Copper stocks lift on ASX as global prices rise
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The news: Copper stocks lifted on the ASX as global copper prices continued their rise, driven by expectations that a recovering global economy will hike demand for industrial minerals.
The numbers: Copper rose 1% early on Monday to reach a high of USD9,970 ($15,487) a tonne, Bloomberg reported.
Metal mining heavyweights BHP and Rio Tinto were up 1.8% and 0.6% respectively at 2:00pm AEST. Copper small-caps IGO (2.4%) and Sandfire Resources (1.4%) also climbed, while ASX minnows Aurelia Metals (11.1%), 29Metals (9.2%) and Metals X (7.4%) saw the largest percentage gains.
The wider materials segment was up 1.33%.
The context: Metals have made gains in recent weeks, with signs of improved manufacturing activity in both China and the US boosting copper prices.
Meanwhile, expected interest rate cuts by the US Federal Reserve later this year are bolstering wider commodity prices.
The source: Bloomberg
