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Iron ore, copper prices surge after upbeat China data

Published 07/31/2017, 09:07 AM
© Reuters.  Iron ore, copper prices surge after upbeat China data
  • Mining stocks are rallying after iron ore prices jumped to their highest level in nearly four months and copper prices reached fresh two-year highs, as a gauge of activity in China’s construction sector rose to a three and a half year high.
  • The jump followed news that the official sub-index for activity growth in China’s construction sector climbed to 62.5 in July, the highest since December 2013.
  • Also, an official gauge of manufacturing activity in China came in slightly below expectations - 51.4 vs. an expected 51.6 - but remained in expansion territory.
  • In U.S. premarket trading: VALE +3.4%, AKS +2.4%, CLF +2.2%, FCX +1.8%, TECK +1.7%, X +1.7%, RIO +1.3%, AA +1.2%, BHP +1.1%.
  • Also on watch: OTCPK:AAUKF, OTCPK:AAUKY, OTCQX:FSUMF, OTC:ANFGF.
  • ETFs: JJC, DBB, JJN, CPER, JJU, BOM, JJT, BOS, NINI, LD, JJM, CUPM, BDD, FOIL, RJZ, BDG, UBM, LEDD, HEVY
  • Now read: What Are Lumber And Iron Ore Telling Us?

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