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Strategies & Market Trends : Commodities - The Coming Bull Market -- Ignore unavailable to you. Want to Upgrade?

To: Stephen O who wrote (916)	11/8/2001 12:08:52 PM
From: Stephen O	Read Replies (1) \| Respond to of 1643

Merrill Lynch's O'Neill on Copper Outlook: Commodity Comment 2001-11-07 17:42 (New York) New York, Nov. 7 (Bloomberg) -- William O'Neill, head of futures research at Merrill Lynch & Co. in New York, comments on the outlook for copper prices, which reached a 14-year low of 60.5 cents a pound today on the Comex division of the New York Mercantile Exchange. ``I'm looking for prices to go as low as 58 cents a pound in the next 60 days, and that could easily be exceeded.'' ``The true story of copper could be seen 10 days ago when Phelps Dodge Corp. chopped 220,000 tons of production and the market went down.'' ``The copper market is clearly saying the world is definitely in a severe recessionary slowdown. I think we won't see a turnaround until the third quarter of next year. The U.S., Europe, Japan-Asia are all very weak, and none of those areas is showing imminent signs of turning around.'' ``When I was in London a couple of weeks ago, talking to hedge fund managers, the level of concern about the German economy was acute. There's a very high level of concern that the German economy is going to remain weak for some time.'' --Claudia Carpenter in the New York newsroom (212) 318-2346 or at ccarpenter2@bloomberg.net/jb