nice close at 12.5c and a new closing high....something going on here but still no news...a few buying millions at a time which pushed the shareprice to its fantastic close last night.
Those who are following this one know about the Deep Yellow J/V in the highly prospective U308 (Uranium) area of Lochness and Miranda and the completion of the first stage of drilling in december. We are awaiting results due early feb.
The obvious one is the copper production around june/july 2007 Considering copper has slumped to one of the worst starts to a year in more than 2 decades, im really not sure whats driving the shareprice north. But im sure we will find out sooner rather than later.
Here is an article regarding the current copper situation. As always time will tell cheers Schu
.............Copper May Advance Next Week on Chinese Purchases (Update3)
By Chanyaporn Chanjaroen
Jan. 5 (Bloomberg) -- Copper may rise next week, paring its worst start to a year in more than two decades, as Chinese wire and pipe manufacturers increase purchases to take advantage of the price slump.
Nine of 17 analysts, investors and traders surveyed by Bloomberg News yesterday and Jan. 3 forecast copper will rise next week. Eight expect prices to decline.
Chinese manufacturers have been curbing orders until prices retreat, said Marc Kaplan, president of Mews Metals Trading LLC in Verona, New Jersey. Demand from the world's biggest copper consumer may expand as much as 5 percent this year, Shen Haihua, vice president at Maike Futures Co. in Shanghai, said last week.
``Chinese demand is greatly understated,'' said Stephen Briggs, a London-based analyst at Societe Generale, one of 11 companies that trade on the floor of the London Metal Exchange.
Copper for delivery in three months on the LME dropped $105, or 1.8 percent, to $5,610 a metric ton today. It fell 11.5 percent during the week.
On the Comex division of the New York Mercantile Exchange, copper for March delivery fell 4.2 cents, or 1.6 percent, to $2.56 a pound as of 11:16 a.m. local time. Copper for delivery in March on the Shanghai Futures Exchange fell the daily limit of 4 percent to settle at 54,630 yuan ($6,995) a ton. Chinese prices include 17 percent tax and 2 percent duty.
China Purchases
China may purchase more copper this month and the next as wiremakers stock up to ensure output isn't disrupted during the weeklong Lunar New Year holiday, Beijing Antaike Information Development Co. said in a monthly report.
China's copper demand has recovered as prices fell, Antaike said in the report e-mailed today. It produced 4.54 million tons of semi-processed copper products in the first 11 months of 2006, 7 percent more than a year earlier, Antaike said, citing figures from the China Nonferrous Metals Industry Association.
Prices have fallen about 35 percent in London since trading at a record $8,800 a ton on May 11 as supplies increase. Stockpiles monitored by commodity exchanges in New York, London and Shanghai rose to 256,758 tons, the highest since June 2004, according to data compiled by Bloomberg.
The increase ``is leading to concern in the market that copper has moved into a surplus,'' Briggs said.
Briggs expects supply to match demand this year, after a deficit of 200,000 tons in 2006.
Goldman Sees Surplus
Supply probably will beat usage by 230,000 tons this year, Goldman Sachs Group Inc. analysts led by James Gutman in London said in a Dec. 11 report.
Production last year was curbed by unforeseen disruption to mines including Escondida in Chile, the world's largest source of copper. Threats to supply remain.
Dona Ines de Collahuasi, Chile's fourth-largest copper mine, said yesterday equipment repairs this month will reduce production by about 30,000 tons. The loss is equal to 7 percent of its 2005 output of 427,000 tons.
Australia's Lafayette Mining Ltd., which is developing a $60 million mine in the Philippines, delayed its first exports of copper until April after repairs to typhoon damage took longer than expected. Equipment and a pier at the company's Rapu Rapu mine, located 350 kilometers (219 miles) southwest of Manila, were damaged by a so-called supertyphoon on Nov. 30. Lafayette will borrow $10 million to pay for repairs.
The company will resume mining on Feb. 4 with shipments beginning about two months later, Bayani Agabin, a spokesman for Lafayette's Philippine unit, said today.
BHP Billiton Ltd., the world's largest mining company, is negotiating with a union at its Cerro Colorado mine in Chile to avert a strike after the existing labor contract expires Jan. 30. The mine is expected to produce about 120,000 tons this year.
MRX Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
