Struggling to lift output even with near-record prices, Chile's Codelco - the world's top copper...

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Larry Smith Comments (1560)
 
Correct me if I am wrong, but wouldn't this be poor management on Codelco's part, taking on more contractual demand than they can supply. I don't see this as saying demand for copper is huge.
15 Apr 2012, 10:11 PM Reply Like

Stone Fox Capital Comments (4554)
 
of course thats bad management, but they reason the sold so much is that supply is low and prices were high. Even with that incentive, Codelco couldn't keep supply up.
16 Apr 2012, 12:02 AM Reply Like

montanamark Comments (1359)
 
look at the chart - large H&S
15 Apr 2012, 10:32 PM Reply Like

Mike Maher Comments (1747)
 
State run companies aren't known for their efficiency.
15 Apr 2012, 10:39 PM Reply Like

Venerability Comments (3052)
 
I have no interest in copper myself.

But anti-Commodity folks should be aware that while the Currency Wars are raging in their favor lately, there is now quite a bit of Geopolitcal news that could mean support for the Commodity complex shortly.

Horrendous things happening in Afghanistan and Nigeria. Close to 2,000 Palestinian prisoners in Israel slated to begin a hunger strike Monday night, and Israel detaining the Fly-tilla people again, with the usual mix of European notables among the detainees.

A firebrand Egyptian cleric is inflaming his followers with broadcasts proclaiming Israel is on the tippy tip verge of "invading Egyptian territory." This is probably ridiculous. But those pesky attacks on foreigners in Egypt began again a couple of days ago. We all know how that escalated quickly last time it happened.

Meanwhile, the North Koreans today declared that proving their "military might" was more important than anything else, even food sanctions.

Once more, I hope all sane market participants begin to appreciate how fragile everything is.

As traders, "pushing it to the limit" may generally seem like the best way to proceed.

But there is always a point where "the limit" becomes too much to bear, and general market stability becomes threatened.

Only out-and-out Nihilists think making a few extra pennies are more important than maintaining order and saving lives.

Then again, I don't play World of Warcraft.

15 Apr 2012, 10:54 PM Reply Like

Brandybuck Comments (5)
 
1/3 of the world's supply seems a bit high - reference? According to Wikipedia, they produced 11% of the world supply in 2007.
15 Apr 2012, 10:55 PM Reply Like