ANFGF - Copper climbs to six-week high on U.S. inflation optimism
Freeport McMoRan ( NYSE: FCX ) +4.3% in Thursday's trading, up 30% from mid-July lows, as copper prices continue their steady advance to hit a six-week high .
According to Reuters, benchmark copper on the London Metal Exchange ( HG1:COM ) recently was +0.7% to $8,145/ton after reaching as high as $8,190.50, the highest price since July 1; Comex September copper was +1.4% to $3.702/lb.
ETFs: ( NYSEARCA: COPX ), ( NYSEARCA: CPER ), ( JJCTF ), ( JJC )
Other potentially relevant tickers include ( SCCO ), ( HBM ), ( TECK ), ( RIO ), ( BHP ), ( VALE )
Copper prices are up 17% from mid-July lows but are still 25% below a March peak due to slowing economic growth and demand.
"The peak inflation thesis is pushing base metals up," T-Commodity's Gianclaudio Torlizzi reportedly said, referring to this week's milder than expected data on U.S. inflation, adding that signs of tight supply in China also were boosting copper.
Antofagasta ( OTC:ANFGF ) just announced a $1B budget increase to build a plant in Chile to $2.7B.
Base metals are higher across the board in London, led by a 3.2% gain for nickel.
Copper prices have climbed 17% since touching a 20-month low on July 15 .
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Copper climbs to six-week high on U.S. inflation optimism