Copper miners gain as red metal prices hit record high

Hudbay Minerals

05/12/2025 11:44

** 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%

(Reporting by Pooja Menon in Bengaluru)

((Pooja.Menon@thomsonreuters.com))