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On Tuesday, Bloomberg reported that copper prices rose to their highest in 13 months on China stimulus reports, triggering a “stop spike event” and halting trades for 10 seconds. The red metal slid back to 0.9 percent to $3.1385 a pound at 11:07 a.m. on Wednesday, according to another Bloomberg article.
On Tuesday, Bloomberg reported that copper prices rose to their highest in 13 months on China stimulus reports, triggering a “stop spike event” and halting trades for 10 seconds. The red metal slid back to 0.9 percent to $3.1385 a pound at 11:07 a.m. on Wednesday, according to another Bloomberg article.
As quoted in the publication:
Copper trading across all contracts was an estimated 84,749, 70 percent more than the average in the past 100 days, according to data compiled by Bloomberg. The daily volume was the highest since Aug. 20..
The CME “stop spike” rule acts as a circuit breaker to prevent “excessive prices movements” amid “cascading” orders that send futures outside certain ranges, according to the exchange website.
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