NEW YORK (TheStreet) -- Shares of metal miners and producers rode surging commodities prices higher Monday after encouraging manufacturing data emerged from China, Japan and the U.S.
China, the world's foremost buyer of industrial metals, saw its purchasing mangers' index rise to 53.3 in July (anything over 50 indicates expansion). In Japan, a similar gauge breached 50 for the first time in 16 months. And Stateside, the Institute for Supply Management reported that its manufacturing index for July showed a slower-than-expected contraction. Copper prices especially benefited from the news -- in New York, the September Comex copper contract was up more than 4%, or 11 cents, to about $2.73 a pound. Aluminum, zinc, lead and nickel prices all advanced sharply as well, reaching their highest points since before the crash in September. Among the leading gainers was Freeport McMoRan(FCX) stock, the purest and easiest copper play in North America. Midway through Monday's session, it was trading at $65, up $4.70, or nearly 8%, on volume of 12 million shares. Average daily turnover is 16.3 million. Southern Copper(PCU) meanwhile, was up 5% to $27.06. Shares of Alcoa(AA), the big aluminum smelter, gained 6% to $12.49 and Teck Resources(TCK), a diversified extractor, rose nearly 8% to $28.32. Teck added to the general optimism when it said on Friday that it would boost its annual zinc production by 25% after seeing stronger demand from its customers. Zinc is a key component of galvanized steel.- Loading Comments...
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
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