Copper has been rallying ever since the US elections uncertainty dust settled. The speculation that the Donald Trump government will be infrastructure friendly paved way for rapid gains. The rally has also been strengthening due to 50 percent rise in global Copper demand.
Major Copper forecasters like Goldman Sachs has given thumbs up for Copper in 2017. They predict prices to hit $ 6,200 a tonne over the next six months and have lifted its 3, 6 and 12-month forecasts to $ 5,800, $ 6,200 and $ 5,600 a tonne, respectively from $ 5,000, $ 4,800 and $ 4,800.
Miner and commodities trader Glencore is mulling to hike its stake in the Mutanda mine in the Democratic Republic of Congo, a copper asset it jointly owns with billionaire mining tycoon Dan Gertler.
In the nine months to September, the $ 1.8 billion Mutanda operation produced 162,300 tonnes of copper and more than 18,000 tonnes of cobalt. It's considered one of Glencore's main growth assets and a key operation in the DRC, largely thanks to its high ore grades and low expansion costs.
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Base Metals Preview: Copper sharply down 3.6% on thursday