Copper prices have surged to an eight-week high as recent data from China signaled a revival in demand from the world’s largest consumer of the metal. Data from China showed both exports and imports increased more than expected in July. The nation’s imports of copper for July jumped 12 percent year-over-year to 410,680 tons, which was the highest total since May 2012. "The data supports our positive view that the period of destocking in China is over and we forecast an improvement in metals demand and also a stabilization of growth in China over the coming months," said Eugen Weinberg, analyst at Commerzbank.
Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) shares traded in the range of $30.07 to $31.14 Thursday before settling to close at $30.80, an increase of 4.66 percent. The stock appears to be facing resistance at the $31.33 and $32.88 levels with some support at $30.78. Shares of Freeport-McMoRan have gained approximately 12.0 percent in the past month.
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Southern Copper Corp. (NYSE: SCCO) shares traded in the range of $26.33 to $27.81 Thursday before settling to close at $27.60, an increase of 6.56 percent. The stock appears to be facing resistance at the $28.90 and $30.69 levels with some support at $27.09. Shares of Southern Copper have gained approximately 3.4 percent in the past month.
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Sterlite Industries India Limited (NYSE: SLT) shares traded in the range of $5.04 to $5.15 Thursday before settling to close at $5.11, an increase of 3.65 percent. The stock appears to be facing resistance at the $5.23 and $5.40 levels with some support at $4.94. Shares of Sterlite Industries have fallen approximately 7.5 percent in the past month.
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Taseko Mines Limited (NYSEMKT: TGB)(TSX: TKO) shares traded in the range of $1.95 to $2.03 Thursday before settling to close at $2.03, an increase of 6.28 percent. The stock appears to be facing resistance at the $2.22 and $2.31 levels with some support at $2.00. Shares of Taseko Mines have gained approximately 10.0 percent year-to-date.
More information on Taseko Mines and access to the free equity report can be found at:
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