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Copper hits seven-week high

Nov 26, 2019 16:08

Copper climbed to a seven-week high on Tuesday as hopes of a U.S.-China trade deal prompted bearish investors to buy back positions.

The Dow Jones industrial average hit a new intra-day record high, the Chinese yuan advanced to a three-month peak and oil also rose after people close to the negotiations said China was pushing U.S. President Donald Trump to remove more tariffs imposed in September as part of a so-called Phase 1 trade deal.
 
Most of the bearish positions in copper are probably linked to computer-generated algorithms largely used by commodity trade advisor (CTA) funds.
 
Three-month copper on the London Metal Exchange (LME) had climbed 1.4% to $5,957 a tonne, the highest since Sept. 16 and on track for its third straight daily gain.
 
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