I think that it may have been the figures released by China rather than just the general market that hit sentiment for resource stocks particularly.
I can't see any diminution in China's hunger for resources and new sources have a significant lead time.
Now some light relief.....
As to copper: well the Icelandics have a plan (recently mentioned in the press and it's not April 1st yet). Their plan is to sell some of their geothermally generated electricity to the UK (to service the ?billions that they owe us for bailing out UK depositors in their banks that crashed). That's going to be one huge cable. Of course, the electricity is "green" but the energy investment in the generation plant, the mining of the copper, the production, transport and laying of the cable, the transformers etc needed....we start with a big debit on the carbon balance sheet. It might excite the fish into replenishing stocks for the Icelandic fishing fleet as well if it's AC current but there'd be too much transmission loss so it will probably be DC.
Anyway, that's another potential demand for Cu. We don't have to rely on Chinese growth.
New Zealand has geothermal generation so there's another opportunity for long transmission cables.
MOO Price at posting:
1.8¢ Sentiment: Hold Disclosure: Held
