According to Bloomberg, Copper rose in New York to the highest in six weeks on speculation a decline in the value of the dollar will boost demand for the metal used in wiring and plumbing as inventories dwindle.
Copper stockpiles monitored by the London Metal Exchange fell 1.8 percent to an eight-month low of 112,600 metric tons. Copper has risen 22 percent this year as inventories fell 38 percent and the U.S. currency fell 2.6 percent against a basket of six major world currencies. Meanwhile, the dollar today touched the lowest level in more than a month against the euro.
Investors in FCX and PCU have done very well in the past year. Too bad I sold my FCX early and missed out on a 50% runnup less than 2 months later!
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