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Copper prices have held up solidly this year due to endless Chinese demand, and have proven to...
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Friday, July 20, 2012, 7:45 PM ETCopper prices have held up solidly this year due to endless Chinese demand, and have proven to be a sturdy hedge in the face of mostly downbeat global economic data. More importantly, it's resilience is a possible sign that perhaps the global downturn isn't as dire as it seems. Even as growth declines, infrastructure projects in China have been proceeding as scheduled. So, as long as China’s economy chugs along, copper will continue to retain its sweet spot as a counter-trade against the rest of the world's woes.
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This news story has 8 comments:
One of the indicators that a countries economy is making a turnaround is when the copper production, consumption, and price all rise.
It still seems like America is a big buyer of copper and will remain so. China isn't the only copper user in the world.
Are you kidding me?
It has given up all gains from early part of the year, along with all EM and European stocks, and you call that 'solid'?
From a technical point of view, copper's condition is down right atrocious.
Hence even if there is a lack of demand or supply glut of any commodity in the real world, the price of it will be decided by the strongest player on the exchange.
http://bit.ly/PoXMSN
Plus the dividend and a little gold they come across...
NOTE, the US 100 year old copper pipes won't be replaced with copper..
But, China isn't the only place. LA and South Amerca are growing and have no electric codes. Now most countries are finally getting them and the entire region will rewire ! DL