Copper Stocks Take a Hammering

Copper stocks got hammered Monday, as copper prices continued to slide, falling below $3.

Among the many losers are Equinox Minerals Inc. [TSE: EQX], down 23%; Teck Cominco Ltd. (TCK), down 13.8%; First Quantum Minerals Ltd. [TSE:FM], down 19.6% and Ivanhoe Mines Ltd. (IVN), down 17.5%.

After reaching a record $4.2605 in early May, copper prices have been in free fall, amidst the carnage on Wall Street that has snuffed U.S. growth, led to numerous bank failures and the possibility of a $700 billion government bailout.

Some analysts predict that copper will fall as low as $2.75 by December and close the year as a loser for the first time since 2001.

All amounts shown in US$.

Comments

[fatcat:]

At least the thieves will stop stripping the repo houses of plumbing pipes....after all,we're going to own them soon...

2008 Sep 30 03:26 AM

[Alan von Al...:]

IVN down 18, AAPL down 18% - eh, so what? Infrastructure projects (wind farms, gas turbines, nuke plants) need copper, not gadgets.

2008 Sep 30 08:24 AM