Global copper market 'tight', new supply difficult
One, if not THE, hottest China stock today is Qiao Xing Universal Resources, Inc. (NASDAQ:XING). The stock is up 22.64% by 11:00 A.M. with volume five times over averge daily volume, already. While the stock is obviously overbought, investors want to know the fundamentals behind the move. For now, forget technicals.
The news behind today's jump is that the company purchased a 34.5% stake in a Chinese copper-molybdenum miner for $28 million.
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