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Non-Tech : The Woodshed
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To: nspolar who wrote (40127)6/12/2006 7:32:45 AM
From: TheSlowLane  Read Replies (1) of 60926
 
I don't understand why you think the commodity arena is so dangerous. While I agree that base metal prices have spiked due to a combination of circumstances that are not sustainable, it's not likely that we are going to see a pullback of copper to $1, for example. Unless we are heading into the deflationary depression abyss, which I do not see at this point. So, Phelps Dodge has a current P/E of 4. We've been hearing similar warnings about oil since the beginning of the Iraq war, when we were told that we could expect to see $25 oil upon its successful prosecution. Why does the futures curve look the way it does if there is a short-term spec premium built in to the price?
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