Global optimism centered on China’s increasing demand for metals and a weaker dollar sparked a rise in copper miners, closely following the price of the red metal.
The London Metal Exchange’s benchmark three-month copper climbed 0.5% to $8,334 per tonne.
The rising copper prices virtually ignored the added pressure from increasing inventories and a wave of caution in anticipation of the U.S.
Federal Reserve’s impending rate decision.
Shares of Rio Tinto (ASX:RIO) and BHP Group (ASX:BHP) listed in the U.S.
witnessed an ascent of 1.4% and 0.7%, respectively.
Also gaining were copper miners Southern Copper (ASX:SCCO) and Freeport-McMoRan (ASX:FCX) at 1.4% and 1.6%, respectively.
Canadian miners Teck Resources (ASX:TECKb), Ero Copper (ASX:ERO), Hudbay Minerals (ASX:HBM), and First Quantum Minerals (ASX:FM) saw a rise between 1.2% and 2.6%.
Rio Tinto (ASX:RIO) is a global mining giant that focuses on the exploration, mining, and processing of mineral resources.