RE:RE:what a $hit show!For the most part I agree with you.
However, the copper story has changed.
The leftist governments of Peru and Chile
are going to wreak havoc in the minerals
markets for years to come. To that end, you are correct that we are fortunate to have production outisde those countries. What we saw yesterday was a knee jerk reaciton to China's threat about dealing with sky high commodity price but in reality there little China can do but saber-rattle. Copper will increase in price in the years to come. The reality is that demand is increasing worldwide but suppy is decreasing and is often found is unsavoury jurisdictions like Peru, Chile & Congo. Serves the world right for focussing all it's energy on developing technologies without paying much mind to the commodities that underpin that development. The USA and Europe better get moving on securing supply from other places and soon because if those leftist governments in Chile and Peru get those taxes they so crave ....Copper @ $4.50 will be a distant memory~
The copper market will recommence it's upward trajectory once the general market digests the fact that there is very little China can do about high commodity prices unless they want to take their country backwards~
The sticker shock will wear off....Higher commodity prices are here to stay until the electrifcation of the world is complete~
GLTA