Thursday, December 07, 2006

About Copper

Did You Know?

Copper is man's oldest metal, dating back more than 10,000 years. A copper pendant discovered in what is now northern Iraq goes back to about 8700 B.C.

The H.M.S. Beagle, used by Charles Darwin for his historic voyages around the world, was built in 1825 with copper skins below the water line. The copper sheathing extended hull life and protected against barnacles and other kinds of biofouling. Today most seagoing vessels use a copper-containing paint for hull protection.

Paul Revere, of Revolutionary War fame, produced the copper hull sheathing, bronze cannon, spikes and pumps for the U.S.S. Constitution, known as "Old Ironsides." Revere was one of the earliest American coppersmiths.

The boilers on Robert Fulton's steamboats were made from copper.

One of the famous Dead Sea Scrolls found in Israel is made of copper instead of more fragile animal skins. The scroll contains no biblical passages or religious writings - only clues to a still undiscovered treasure. ===>>MORE<<===


So where are we going with copper?

Well after that tremendous run up that climaxed in May of this year, copper has been in a retracement/consolidation/triangle with what appears to be key support at around $2.97.

My hypothesis based on todays action is that we again test that $2.97 support and see what happens there.

I leave public predictions out of the picture for a while and wait to see if I'm a guru or a bum on my oil call (which was not all that serious by the way, I'm not a predictive trader).

If she blows through support, there are not a lot of technical levels to trade from. I won't say it would go all the way to the next obvious support levels, but stranger things have happened. Folks are so universally bullish on the China/base metals story, it's almost a classic fade.

It will be interesting to see the effect on stocks suck as Freeport, Dodge Phelps and BHP if there is a bit of copper tankage.

2 comments:

Peter Mc said...

Thanks: that saves me further checking before confirming to our shipwright that the replica should be coppper-sheathed:

www.thebeagleproject.com

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