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Copper Is Surging Above Key Technical Level - Biggest Jump Since May 2013

Copper prices have surged over 4% this morning, breaking above the 50-day moving average (trading 2.41, near 2-month highs). Aside from Glencore's demise and modest strength in the Chilean peso today, this seems more like an algo-driven run off China's massive intervention-driven momentum.

Coppe rbroke above it 50-day moving average...

 

as China's intervention floated all boats...

 

 

Charts: Bloomberg