Friday, July 24, 2009
Copper prices hit 9-month high
It was a good day for copper yesterday. U.S. copper prices closed at $2.5255 for September contracts, a 9-month high, the first time they went over $2.5o since October, and double the price at the low back in December [right Bloomberg chart from Mineweb.com].
What's driving this at least in part, according to an analyst at Mineweb.com, are record imports by China for the fifth straight month.
BHP Billiton however, says China has about refilled its inventory and major economies in the rest of the world are starting to refill theirs.
Arizona produces about 60% of the U.S. demand for copper, so global production, demand, and prices are an important factor in the local economy and U.S. supply.
at 11:47 AM