BUZZ-Copper miners gain as red metal prices hit record high
Copper prices hit a record high, driven by Citi's increased price outlook and a weak U.S. dollar. This led to a rise in U.S.-listed shares of copper miners, with Southern Copper up 1.3%, Freeport-McMoRan up 1.2%, Hudbay Minerals up 1.2%, and Teck Resources gaining 3.4%. Benchmark copper on the LME rose 1.4% to $11,609.50 a ton, with a weekly gain of 3.8% and over 30% increase in 2025.
U.S.-listed shares of copper miners rise premarket, tracking higher prices of the red metal (MET/L)
Benchmark copper (CMCU3) on the London Metal Exchange (LME) up 1.4% to $11,609.50 a ton. LME copper is on course to end the week up 3.8% and has gained more than 30% in 2025
The metal, widely used in power, construction and manufacturing, earlier rose as much as 2.2% to an all-time peak of $11,705 a ton Copper prices jump to a record high after Citi lifted its price outlook for the metal, while a weak U.S. dollar also provided support ahead of an expected Federal Reserve rate cut next week
Global mining giant BHP Group (BHP.N) up marginally
Southern Copper (SCCO.N) up 1.3% and Freeport-McMoRan (FCX.N) rises 1.2%
Canada’s Hudbay Minerals (HBM.TO) (HBM.N) up 1.2% and Teck Resources (TECKb.TO) (TECK.N) gains 3.4%
