One thing that should support copper prices is the decline in inventories, Glasenberg said. Stockpiles in warehouses tracked by exchanges in London, Shanghai and New York have fallen to the lowest since August. The amount of metal held in storage globally amounts to 3.8 weeks of consumption and will fall to 3 weeks next year, Citigroup Inc. said in a report last month.
“We’ve seen massive destocking,” Glasenberg said. “You’re sitting on three weeks of copper stock. What does that tell you? That’s the lowest inventory I’ve seen in copper stocks for many years.” Peter Grauer, the chairman of Bloomberg LP, the parent of Bloomberg News, is a senior independent non-executive director at Glencore.
s@p locking everyone in until consolidation day unless you decide to put your cash else where. why not make a profit and return back at a later date? sp does not move just think if you decided make that decision how much would you be up by now? in another stock? G up 20% today and ready for a big day tomorrow ;) tracylied could of been minted by now with all the dough he has Lol
A couple of new pictures on the website. The filter press for the expansion to phase one were going in a few days ago. These are the 3rd and 4th press stations that will take the capacity for the final stage of production well beyond the tag 7.5 mtpa throughput. The construction for phase one expansion is several months ahead of the timeline. They will be commissioning at Christmas just as they announce the normalisation at 5 mtpa throughput. At that point Atalaya will be profit making. I think we can all see where the unrecognised value is here with Atalaya becoming a serious producer and profit makers. All now very near term.
Looks like Mr 500k is back again mopping up all the loose shares. It has pushed the buy back to 3.75p like it did before. It seems to me that they will just stand off again until a few more loose shares turn up.
Datafeed and UK data supplied by NBTrader and Digital Look.
While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.