[BC] Copper stays high

[Rob Atkinson]

It's starting to look like metals are gasoline of solids (record profits).  
Yesterday's New York Times had a story in the Business Section on p. C4 
(National ed.) reporting that BHP Billiton, the world's largest mining 
company reported its 3rd consecutive record full-year profit yesterday, as 
China's booming economy and surging world prices for copper offset rising 
costs and pressure from workers for higher wages.  In Sydney, BHP CEO Chas. 
W. Goodyear reported to analysts and the news media that their net profit 
rose 58% to $10.2 billion in the FY ending June 30th, with revenue climbing 
25.5% to $39 billion.  2006 is turning out to be the year for copper.  
Prices have doubled since January.  The higher prices for copper contributed 
$2.6 billion to the company's pre-tax profit.  With low stockpiles of 
essential metals and supplies constrained by shortages of equipment and 
labor, Mr. Goodyear said, prices are at their highest since the late 1980s 
and that it was hard to envision developments that would reverse that trend.

rob atkinson
St. Charles IL

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