Miners Go Gangbusters as Metals Rally Sparks Rebound: Chartby
The production cuts that mining companies made months ago are finally starting to pay off. The 22-member Bloomberg Americas Mining Index is heading for its biggest gain since August on speculation that shuttered output will start to erode global metals gluts. Adding to the excitement was Wednesday’s plunge for the dollar, which bolsters the appeal of gold and other commodities as alternative investments. Freeport-McMoRan Inc. and Newmont Mining Corp. had the largest advances among companies tracked by the Standard & Poor’s 500 Index.