LME inventories of copper are falling VERY sharply despite the poor economic news and the negative press reviews. Nightly falls have been around 2,700 to 3,000 tonnes.
Roughly one month ago inventories were recorded as 475,000 tonnes copper. Last night, Kitco is reporting that copper inventories had fallen to 429,375 tonnes. Copper prices in the same period have moved up from $US3.25 per pound to $3.54; not a huge increase yet, but it is all set to occcur according to various statements from RIO and Goldman Sachs.
This is precisely what CDU shareholders need atm. Rising copper prices and declining copper stocks. Conix
CDU Price at posting:
$3.07 Sentiment: Buy Disclosure: Held
