HGO 4.41% 6.5¢ hillgrove resources limited

copper price

  1. 192 Posts.
    Hi Everyone

    Two seperate reports out last few days regarding copper price outlook :-

    Commodity price outlook mixed for coming year; Copper, coal expected to have price hikes, but forest products, natural gas likely won't do as well
    Saturday, December 26th, 2009 | 6:10 am

    Canwest News Service

    Prices should be strong in 2010 for copper and coal, two of British Columbia's top commodity exports, according to a new report from Scotiabank economist Patricia Mohr.

    Steelmaking coal, for which B.C. is one of the world's top exporters, is Mohr's pick as top-performing commodity in 2010, with a projected 32-per-cent price hike next year.

    Copper prices are expected to remain high for at least the first half of 2010the average global profit margin for copper producers in 2009 is 59 per centand should be strong for at least five years, according to the December edition of Mohr's Scotiabank commodity price index.

    Dec. 28 (Bloomberg) -- Copper rose to the highest price in more than 15 months in New York on speculation that demand will strengthen and drain stockpiles.

    Copper inventories tallied by the Shanghai Futures Exchange fell 7.7 percent to 96,362 metric tons last week. China, the worlds biggest copper user, said its economy expanded by more than 8 percent this year. Prices also rose as labor disputes threatened to disrupt supplies from South America. A strike began today at Xstrata Plcs Altonorte copper smelter in Chile.

    Youre seeing increased demand coming from China and anytime you get a headline strike, youll get short-term tightness in the market, said Frank McGhee, the head dealer at Integrated Brokerage Services LLC in Chicago. Any supply shortage will add to copper strength.

    Copper futures for March delivery rose 4.4 cents, or 1.3 percent, to $3.3365 a pound on the New York Mercantile Exchanges Comex unit. Earlier, the most-active contract touched $3.344, the highest price since Sept. 4, 2008. Copper more than doubled this year as Chinas first-half imports reached records.

    The London Metal Exchange was closed for a public holiday.

    At Altonorte, in the northern city of Antofagasta, 274 workers struck at 8 a.m. local time, union president Abdiel Sepulveda said today. Chile is the worlds biggest copper producer.

    At state-owned Codelcos Chuquicamata mine, also in Chile, miners may vote to strike next month to press the company for higher pay, according to union official Jaime Graz.

    Copper also advanced as Japans industrial production climbed the most in six months in November, rising 2.6 percent from October. The gain shows that the countrys exporters are coping with the effects of a stronger yen.

    China raised its 2008 growth estimate to 9.6 percent from 9 percent and said this years quarterly figures will increase.

    Were seeing some short-covering in anticipation of a pickup in demand before the Chinese New Year, Liang Lijuan, First Futures chief analyst, said today from Beijing. The Lunar New Year arrives in February.

    To contact the reporter for this story: Glenys Sim in Singapore at [email protected]; Pham-Duy Nguyen in Seattle at [email protected]

    Last Updated: December 28, 2009 14:20 EST

    These reports together with those I posted a few weeks ago augurs well for the future of HGO for at least the next two years by which time, hopefully we would all have made very good profits and able to then say sayonara and move on to another HC thread and start all the whingging again.

    Good luck and a very happy and prosperous New Year to all.

    Cheers. Ted
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