LME copper up on oil gains, new low for aluminium
LME copper prices rose half a percent on Wednesday, tracking a pick-up in oil prices after OPEC surprised the market by announcing a cut in output.Commodities prices have fallen sharply since mid-year, led by oil as investment funds ditched the asset class in search of better returns, but OPEC, concerned about the falling price of crude agreed on Wednesday to revert to its 2007 production limit of 28.8 million barrels per day, effectively cutting production by 520,000 bpd...MORE
From our September 3 post "Las Vegas Lock Of The Week: OPEC Will Cut Production":
Yeah, I'd have to make that my Five Star Tip of the Week too. From 24/7 Wall Street:
...The leaves OPEC which has one of its big shindigs in the desert next week with all of the dancing girls and Hummers that the oil ministers can muster. Wall St. wonders whether the cartel will cut production. Why wonder at all? There is no money in keeping production where it is. Crude has come down too much. OPEC is leaving cash on the table every day. Member nations showed no compassion when oil was at $140.
Why would they show any compassion now?
