Expect The World’s Largest Copper Producer to Keep Rising
May 23rd, 2008 | By Brian Hunt | Category: Gold MarketMining investors take note… If copper, zinc, nickel, and tin prices remain close to current levels, these miners will make a ton of money this year.
That’s how we signed off our March 4 column. Back then, big base-metal miners, including Lundin Mining, Southern Copper, and Freeport-McMoRan were in one of their worst slumps in recent memory. Investors couldn’t stand the thought of owning their shares. Copper prices are highly dependent on global economic health… and that health was in question.
But as we’ve covered with Home Depot and the Dow Transports, the market is now answering the global economic question with, “You know… things don’t look so bad.”
In addition to the strength in the Depot and the Transports, the price of copper refuses to decline from all-time highs near $4 per pound. These are all signs of economic strength. If this strength continues, expect the prediction above to come true… and expect Freeport-McMoRan (the world’s largest public copper producer) to keep rising.
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Source: Expect The World’s Largest Copper Producer to Keep Rising
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