Copper Bulls Rewarded by Glencore as ANZ Sees Market Bottoming
- Glencore cuts shift market to deficit from surplus: SP Angel
- Lead, tin, nickel and zinc rally on London Metal Exchange
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In a day, Glencore Plc changed everyone’s estimates about the copper market.
The commodities trader’s decision to cut production at its African mines led analysts from Citigroup Inc. to ICBC Standard Bank Plc to update their supply forecasts. Australia & New Zealand Banking Group Ltd. said it signals a bottom for prices. The metal on Wednesday climbed to a seven-week high in London, gaining as much as 1.7 percent to $5,434.50 a metric ton.