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 Replies: 10 / Views: 2,466 |
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Valued Member
United States
451 Posts |
I haven't found any news regarding copper prices other than it's been slowly declining, but it appears copper lost a third of it's price today. Any thoughts on this?
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Pillar of the Community
United States
2543 Posts |
Oh no ......... you mean my son's collection of copper rounds are only worth $0.12 a piece. They were worth $0.19 a piece when we bought them last year.  |
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Pillar of the Community
United States
589 Posts |
Sure sucks for scrappers. Glad I sold my summer/fall collection a month ago.
Iron is falling too it seems. Well this sure does suck.
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Bedrock of the Community
Australia
21786 Posts |
The iron ore price, the oil price, and it seems the copper price as well, is also dropping. The Chinese have managed to slow the growth rate of their economy as they slowly become a consumer society.
Worldwide, most commodity prices are currently trending down, and the silver price is being dragged down because of this as well.
The gold price is holding up a little better.
The lower oil price in part along with economic sanctions, is deliberately being used as an economic weapon againds Russia. That is despite 'peak oil' in 2012.
The increased fracked gas supply has lessened the need for oil imports into the U.S., and the Saudis have deliberately stepped up production, thus lowering the price.
It seems that the U.S. and the Saudis behind the scenes have colluded to have the oil price forced down for the time being.
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Pillar of the Community
United States
3789 Posts |
ALL commodities have been breaking down since Spring of this year. this did not happen out of the blue or suddenly.
Again, ALL commodities have been dropping in tandem, pick any commodity and you can see they are in downtrends or making fresh yearly lows.
Whatever reasons you hear why commodities are going lower is probably either wrong, late or only partly correct.
All you have to remember with commodities is prices are based on supply and demand, nothing more, nothing less.
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Pillar of the Community
New Zealand
526 Posts |
Copper was 1.24 in 2008, so its not really that low in comparison.
In 2003 it was around .60 - unfortunately my chart doesn't go back further.
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Pillar of the Community
United States
1272 Posts |
It appears your source was just broke. Copper was not below $2
Edited by machine20
12/30/2014 3:24 pm
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Valued Member
 United States
451 Posts |
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Pillar of the Community
New Zealand
526 Posts |
machine20 I see .50c in 1971 from Barchart - long term  |
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Pillar of the Community
United States
1215 Posts |
There was a quick downward spike in the past week -- had you bought massive amounts of copper then, you probably would have made a small profit --- then again, not a lot of people would be willing to sell that low.
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Pillar of the Community
New Zealand
526 Posts |
This is an interesting inflation adjusted chart for copper starting 1959.Currently price is about equal with inflation. http://inflation.us/copper/ |
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Replies: 10 / Views: 2,466 |
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Posted 12/29/2014 6:34 pm
