My understanding is that utility plants need a lot of copper and there is great global need to update / increase power production -- especially in the U.S. A lot of copper is need for that.
You can see this confirmed in the recent ER of ABB and success of other infrastructure builders -- like MDR and FWLT.
I see TGB setting up for a new move within the next 2 weeks or so. Last two days have been an attempt by bears to break it down but the chart suggests bulls are in full control -- absorbing all those weak shares.
Should be a few more days of chop -- anything under 5.10 is free money.
Once this consolidation period is done I bet it moves from 5.30 to 6.24 within two or three sessions tops and consolidates again -- anyone hoping to hop on board will miss out or pay much higher prices soon.
Thursday was the 3rd attempt to drop under 5 -- and it didn't even touch intraday.
I think TGB is going to far outperform $44 billion FCX in the next 12 months -- just because it can grow a lot faster from its current size.
TGB is my only copper play. Good luck to all.
Looking for a double in 18 months when copper touches $5.
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