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Where Independent Traders, Investors, and Dribblers Thrive
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Great stuff! It certainly helped them that Copper ripped overnight also, longer term the picture is about debt write downs and cash flow I agree. Indonesia of course is critical also but I read that that is pretty well smooth now – somewhere.
Oh and even higher an hour into it..
Freeport-McMoRan $FCX 14.58 +1.62 +12.51%
LME COPPER: Three-month copper on the London Metal
Exchange jumped 1.5 percent to $6,118 a tonne by
0700 GMT, after earlier touching its highest level since Feb. 20
at $6,130 a tonne.
Talk that copper’s close above the $6,000 mark last week brought in momentum buying and above Monday’s peak in early Asian hit fresh stop-loss buys.
Seems all trader action as on Monday showed Chinese imports of copper fell 11 percent in June year-on-year to 1,444 tonnes.
Freeport McMoRan ($FCX +14.2%) is today’s top performer on the S&P 50
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