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Copper advances to highest since 2014 as China steps up curbs

Metal News - Published on Thu, 28 Dec 2017

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Bloomberg reported that copper rose to the highest in almost four years as Chinese officials stepped up pollution-fighting efforts by halting processing plants. On the Comex in New York, copper futures gained for a 14th day, the longest winning streak in more than a year, to post the highest closing price since January 2014. Jiangxi Copper Co., China’s largest producer, received the order Monday to stop output for at least a week before a further assessment based on local pollution levels.

The supply threats are adding momentum to a 31 % rally this year as the outlook for global economic growth improves. Goldman Sachs Group Inc. expects “strong demand and cost inflation to drive the price higher in 2018,” analysts including Jeffrey Currie wrote in a report dated December 19. Demand for copper, often seen as a barometer for global growth, will rise about 30 % by 2034, according to a report by Chile’s copper commission Cochilco.

Mr Tai Wong said the New York-based head of base and precious metals trading at BMO Capital Markets, in a telephone interview that “There could be some strong price performance into next week and the new year until there’s clarity on how much capacity is really getting affected.” He added that “The market will have to decide if that’s the beginning.”

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Posted By : Rabi Wangkhem on Thu, 28 Dec 2017
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