Copper surges to 22-month highs, iron ore up 13% this week on China optimism [Seeking Alpha]
ING Group, N.V. (ING)
US:NYSE Investor Relations:
ing.com/investor-relations.htm
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Source: Seeking Alpha
Chinese imports of refined copper ( HG1:COM ) rose 6.9% Y/Y, even as the country has been expanding its domestic smelting capacity; an index of China's manufacturing industry jumped at the end of March to show sector growth for the first time since last September. Investors appear to be betting that China's economy is on the rebound , demand is recovering, and manufacturing activity is improving, ING Bank strategist Ewa Manthey said. Copper is surging along with other commodities, especially metals, and has "increasingly become a buy on dip market with hedge funds adding exposure," Saxo Bank's Ole Hansen says. Upbeat speculation on China's economy also has pushed iron ore futures ( SCO:COM ) up nearly 13% this week, its best showing in two years, after touching as high as $111/ton on Friday. Stock prices for global miners are coming along for the ride, with Freeport McMoRan ( NYSE: FCX ), Southern Copper ( SCCO ) and Teck Resources ( TECK ) all posting 52-week intraday high.
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