Vale Paces Best Metal Stock Rally Since 2008 as China Woes Ease
- The biggest iron-ore miner is surging the most since 1999
- Mining and metals index still down about 30% in the past year
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Cliffs Natural Resources Inc., Vale SA and U.S. Steel Corp. paced the biggest weekly rally in seven years for mining and metals shares as investors wagered that a rebound in prices and efforts to cut spending and debt will return them to profitability.
The BI Metals Mining and Steel Aggregate Index of 47 producers rose 18 percent this week. Copper suppliers Freeport-McMoRan Inc. and Teck Resources Ltd. were also among the biggest gainers. Copper climbed to the highest in about four months on speculation top user China will announce more steps to bolster growth.