Copper Surges to Record After Bullish Forecasts, Trading Turmoil [Yahoo! Finance Canada]
HONG KONG EX&CL UNSP/ADR (HKXCY)
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Source: Yahoo! Finance Canada
supply shortfalls, bullish price predictions and trading disruptions on the CME's Comex Exchange. Futures on the London Metal Exchange rose as much as 2.5% on Friday to a record $11,210.50 a ton. Most Read from Bloomberg The surge comes after miners, smelters and traders met in Shanghai this week, with discussions focused on a tightening market. Friday also saw a chaotic hours-long halt to trading in copper futures on the CME's Comex Exchange. LME futures extended their rally as most trading operations resumed early in the US morning. Copper's gains also came after Kostas Bintas, the high-profile head of metals at Mercuria Energy Group Ltd., renewed his bullish prediction for prices, warning that a rush to ship metal to the US risks draining the rest of the world's inventories. “This is the big one,” he said in an interview at the end of an industry conference in Shanghai organized by the Center for Copper and Mining Studies, or CESCO. “If the world keeps going like this we
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