Post by
nofluff on Feb 09, 2021 8:01am
copper
Only 145 thousand tonnes in all comex and lme warehouses and dropping.
It is reported that china warehouses r almost empty as well.
I am not sure how copper does not get to 10.00 a pound quick.
That would b 13 cad. So about 2 billion profit per year on the two mines.
About 6.50 cad eps.
100.00 plus sp.
nf
Comment by
spitfireIVX on Feb 09, 2021 10:38am
Yes, Shanghai got as low as 20k tonnes, they are slowly trying to rebuild stock, but with not much success. https://www.shfe.com.cn/en/MarketData/dataview.html?paramid=dailystock
Comment by
JCSunsfan on Feb 09, 2021 11:21am
When copper runs this high doesn't the scrap market usually fill the void?
Comment by
spitfireIVX on Feb 09, 2021 11:27am
I heard something a while back stating that China toughened its environmental rules considerably wrt scrap, so it may not be as available as in prior times.
Comment by
JCSunsfan on Feb 09, 2021 11:32am
I thought you were wrong on this, so I went to find the article that would prove you wrong, but instead I found this. https://www.metalbulletin.com/Article/3964058/China-bans-foreign-scrap-metal-from-Jan-2021-abolishes-scrap-import-quota.html Good on ya.
Comment by
nofluff on Feb 09, 2021 11:33am
That was happening jc. I believe the surplus went out at 3.60. It is now just normal trade. I want 2 c the permit upsized to 125 million pounds. The world wants copper now. nf