So what about the tight supplies? First Chile is by far the world’s largest copper producer. Chile also has the largest reserves worldwide, actually double the reserves of number two Peru, which is the world’s second largest producer. Chile’s reserves are 190,000 million tons and supplies one third of worldwide copper. At current extraction rates, they will be extracting copper for the next 100 years. Other countries with large reserves — and these are all in millions of tons — are Peru at 90,000, Australia at 86,000, Mexico at 38,000, United States at 35,000, Russia at 30,000, China at 30,000, Indonesia at 28,000 and Poland at 26,000. Also note that copper is a highly recycled metal. Estimates are that 80% of what has been mined since 1900 is still above ground today. Will we see a test of $3.7000 this week? Watch and see.
Have a prosperous trading week.
So watching the posture change by big money and the media feeding tight copper supplies we should see copper continue to rise.
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