Copper miners rally after Chile mine downgrade
Make us a preferred source
Make us a preferred source on Google
The news: Copper miners were among the biggest gainers on the ASX 200 after Canadian firm Teck Resources cut production guidance through to 2028 for a mine in Chile.
The numbers: At 11:42pm AEDT, Capstone Copper shares had lifted 7.5% to $14.72, leading gains on the ASX 200.
Sandfire Resources (+4.1%), South32 (+2.5%), BHP (+1.7%) and Rio Tinto (+0.4%) also gained.
The context: Copper prices on the London Metal Exchange reached a 16-month high, before easing and settling lower, after a production downgrade for Teck’s Quebrada Blanca copper mine in Chile. This was part of a broader operational review.
The downgrade is the latest in a series of global supply disruptions this year which have pushed copper prices about 23% higher this year.
Anglo American agreed to acquire Teck Resources in September as a part of plans to secure access to copper assets.
