The price of copper for July delivery climbed 2.5% to $2.16 Monday, as inventories fell, while gold futures also rose 1.8% to $904.
MarketWatch reports that copper inventories in London Metal Exchange fell below 400,000 tons Friday, a 21% drop from a month ago, while China's State Reserves Bureau is believed to have bought more than 300,000 tons of copper since March.
Several mining stocks were climbing Monday, including Mercator Minerals (TSX: T.ML, Stock Forum) up 14% to $1.93, and Anvil Mining (TSX: T.AVM, Stock Forum), gaining more than 20% to $1.36.
On the Magellan Minerals Board, coffintrader said: “Gold has blasted through $900 bucks again which would certainly make the shorts nervous forcing some shorts to cover. Warren Buffett stated that the USD is headed lower over the weekend. This could be a big part of Golds jump today[sic].”
While stockguy0 made the following comments on the Horizons BetaPro S&P TSX Global Gold Bull Plus ETF Bullboard: “Gold EXPLODED through the manipulation of $900. Next stop $915. If that breaks, then 4 digit gold here we come. Good Luck[sic]”…
And, on the Horizons BetaPro NYMEX Crude Oil Bull Plus ETF board, kerbacious noted: “I see too much froth in the markets today..getting scared...look at the move in copper stocks...WOW...Time to take the profit and watch for me...[sic]”