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Gold/Mining/Energy : Copper - analysis
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To: Angelo Ferraro who wrote ()2/8/1998 4:52:00 PM
From: Angelo Ferraro   of 2131
 
EFFECT OF ASIA

got this from afr.com.au

"...Copper has been the star of the base metals for a decade, with the LME cash copper price averaging $US1.09/lb between 1987-1996. This compares to average cash costs over the period of about US60›/lb. And these costs are falling.
On the supply side, the story is the same. Rising lower-cost production will hit the copper market harder than aluminium. LME copper stocks had already risen by 200,000 tonnes in the third quarter last year. Now, with slowing Asian demand impacting, Billiton expects stocks will accumulate even more rapidly. And supply will not contract as a result of falling copper prices, argues Billiton, because of lower cost new capacity (SX-EW plants) coming on stream and because "there are simply too many projects either being brought onstream, under construction or firmly committed for this possibility to have any impact much before 2000".
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