Oil now at 3.5 year lows (down another 4 percent last night), copper down another 3.5 percent, basically all metals now below or close to below when the boom started.
We have just seen car sales drop another 30 percent, which will do nothing for copper in the short term. China has all but shut up shop on iron ore. With all the ramp of capacity bhp has done in the past 18 months, along with fmg ramping up production, can anyone see this glut working through the system in the near term??
Opec has stated they won't do anything about cutting oil production for another couple of weeks, and for the past couple of months stockpiles in the US have increased at each count. Oil could realistically now drop below $40 Us a barrel.
Is the boom over??
is the commodity boom over?
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Last
$43.56 |
Change
0.390(0.90%) |
Mkt cap ! $220.9B | |||
| Open | High | Low | Value | Volume |
| $43.64 | $43.73 | $43.26 | $211.2M | 4.849M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 11133 | $43.55 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $43.57 | 5435 | 3 |
View Market Depth
| Last trade - 16.10pm 11/07/2024 (20 minute delay) ? |
| BHP (ASX) Chart |