Wednesday, November 07, 2007

Price of Copper Falls

Copper Falls as Rising Inventories Signal Weekening Demand (Bloomberg)

Hmmm...rising inventories signal weekening demand. I wonder why that is? Perhaps too much copper has been stolen from say ... a substation in Las Vegas, to be sold on the market. Said substation happened to be my work place's primary source of electrical power and the attempted theft (in broad daylight) caused a power outage all across campus this afternoon. Twice in two weeks we've had a power outage (the last one was at night though I can't confirm that these events were related).

I guess copper had reached an all-time high of $4.04 per pound but I'm sorry to let the copper thieves know that the price has since declined to $3.259 according to Bloomberg. So thieves can stop stealing copper to sell because the supply has exceeded the demand and when that happens, prices tend to fall. (See, I did retain something from my college days .)

Dude, if you need some copper I'll tell you where you can find pounds and pounds of it near an abandoned mining site. You might have to drive to the middle of WhereTheFugawee but I'm sure it's up for grabs!

1 comment:

Corrin said...

A few months ago, someone stole the copper from the refrigeration system at a local food bank and spoiled over $1 mil worth of food. It was a terrible thing to do, but the entire city came together and replaced all the food, and more.