BHP bets billions on Chile mines to face global copper crunch
BHP detailed to investors this week plans to spend $10.7 billion to $14.7 billion within about 10 years.
Copper prices are usually a good indicator for economic trends and equity markets.
Copper prices climbed to a four-month high Friday in London, driven by shrinking supplies and predictions that China, the metal’s No. 1 consumer, will help lift demand for industrial metals in 2014.
In New York, however, the red metal was that lucky, falling for the first time in three days as London traders caught up after a two-day holiday.
Three-month copper on the London Metal Exchange traded at $7,365 a tonne, up 1.3% since hitting $7,410 last August.
Copper prices are on track reach an almost 5% increase this month, which would be their biggest monthly gain since September 2012. However, they still remain 7% lower in the year to date.
On the Comex in New York, copper for delivery in March plunged 0.5% to $3.3815 a pound by 8:40 am ET.
Dr. Copper, as investors call the industrial metal, is usually a good indicator for economic trends and equity markets.
Image by Ehrman Photographic
Comments
Mike Failla
Yes indeed! Good for our Arizona miners!