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Gold/Mining/Energy : Copper - analysis
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To: Stephen O who wrote (1490)9/30/2006 10:51:32 AM
From: TheSlowLane  Read Replies (1) of 2131
 
Indeed. As a contrast, Lawrence Roulston has been to China nine times in the past four years. He said that you really have to go there to begin to understand what is happening. Roulston doesn't know if copper is going to go higher from here, but he said that higher copper prices are not required for these companies to continue to rake in enormous profits. Veneroso implied that high prices would trigger an overwhelming supply response but did not name even one significant project that is slated to come online.

When he was pressed on some of the issues in discussions after his talk, Veneroso acknowledged that while he thinks metal prices are "crazy high" that the associated mining shares continue to be dirt cheap. It would have been nice if he could have worked that in to the presentation as opposed to tacking it on as an afterthought. Those of us who were thusly "entertained" were barfing our guts out behind the MTCC afterwards.
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