Copper futures are soaring more than 4% today, lifting the metal’s related exchange traded note (ETN). What’s going on?
In short, copper is basking in the good news. It’s mainly feeling buoyed by the upbeat U.S. economic data this week and demand optimism from China, Reuters reports. China is the world’s largest consumer of the metal.
Mining giant Rio Tinto (RIO.L) said it expects metal prices to increase in the latter half of this year, as well, mostly on China’s stimulus package, which will boost infrastructure spending. Copper is also further supported by dollar weakness.
London Metal Exchange (LME) copper futures were at $4,100 a ton intraday, up $100 from Wednesday.
- iPath DJ AIG Copper TR Sub-Index ETN (JJC): up 28.2% year-to-date
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