen:

<< Huge moves in copper and zinc prices today and no-one has commented>>

What can you say! The major move continues and zinc is really starting to come to life. This makes some projects (such as WTC's Penasquito) even more attractive, since the price of zinc (POZ?) is now close to that assumed in the feasibility study.

Regarding copper, I'm long Dec Copper from around 80 cents and I think it's got a long way to go yet. I'd expect strong resistance around 95 cents, but if it breaks through there it could quickly move to the $1.20 level. When you look at the long term historical copper charts, it *really* moves fast when a major uptrend gets going.

Also, despite the significant move to date, I don't think the market has fully recognised the effects of the huge slide at Grasberg. Most of the upside in Cu occurred before the accident and it looks to me that this could have a more serious effect on production than Freeport is admitting. Of course Grasberg is also one of the largest gold producers in the world, so IMO this is having an effect on the POG as well. Looks like we could close above $380 today?

Thanks for all your excellent posts on the base metals Stephen, and for keeping them on the profile of this board. They may be base, but they can be quite profitable. :^)

Best regards,
Howy
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