BUZZ-Copper miners gain on record high prices, supply concerns
Copper miners' stocks rise as copper prices hit a record high of $11,338 per metric ton on the London Metal Exchange. Supply concerns and anticipation of the U.S. Federal Reserve's interest rate decision contribute to the bullish market. Major mining companies like Rio Tinto, BHP Group, Southern Copper, Freeport-McMoRan, Hudbay Minerals, Teck Resources, and Ero Copper see stock gains ranging from 1% to 2%.
U.S.-listed shares of copper miners rise premarket, tracking higher prices of the red metal
Benchmark copper (CMUCU3) on the London Metal Exchange hits record high of $11,338 a metric ton
Copper prices rose, as supply concerns underpinned overall bullishness around the metal, while the market turned its attention to the U.S. Federal Reserve’s interest rate decision next week (MET/L)
Global mining giants Rio Tinto (RIO.N) up 1% and BHP Group (BHP.N) gains 1.1%
Southern Copper (SCCO.N) up 1.4% and Freeport-McMoRan (FCX.N) rises ~2%
Canada’s Hudbay Minerals (HBM.TO) (HBM.N) up ~1%, Teck Resources (TECKb.TO) (TECK.N) and Ero Copper (ERO.TO) (ERO.N) both rise 1%
