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Copper continued it’s longest rally in a decade, rising 0.6 percent on Tuesday to hit $6,438, according to Bloomberg Business.
Copper continued it’s longest rally in a decade, rising 0.6 percent on Tuesday to hit $6,438, according to Bloomberg Business. This week, Glencore (LSE:GLEN), the world’s third-largest copper mining company, announced copper output from its mines slipped 9 percent last quarter. That drop compounds preexisting supply issues and coincides with an anticipated increase in Chinese demand.
According to Mike Dragosits, a senior commodity strategist at TD Securities in Toronto, “Glencore has added another layer to the tightening supply-side story.”
Comex copper for July delivery rose 0.4 percent to $2.933 a pound.
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