I am looking at placing a short on copper in the next few weeks. I can not see the copper price holding up with the supply fundamentals. Eventually it has to catch up. I think it could run to about $3.50 a pound before panick sets in. Markets always over correct both upwards and downwards. However, I stil believe copper will be well over $2.50 for 2010. But no doubt, at some point, panick sets in and thank goodness for volatility as this is the only way I make money as with other traders. If it was dull property, I would have to wait 5-10 years before anything significant.
PNA Price at posting:
56.0¢ Sentiment: None Disclosure: Not Held