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Copper Rallies on Stimulus Speculations in China

November 6, 2012 at 18:03 by Vladimir Vyun

Copper advanced today on hopes that China will stimulate its economy. China’s growth was slowing for seven consecutive quarters and it is logical to assume that the government will try to do something with that problem. There already were talks about expanding infrastructure spending and that will lead to higher consumption of copper.

The general market sentiment was positive for commodities today. Previously, the US presidential election was causing uncertainty and, as a result, worries among investors. Today, for whatever reason, the sentiment turned positive and raw materials rallied. The Standard & Poor’s GSCI Index jumped as much as 1.1 percent, reaching the highest reading since October 9. Macroeconomic reports from Europe were not completely bad, though were not particularly good either.

Copper advanced from $3.4748 to $3.4968 per pounds as of 18:00 GMT on COMEX today.

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