Posted on 04/17/2013 8:12:54 PM PDT by blam
Copper Is Looking Ugly Tonight
Joe Weisenthal
April 17, 2013, 9:05 PM
One of the big ongoing stories is the selloff in commodities.
Gold is the most notable loser, but industrial ones like oil and copper are taking a beating too.
Copper fell all day, and continues to be weak into the evening.
From FinViz:
FinViz
(Excerpt) Read more at businessinsider.com ...
It’s got a long way to go!!
I was trading copper futures in the 70s @ .36 cents/pound!
The break even point to melt down pennies was .43 cents per pound.
Good! Maybe the punks and creeple people that keep digging up the wiring for street lights, etc. will quit using the money for their drug habits. Markets have a strange way of resolving excesses over time... I’m enjoying watching oil dive too, but silver should only climb into the heavens as I still own a bunch of sterling collectables from our silver anniversary 25 years ago, right?
They had a massive land slide that filled the bottom of the mine.
If that happened in the oil industry we would all be paying $10 a gallon tomorrow.
Because virtually every consumer product that you use and consume, outside of food, fuel and services, is manufactured in china. China IS our manufacturing base, and if they go down, we go down with them.
I think you’re exaggerating...the oil market is not that tight to produce a 250% overnight ramp. The only thing that would be equivalent would be a full-scale Mideast war that took all Arabian and Iranian oil off the market. Even that might not produce that effect. Might produce $6 gas.
The Kennecott collapse is NOT being perceived as any big deal because there is apparently lots in the pipeline (Kennecott said this) and lots in warehouses. Plus China is now perceived to be not buying any more so nobody is trying to frontrun their touted demand. In addition, there are hints of liquidity issues which are VERY dangerous for the stock market and as usual, the futures markets are dominating the physical markets. When producers busy extracting copper see this, they sell production forward even more than usual, exacerbating the move by imposing big short interest into the mkts. There is nothing to do but let it run its course. It looks like it will break $3 to me.
But the other stuff I keep a close eye on. I buy a lot of imports, and you have to, but if there is a choice, I will buy a Pakistani import before I buy a Chinese one. Or confine it to Hong Kong, Singapore or Taiwan. The Chinese have ripped me off in the markets with fraudulent stocks, nearly caused my house to burn down with a exploding laptop and their legal system is totally ignoring these things...plus the Chinese Nationals refuse to honor our courts...
So I ignore them...
Have you shopped for groceries lately?”
Went tonight. 4-5% more than I spent three weeks ago for the same things. Bananas which are always .49/lb were .59/lb tonight so didn’t buy any. I usually am able to get a lot of coupons off the net. Not as many available the last couple of weeks or are for brands that I no longer buy - like General Mills products.
Check-out clerk said regular customers are coming in less frequently and not buying as much when they come in. Only so much to go around even though the economy in our part of Texas is still some okay.
I think all countries have too much debt, including China.
China’s consumers are still flush with savings, but its banks and local Governments are a mess, yet they are protected from speculators, runs and wild market swings. Here in the USA, it seems everyone is deep in debt - consumers, local Gov’ts, and the Federal Gov’t.
I understand China buys something like 60% of copper production now, so if their economy is slowing, copper demand should tell us.
Not true. It will be a short term problem. Other Asian countries are dying to take away some of China’s manufacturing. Labor is even cheaper in India, Bangladesh, Mynamar, Cambodia, etc.
No big deal, slides have happened on that fault, many times before.
This from my business partner, who was born in Bingham Canyon. Bingham Canyon no longer exists it was filled with over burden.
I guess there’s more than one way to tackle the obesity epidemic. ;-(
The canyon where the town was is indeed filled in with overburden. They began that a couple of years ago when copper was through the roof and they decided to go deeper. The mine is still very active.
A couple weeks ago I got 1,000rds of .22lr for around $140(yes, expensive I know, but half of it was target match ammo).
I was able to land it by using this site:
I’ve gotten some sweet deals on AR mags by using that site as well. I also found the site to be a little fun, and fairly addictive as well. You will find yourself checking in on the mag and ammo markets constantly. LOL
More like 30 years ago, they started filling the Canyon.
The mine is still producing, his mother works as a tour guide there.
Copper Is Looking Ugly Tonight
Well. tell him to just pull his cap down low and stick to the shadows while on his patrol and no one will notice.
A school a few miles north had most of their new sports field wiring taken in December. Going to cost 10 to 15K to replace it...
I was checking in on stuff like that on slickguns.com but gave up eventually as it became a barren wasteland.
Hey, tubular bender man! That’s a pretty cool tagline you have there!!! I trust you’re still livin high on the hog off the fat of the land and in fine fettle, right?
>The break even point to melt down pennies was .43 cents per pound.
More like $1.43/pound and only the pre-1982 kind.
They are 98% zinc with a copper wash since mid-1982.
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