This Morning in Metals: Metal Firms Line Up to Bid for Distressed Essar Steel

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This morning in metals, several companies are looking to buy the distressed Essar Steel India Ltd., copper prices bounced back up and gold prices are up.

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Essar Steel on the Market

Companies like ArcelorMittal and VTB Group are vying for embattled Indian firm Essar Steel, according to a Bloomberg report.

Essar is the largest Indian firm going through the country’s insolvency proceedings, according to the report.

Copper Prices on the Way Up

Prices of the metal picked up Monday after hitting two-month lows last week, according to Reuters.

The price picked up on account of a weaker U.S. dollar and more stable global markets, according to the report.

Gold Prices Rise

Prices of the precious metal picked up on Monday, according to Reuters, but inflation data due Wednesday could put a lid on the rise.

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The spot gold price hit $1,318.54/ounce as of 1329 GMT on Monday, according to the report.

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