Thursday, March 05, 2009

Has copper price bottomed out?

Mineral analysts say copper is rebounding after falling from over $4 per pound last spring to around $1.25 recently. In the past two weeks, the price has climbed back to around $1.70. Helping this along was China's announcement that they plan on 8% economic growth this year, which indicates a strong demand for copper and other infrastructure resources.

Stock price of Phoenix-based Freeport McMoRan, the world's largest public primary copper producer, is up 97% from its recent low. Other producers, with lower debt than Freeport, are up even more. [photo credit Freeport]

No comments:

Post a Comment