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Metal Stocks Gain in Morning Session as JIANGXI COPPER/ CHALCO Leap 3%+
Recommend 17 Positive 33 Negative 12 |
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Hong Kong-listed metal stocks ascended in the morning session, with JIANGXI COPPER (00358.HK) and MMG (01208.HK) ballooning 3.4% and 2.6%. CHINAHONGQIAO (01378.HK) and CMOC (03993.HK) jumped up 2.1% and 2.7%, while CHALCO (02600.HK) mounted 3.8%. ZIJIN MINING (02899.HK), which is involved in copper business, also climbed 1.6%. Regarding news reports, Reuters quoted sources as saying that Swiss commodity trader Mercuria has issued notices to withdraw over 40,000 tons of copper from London Metal Exchange (LME)'s warehouses in Asia. Based on current prices, the total copper value would be approx. US$460 million. Market concerns as settlement date approaches, possibly triggering short squeeze. AASTOCKS Financial News Website: www.aastocks.com |
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