good news for penny CRH finds

[jrf30]

China is going through copper like crazy. See the article below.

<< By Glenys Sim - Jun 15, 2011 4:03 AM MT .
inShare.2

Copper stockpiles in China, the world’s biggest consumer of the metal, may have dropped 50 percent in the past two months, potentially spurring more imports and higher prices.

Inventories in bonded warehouses, used to store shipments before duties are paid, may have declined to about 300,000 metric tons, according to estimates from traders and analysts in China including Shanghai East Asia Futures Co. The warehouses, whose holdings aren’t disclosed, contained about 600,000 tons at the end of March, according to Standard Bank Plc.

 

[Bigheed]

ya i read that link this morning off coinflation , pretty interesting article. 40% of the worlds copper consumption is going to china for manufacturing and "electrifying" the country.

Demand is going to continue to skyrocket as other nations that do overseas manufacturing start to "electrify" the more rural parts of their countries etc.

Their estimate is 12k / ton by the year of the year or something .... not to bad if we're at 4.15 / lb or so right now thats 8300 per ton. looking at a 50% increase potentially by years end....hope i didnt screw up the math, I was doing a quick browse read with the coffee this morning :-)

 

[DarkRider23]

A 50% increase would make the copper pennies worth about 4 cents O_O. Now, that would be awesome.