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Gold/Mining/Energy : Copper - analysis
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From: TheSlowLane11/22/2006 5:28:29 PM
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Pescod on Cu:

COPPER:
FREEPORT MCMORAN (NYSE:FCX) $61.80 +3.39
Copper, like many other commodities, has had an
amazing run for much of the last five years before spending
the last six months or so, correcting. But obviously
the big boys seem to be thinking that we are going to see
good prices for many years to come, otherwise they
wouldn’t be spending billions of dollars trying to make
sure they have supplies.
Barrick Gold is after Nova Gold (despite the name, it’s
mainly copper) and then in just the last few days, we saw
Freeport McMoran make an offer for Phelps Dodge, one of
the world’s biggest copper producers.
Meanwhile today there are rumors that Freeport McMoran
itself is maybe the subject of a takeover offer by BHP,
one of the world’s biggest mining companies.
When the big boys spend billions of dollars to line up
copper assets, it suggests that at least they think decent
copper prices are going to be here for years to come.
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