Since the last copper price update letter of
October 31st, 2008, the copper price floundered
around 10 to 20 cents lower; and lost another 15
cents on its downward slide.
World copper inventories in exchange warehouses
increased by 88.53 million pounds (Comex +
0.00), (LME + 95.79), and (Shanghai - 7.26).
Bloomsbury, in their most recent copper
briefing, expect these stocks (now 770 million
pounds) to climb to 1.1 billion pounds by summer
of 2009, even when producers do cut back on
mining some of the existing high cost copper
production areas.
Effective with shipments of November 16th, 2008,
and until further notice, the Omega-Camden
copper base will be $196.00 per cwt.