Metals Rally Draws Speculators as Copper Posts 16-Month High
- Traders wager on growth in manufacturing and fiscal spending
- Purchasing managers’ indexes strengthened in major regions
Kettle: Fundamentals for Copper Haven't Changed
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Copper posted the highest closing price since July 2015 amid a broad rally in commodities on expectations of a pick-up in global manufacturing and infrastructure spending.
All other industrial metals rose, while iron ore and steel in China surged to their daily limits. Producers including First Quantum Minerals Ltd. and Teck Resources Ltd. advanced. BHP Billiton Ltd., the world’s biggest miner, climbed to a one-year high in Sydney.