Copper

Before undertaking to present to you a current analysis of copper, I would like to preface my remarks with a few observations that in themselves have a bearing upon commodity reviews in general. Having sat through a large number of such reviews since first joining the A. I. M. E. nearly forty years ago, I have no illusions about the hazards of the undertaking. If a speaker presents a statistical summary of commodity economics for the last year, most of his audience, having already read at least four commodity summaries on the identical subject, either get up and walk out or fall asleep. Should the latter happen, and were the listener to tumble from his chair and break his neck, obviously the speaker is liable. The subject matter seldom lends itself to histrionics on the part of the speaker so dangers of heart attack in the audience are not too great. Therefore the speaker, in order to retain listener interest, resorts to prophecy. Such venture was undertaken long ago by weather soothsayers, the "harouspex" of Ancient Rome, who generally cut up a sacrificial sheep and after staring at the entrails made their predictions which I understand had a batting average somewhat better than those undertaken on Wall Street based upon Dow Jones averages. Not being a licensed harouspex I cannot undertake predictions. I shall, however, fall back upon the experts.