A Tale of Two Streaks in Metals and Agriculture to Close 2017
(Bloomberg) -- To end the year, copper and orange-juice futures posted record streaks -- in different directions.
Copper futures in New York rose for the 16th straight session, the longest rally in data going back to December 1988. Since Dec. 5, the price has jumped 12 percent after China ordered its top producer to halt output. This year’s rally was fueled by optimism on demand and supply disruptions at mines.
On Wednesday, orange-juice futures in New York capped the 15th straight decline, the longest slump in figures that started in February 1967. U.S. consumption has tumbled by almost half in the past decade, government data show. Hurricane damage and disease that slashed Florida’s citrus crop failed to bolster prices.
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