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Copper on track for biggest weekly rally in 35 years

Published 11/11/2016, 08:58 AM
Copper on track for biggest weekly rally in 35 years
BHP
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FCX
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HG
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VALE
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GLEN
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RIO
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JJC
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CPER
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GLNCY
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CUPM
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  • Copper was trading up 3% in late Asian trade, rising for a seventh straight session and up more than 15% for the week in what would be its biggest weekly gain since 1980, according to Reuters.
  • Copper already had been moving higher by a surge in China steel and coal prices, but Trump's surprise election victory and comments in his acceptance speech on increased infrastructure spending fueled further buying.
  • Traders say the pace of gains has been amplified by momentum-based fund buying, much of it from China, after prices this week smashed through a key chart resistance.
  • Analysts also are revising down expectations of mine supply for 2017, after January's price slump to six-year lows forced some high-cost mines to shut, and with new supply from Peru largely complete.
  • Relevant tickers include FCX, BHP, RIO, VALE, OTCPK:GLCNF, OTCPK:GLNCY, OTC:ANFGF, JJC, CPER, CUPM.

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