Jeremy Gray News
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Copper surged to a record in London and New York, and climbed to a 3-1/2 year high in Shanghai on optimism the global economic recovery is gaining momentum and as investors sought commodities to hedge against inflation and currency debasement.
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Copper declined for a second day in London as the metal’s rally to a record deterred purchases in China, the largest user. Zinc and tin also fell.
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The Chinese entrepreneur and the Peruvian shopkeeper have never met. Yet Li Shiping’s dream of riches and success in China is uprooting Victor Raul Ancieta’s village 18,000 kilometers (11,000 miles) away in the Andes.
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Mining chief executives “gun shy” from the global financial crisis may favor small-to-medium takeovers to expand production rather than building their own mines that take years to develop, said Standard Chartered Plc.
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High school rugby coach Bob Markovich paid $3,812 for 250 shares of the Global X Copper Miners ETF in September. He got the idea from an investment club he advises for students, including his daughter Lydia.
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China’s worldwide search for copper begins in the gnarled hands of 76-year-old Yang Caiguan, who is fiddling with the cables of his digital television tuner.
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Copper will extend a bull run as “mammoth demand” from China, the largest user, and supply constraints combine to drive the market into a deficit from next year until 2014, according to Standard Chartered Plc .
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PetroChina Co. , vying with Exxon Mobil Corp. as the world’s biggest company by value, would have “persuasive” reasons to seek a takeover of BP Plc, according to Standard Chartered Bank.
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