RE:RE:RE:Factors affecting copper & also bitcoin pricesSentiment extremes are typical in a markets that are hyped out for no good reason....I'm not syaing were are going to $20000 a Tonnes but I am saying I would not count on a big decline either. I think we are merely consolidating gains here with a move higher likely to come within weeks:
1. The LME stock pile is 3 weeks deep at best. Other exchanges are in a similar situation.
2. Chile the world's biggest producer has major issues including declining reserves and production
3. The electricification of the world is not hype it is happening. It will take a quarter of century or more.
4. It takes 10-15 years to find and develop a new copper mine plus there just are any big high grade ones left.
5. Copper recycling will help but it won't be enough.
If you are saying that the "end" or "top" is 5 years away you may be right although I think this decade willl be remembered as the copper decade....
Copper is the new Oil~
Guess we will find out in 2-4 weeks if the market will turn south or whether it was just another head fake consolidating before taking out $5/lbs
My guess is we take out $5/lbs