- Copper prices jump as floods in China raise supply concerns while demand rises and inventories are falling, while a weaker dollar also supports prices.
- September Nymex copper (HG1:COM) +4% to $4.574/lb, while London copper looks on track for a fifth straight session of gains after touching its highest since June 16 at $9,665/ton.
- Copper producers enjoy strong gains: FCX +3.9%, SCCO +2.9%, HBM +4.3%, TECK +4.5%.
- ETFs: COPX, CPER, JJCTF, JJC
- Floods in central China, especially in the Zhengzhou industrial and transport hub city, are raising supply concerns and demand for rebuilding damaged infrastructure.
- The International Copper Study Group said in its latest monthly update that the global world refined copper market deficit widened to 75K metric tons in April.