Copper rallies to two-year high as China factory activity lifts optimism

seekingalpha04-30

Copper is on track for its biggest monthly rally in more than two years, surging 14% in April so far as a historic supply squeeze risks tilting the market into a major deficit and investors turn more ...

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China's official manufacturing purchasing manager index rose to 50.4 in April, the second straight month of factory activity expansion in the world's top metals consuming country, raising hopes that the recent economic upturn can be sustained. But according to Bloomberg, a typical seasonal pickup in Chinese demand is delayed because the rapid surge in copper prices deterred buying from fabricators, which are struggling to pass on rising costs to consumers. Benchmark copper (HG1:COM) on the London Metal Exchange jumped to a fresh two-year high of $10,208/ton before turning -0.4% at $10,100/ton, Bloomberg reports. ETFs: (NYSEARCA:COPX), (NYSEARCA:CPER), (OTC:JJCTF) Potentially relevant stock tickers include (FCX), (SCCO), (BHP), (RIO), (VALE), (TECK), (ERO) Separately, a PricewaterhouseCoopers report says more than half the world's copper mines in 2050 will be in areas exposed to drought risk that is deemed significant, high or extreme. 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