Copper Prices Soar, Mining Stocks Follow: China's Fiscal Shift Drives Market Surge
Portfolio Pulse from Piero Cingari
Copper prices surged over 2%, hitting one-month highs, driving the Global X Copper Miners ETF (COPX) up by 2.6%. The rise is attributed to China's fiscal shift, with the PBOC cutting the seven-day reverse repurchase rate by 10 basis points. Copper mining stocks, including FCX, FLMMF, ERO, and SCCO, experienced significant gains.
June 13, 2023 | 9:10 pm
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Global X Copper Miners ETF (COPX) rose by 2.6% due to the surge in copper prices driven by China's fiscal shift and rate cut.
The rise in copper prices is directly linked to the performance of the Global X Copper Miners ETF (COPX). China's fiscal shift and rate cut have driven the surge in copper prices, which in turn has positively impacted COPX.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Ero Copper Corp. (ERO) gained 3.8% amid the surge in copper prices, with its stock up 42% so far this year.
Ero Copper Corp. (ERO) is a copper mining company, and its stock price is directly impacted by the rise in copper prices. The surge in copper prices, driven by China's fiscal shift and rate cut, has led to a significant increase in ERO's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Freeport-McMoRan (FCX) jumped 5.3% amid the surge in copper prices, marking its second-best daily performance in 2023.
Freeport-McMoRan (FCX) is a copper mining company, and its stock price is directly impacted by the rise in copper prices. The surge in copper prices, driven by China's fiscal shift and rate cut, has led to a significant increase in FCX's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Filo Mining Corp. (FLMMF) saw a 5% increase in its stock price due to the surge in copper prices.
Filo Mining Corp. (FLMMF) is a copper mining company, and its stock price is directly impacted by the rise in copper prices. The surge in copper prices, driven by China's fiscal shift and rate cut, has led to a significant increase in FLMMF's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Southern Copper Corp. (SCCO) surged 3.2% due to the surge in copper prices, with its stock up 18% so far this year.
Southern Copper Corp. (SCCO) is a copper mining company, and its stock price is directly impacted by the rise in copper prices. The surge in copper prices, driven by China's fiscal shift and rate cut, has led to a significant increase in SCCO's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100