AVM 0.00% $7.45 anvil mining limited

copper price record high.

  1. 572 Posts.
    Sadly the "always something factor" - the Congo Government contract review - is stuffing up Anvil share price.

    One wonders what the share price would be if there had been no review.
    Record high probably -- $25 or there abouts.

    Hopefully negotiations with the review panel will result in positive outcomes and a big surge in Anvil share price.

    Time to buy or top up. ----------- READ ON

    Copper Closes at Record High in New York as Inventories Fall

    By Halia Pavliva

    March 3 (Bloomberg) -- Copper futures closed at the highest price ever as global inventories declined and China, the world's biggest user of the metal, boosted imports.

    Stockpiles monitored by the London Metal Exchange fell 1.6 percent to 141,375 metric tons and are down 28 percent this year. China imported 128,000 tons of refined copper in January, up from 112,000 tons in December, said Robin Bhar, an analyst at UBS AG in London. Demand has jumped as the dollar fell to a record against a weighted basket of six major currencies.

    ``Tight concentrate and scrap markets should see strong cathode imports over the rest of this year,'' Bhar said in a report. ``The underlying trend in industrial metals remains strong, driven in large part by a steadily weakening dollar, which has little hope in sight.''

    Copper futures for May delivery rose 7.35 cents, or 1.9 percent, to $3.9285 a pound on the Comex division of the New York Mercantile Exchange, a record settlement. The price reached $3.9670, the highest for a most-active contract since May 11, 2006, when the metal climbed to an intraday record of $4.04. Copper has jumped 45 percent in the past year.

    Manufacturing in the U.S. shrank at the fastest pace in almost five years and construction spending fell the most since 1994 as the economy moved closer to a recession, reports showed today.

    ``The U.S. economy is maybe going into recession, but the market in China is growing,'' which supports copper, Tom Winmill, president of Midas Management Corp., said in an interview on Bloomberg Radio.
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