RE:RE:RE:RE:Any reason for the big sale?nightcrawler000 wrote:
Five cents now. This seems a little drastic. Why sell now is my question?
Yesterday, China did away with the import tax on Copper because they have a surplus and it is putting the smelters out of business. By cutting the import tax, it allows the mineral to come into the country to be refined and smelted but then has to exit the country and cannot be kept in storage or reserves. Basically, China has too much copper is the short and long of the story. BUT, there is also reads where China figured the surplus will end by this year or next. So they WILL eventually need more and this is why I still hold EGX. Gold as well... but someone else might look at it and think "Surplus, China doesnt need anymore copper and Im out of EGX".... at a guess.