Copper miners rise as red metal prices hit record high

Hudbay Minerals

05/12/2025 15:52

Updates

** Shares of copper miners rise, tracking increase in the price of red metal MET/L

** Benchmark copper CMCU3 on London Metal Exchange (LME) up 1.5% at $11,616 a ton and more than 30% YTD; on course to end week up by 3.8%

** Copper prices jumped to record high of $11,705 a ton earlier in the session after Citi lifted its price outlook for the metal

** A weak dollar also provided support ahead of an expected U.S. rate cut next week

** U.S.-listed shares of global mining giant BHP Group BHP.N up 1.1%

** Southern Copper SCCO.N up 2.6%, Freeport-McMoRan FCX.N rises 2.5%

** Canada's Hudbay Minerals HBM.TO gains 1.6%, Teck Resources TECKb.TO gains 1.5%, while Ero Copper ERO.TO rises marginally

 (Reporting by Pooja Menon in Bengaluru)

 ((Pooja.Menon@thomsonreuters.com))