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Copper Futures Hit 3-Month High
The benchmark US copper price jumped to its highest intraday level in three months after the close of the regular trading session on Monday, extending a surprising rebound in the battered commodity.
Copper for May delivery, the most actively traded futures contract, rose as high as $2.9145 a pound, up 5.6% from Friday’s close.
Prices started to rally around 3 p.m. EDT amid unusually heavy volumes for that time of day. The cause of the move was unclear to traders. Trading on the floor of the New York Mercantile Exchange’s Comex division closes at 1 p.m. EDT, while electronic trading continues until 5:15 p.m.
Platinum Jewelry Now Cheaper Than Gold in India
As platinum becomes cheaper than gold, demand for platinum jewelry is skyrocketing in the Indian market. Platinum jewelry retailers told India’s Economic Times that in February and March, demand shot up 40-50%.
Flat-Rolled Stainless Surcharges Fall
US flat-rolled stainless steel monthly surcharges for April fell to their lowest levels since summer 2009, Platts reported. North American Stainless, AK Steel and ATI Allegheny Ludlum all published their April flat-roll surcharges with Type 304 and 316 stainless steel ranges between 61.31-61.34 cents per lb. and 81.98-82.02 cents per lb, respectively. These two nickel-bearing grades of stainless were down from 65.06-65.23 cents per lb and 87.01-88.03 cent per lb. in March for Type 304 and 316, respectively.