Industrial metals stocks surge after China cuts capacity
Jan. 10, 2017 2:27 PM ET|By:
Carl Surran, SA News Editor
Producers of copper, iron ore, steel and aluminum are
trading higher following pledges from China's top steelmaking province to further cut production capacity.
Shanghai steel futures jumped 7% overnight to their highest in nearly three weeks, with iron ore and coking coal climbing ~8%, on reports that Hebei province, which accounts for 25% of China's total steel output, plans to more than double this year's cut to 31.86M metric tons of steel and ironmaking capacity this year.
Also, London copper
rose 3% to $5,755/metric tons, extending YTD gains to nearly 5%, on news that China’s producer prices had surged in December.
In today's trade:
FCX +4.3%,
MT +6.3%,
CLF +8.4%,
VALE +7.1%,
RIO+6%,
BHP +4.1%,
SCCO +2.2%,
X +3.9%,
AKS+5.6%,
NUE +2.2%,
AA+4.8%,
CENX +4.3%.
ETFs:
JJC,
SLX,
COPX,
DBB,
CU,
JJU,
CPER,
BOM,
BOS,
RJZ,
BDD,
FOIL,
JJM,
CUPM,
BDG,
UBM,
HEVY
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