Thursday, December 16, 2010

Copper - the hot commodity of 2011

Bank of America - Merrill Lynch predicts copper will average $11,250 per tonne in 2011, or $5.11 per pound. It closed today at $4.13.

They say copper will be the top performing commodity in 2o11 even considering they project gold at $1500 an ounce. This is big economic news for Arizona which produces about 2/3 of the copper used in the U.S. [right, copper price in dollars per metric ton. Credit]

In 2009, the value of copper produced in Arizona was $4.2 billion, down 39% from 2008 due to the collapse in price. The price has recovered and is hitting new highs lately.

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