copper conga line, page-13

The mining boom is O.V.E.R. As someone emailed me the other day, they should have taken the low ball offer from Xstrata. At least we'd all be 30 cents better off and could walk away with a sheepish grin. We would also not have a layer of management in Oz and so could actually receive some income from Finland which is presently lost in cost.

I thought there could be a bounce for Australian copper after DR Congo's decision to halt concentrate exports but it turns out this is the third time they have tried this little play straight from the Gillard Handbook for Economic Improvement and Surplus. The other two times it was abandoned and this time the Governor of the South East province (where all the mines are) has rejected it outright and says the police will not enforce it. Let's see on that one but given the government's tenous hold on power I do not see how they can fight rebels in the north and the government of the south east.

Unless copper stabilises this will get smacked to a new level over coming weeks. In this market would you even buy it at 15 cents? Tax loss selling is coming up as well.