BUZZ-Copper miners rise tracking price of red metal
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U.S.-listed shares of copper miners are rising in premarket trading, following a 2.7% increase in benchmark copper prices to $12,811 per metric ton. This surge is attributed to supply concerns due to a strike at a Chilean mine, forecasts of deficits, and low stocks in London Metal Exchange warehouses. Major mining companies like Rio Tinto and BHP Group saw slight increases, while Southern Copper and Freeport-McMoRan rose by 2.5%. Other companies, including Hudbay Minerals, Teck Resources, and Ero Copper, also experienced gains of 2%.
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