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Copper
Copper, one of the oldest commodities known to man, is a product with fortunes which directly reflect the state of the world economy. It is the world's third most widely used metal, after iron and aluminum, and is primarily used in highly cyclical industries such as construction and industrial machinery manufacturing. Profitable extraction of the metal depends on cost-efficient high-volume mining techniques, and supply is sensitive to the political situation particularly in those countries where copper mining is a government-controlled enterprise.
Copper was first worked about 7,000 years ago. Its softness, color, and presence in nature enabled it to be easily mined and fashioned into primitive utensils, tools, and weapons. Five thousand years ago, man learned to alloy copper with tin, producing bronze and giving rise to a new age.
Thus copper was established as a commodity with commercial value.
By the mid-1800s, Britain, with superior smelting technology, controlled
more than three-quarters of the world copper trade. As the proportion of
metal to waste in rock declined, it became economical to position smelters
and refiners adjacent to mining sites and ship the final product directly
to market. The discovery, in the 19th century, of major copper deposits
in North America, Chile, and Australia challenged England's preeminent position.
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Daily Chart - Spot Month |
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C=Last
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Margins |
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Non-Member Customer Initial |
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$7,763 |
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Member Customer Initial |
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$5,750 |
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Clearing Member and Customer Maintenance |
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$5,750 |
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