NGLOY - Iron ore futures rebound but copper slides to new 16-month low

Shares of industrial miners are on watch as iron ore rallied on Thursday from its lowest close in more than six months after China President Xi Jinping pledged to achieve economic goals for the year, although copper continues to decline. Freeport McMoRan (NYSE:FCX) shares have plummeted 28% since June 7; other related stocks include (HBM), (TECK), (SCCO), (AA), (CENX), (KALU), (NYSE:RIO), (NYSE:BHP), (VALE), (X), (CLF), (NUE), (MT), (STLD), (OTCQX:AAUKF), (OTCQX:NGLOY), (OTCPK:GLCNF), (OTCPK:GLNCY) According to Reuters, the most-traded iron ore on China's Dalian Commodity Exchange (SCO:COM) ended daytime trading +2.5% at 749.50 yuan/metric ton ($111.77), rebounding from a 16-month low on Wednesday, and the front-month contract on the Singapore exchange recently was +5.6% at $114.20/ton. Despite Thursday's gains, iron ore and other steelmaking ingredients are on track for weekly losses, as China's weakening economy has seen reduced demand for steel, which has led to a buildup in steel inventories and a

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Iron ore futures rebound but copper slides to new 16-month low