Copper rose the most in almost seven months in New York amid reduced concern that the euro-region debt crisis will crimp demand after officials agreed to ease rules for emergency loans to Spanish banks.
On a dark, drizzly November morning, Michael Farmer steps to the pulpit to deliver a stern message to fellow parishioners at St. Helen’s Bishopsgate, an 800-year-old church in the shadow of the London Metal Exchange and in the heart of the City, London’s financial district.
After slumping more than any other industrial metal, analysts and traders say the worst may be over for nickel as restrictions on shipments from Indonesia, the biggest producer, diminish a worldwide glut.
The world’s largest mining companies led by BHP Billiton Ltd. are struggling with higher costs to complete $200 billion in new projects, prompting them to slow work and turn instead to acquisitions and asset sales.
The strike at Impala Platinum Holdings Ltd.’s Rustenburg mine in South Africa is costing the market about 3,000 ounces of metal a day, equivalent to about 17 percent of estimated global supply in 2012, according to Royal Bank of Scotland Group Plc.