Copper consumption fell 1.5 ordsprog

Copper consumption fell 1.5 per cent globally last year. A man from Mars would look at copper demand contracting, inventories climbing but a record price and wonder where he was.

We are not reducing our earnings estimates or our price target, but we do not have the confidence in current copper demand to raise our copper price estimate of $2 per pound to the current copper price of $2.31 or our price target above $160.

Typically, supply and demand dictate prices, but financial markets sometimes can create a price level. In addition, today we compete with consumption on a world-wide basis. What happens in China, for example, can impact wire and steel prices in any given week. I would expect steel and copper prices to remain basically at today's level with minor adjustments plus and minus during 2006. Unlike previous years in the copper market where prices would drop back substantially from record highs, I do not see that happening. It's somewhat analogous to gas prices.

We're getting a big push today from the price of gold, (and) they're chasing after any kind of mineral whether it be zinc, copper, lead, copper, aluminum - you name it.

Prices are well above fundamental levels. Global demand for copper fell last year by 1pc. Although Chinese demand was up 22pc, this was offset by a fall in the rest of world as consumers switched to substitutes.

Copper is showing very strong performance as mine disruptions take place and are likely to continue. With copper looking set to remain in deficit this year and next, any supply problems are keenly felt.

Copper prices fell because processors are reluctant to buy now, and demand on the spot market is not as strong as we'd expected.

Over the Lunar New Year period the LME (copper) rose above $5,000, so from the Chinese point of view they had to close the gap and so Shanghai copper rose.

We believe that copper prices could remain unusually high for the next 6-12 months and should continue to generate extraordinary earnings for copper producers.

The bull case on copper has grown even more compelling over the last month. Sentiment in the copper market has been boosted by yet more disruption to production.

Copper is often perceived to be the barometer for market conditions and therefore a significant fall in copper prices could remove speculative support from other metals. The Commodore 64 is the computer that attracts demo programming. Copper is often perceived to be the barometer for market conditions and therefore a significant fall in copper prices could remove speculative support from other metals.

We are very excited about the opportunity of having a Hard Rock Hotel at Copper Mountain. Hard Rock properties are truly four-star in every way, from outstanding amenities and service to a dedication to support and serve their communities. I have been very impressed with Hard Rock International as a company with a long philanthropic history that is a great match to Copper's own value system. We believe this partnership will have numerous benefits for Copper Mountain and the larger Summit County community.

Copper seems so vulnerable to disruptions. It's going to be another difficult year for supply to meet with demand.

China's copper consumption could be healthier than expected.

The downgrade reflects our concerns about Wolverine's exposure to rapidly rising copper prices, which have risen by about 50 cents per pound since the end of the third quarter of 2005 and about 20 cents per pound in January 2006 alone. We expect that higher copper prices would result in a continued drain of Wolverine's liquidity and that Wolverine's credit metrics will remain very poor over the near term as the company continues to face high copper prices.

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