BUZZ-Copper miners fall as weak Chinese data raises demand concerns
Copper miners' shares fell premarket as weak Chinese economic data raised concerns over demand, impacting copper prices. Benchmark three-month copper on the London Metal Exchange dropped 0.6% to $10,890 per metric ton. Despite this, copper was on track for a weekly gain of 1.6%. Major miners like Rio Tinto, BHP Group, Southern Copper, and Freeport-McMoRan saw declines in their stock prices.
U.S.-listed shares of copper miners fall premarket, tracking the red metal’s price (MET/L) Benchmark three-month copper (CMCU3) on London Metal Exchange down 0.6% at $10,890 per metric ton, having slipped to as low as $10,827.50/metric ton earlier in the session Copper prices fall after weak economic data from top consumer China fanned concerns over demand and hopes of a further U.S. Federal Reserve rate cut this year faded
The metal used in power, construction and manufacturing was still on course for a weekly gain of around 1.6%, having briefly crossed the $11,000 mark on Thursday. Copper hit an all-time peak of $11,200 on October 29
Global mining giants Rio Tinto (RIO.N) falls 1% and BHP Group (BHP.N) down 2.5% Copper miners Southern Copper (SCCO.N) and Freeport-McMoRan (FCX.N) each down 1.1% Canadian miners: Hudbay Minerals (HBM.TO) (HBM.N) slides 1.1%, Ero Copper (ERO.TO) (ERO.N) down marginally and Teck Resources (TECKb.TO) (TECK.N) falls 1%
