London copper fell on Wednesday after credit ratings agency Moody's downgraded China due to its massive debt, with muted trade expected ahead of the release later in the session of minutes from the Federal Reserve's last meeting. "After a set of less-than-positive U.S. data, a debt (agency) downgrading China, Noble struggling ... and the banks reporting a 29-percent drop in commodities revenue, the markets were always going to struggle and struggle they are," said Kingdom Futures in a report.
Balmoral Resources has announced a "rapid increase in the width of the Bug South gold deposit," leading one analyst following the Canadian exploration and development company to increase his target price.
For the past two weeks I have written to my premium subscribers to look at copper and the industrial metals as I saw deep pocketed private equity funds and billionaires such as Carl Icahn and KKR taking big bets on beaten down Dr. Copper hitting five year lows.
Shares in mining and trading company Glencore fell almost 30% and closed at a record low on Monday over concerns it is not doing enough to cut its debt to withstand a prolonged fall in global metals prices.