GREY:RHWKF - Post by User
Post by
BestYtTC1on Apr 26, 2014 1:05pm
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Post# 22494278
Copper price extends rally
Copper price extends rally as Beijing catches hedge funds short.
...But when a new report surfaced Wednesday indicating that the Chinese State Reserves Bureau has bought up to 350,00 tonnes of copperbetween March and April to move into state warehouses it lit a fire under the price.
Orders from Beijing to buy when prices fall below $3.15 and to pick huge loads should copper go below $3.00 immediately put a floor under the price.
That sent managed money scrambling for July contracts to cover their positions.
After a jump yesterday, Friday saw copper consolidating its gains trading at a seven-week high just above $3.10..."
https://www.mining.com/copper-price-extends-rally-as-beijing-catches-hedge-funds-short-67065/