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Copper 'the new oil'

The copper price and producers rose after Goldman Sachs this week dubbed the red metal “the new oil” and lifted its 12-month price forecast to US$11,000 per tonne.
Copper 'the new oil' Copper 'the new oil' Copper 'the new oil' Copper 'the new oil' Copper 'the new oil'

Copper producer Antofagasta was among the market risers

Staff reporter

Copper jumped back above $9,000/t on the London Metal Exchange yesterday, rising 2% to $9,080.50/t.

It was a bumper day for copper producers, with Freeport-McMoRan rising more than 7% in New York.

In London, Glencore gained 5.44%, Antofagasta rose 4.46% and Anglo American was up 3%.

In Toronto, copper hopeful THEMAC Resources Group (TSXV: MAC) rose 57% to a one-year high of C11c on no news.

The junior is advancing the previously mined Copper Flat project in New Mexico, US.

Gold was about $10 an ounce lower than this point yesterday, around $1,736/oz on the spot market.

The S&P 500 softened from its record high reached the previous day.

Market futures were pointing to a positive day in the US and UK but lower in Toronto and Australasia.