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Georgian Mining Corp

Copper touches 1-week high

Copper prices climbed to one-week highs on Wednesday after reports of fresh stimulus in top consumer China and signs of progress in Sino-US trade talks reinforced expectations of stronger growth and demand.

Benchmark copper on the London Metal Exchange traded up 1.2% at $5,980 a tonne in official rings. Earlier, the metal used widely in power and construction touched $6,008, its highest since 31 December.

“Depreciation of the Chinese currency and the stimulus effect will start to come through and Chinese data will start to improve, a major positive for industrial metals,” said Guy Wolf, global head of market analytics at brokerage Marex Spectron. “Chinese data coming through confirms that growth slowed significantly, but this is all rear-view mirror stuff.”

 

Georgian Mining Corp (LON:GEO) is an AIM listed copper & gold development and exploration company. The Company, along with its 50% joint venture partner, Caucasian Mining Group, operates in Georgia on the prolific Tethyan Belt, a well-known geological region and host to many high grade copper-gold deposits and producing mines.

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.