Shares of copper companies are trading higher amid a rise in copper prices after Chinese smelters reportedly agreed to reduce production.
Portfolio Pulse from Benzinga Newsdesk
Shares of copper companies, including FCX and SCCO, are trading higher due to a rise in copper prices following an agreement by Chinese smelters to reduce production.
March 13, 2024 | 11:14 am
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POSITIVE IMPACT
Freeport-McMoRan Inc. (FCX) shares are trading higher following a rise in copper prices, influenced by Chinese smelters' production cut agreement.
FCX, being a major copper producer, is directly impacted by the price of copper. The agreement among Chinese smelters to reduce production has led to a rise in copper prices, positively affecting FCX's stock price in the short term.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Southern Copper Corporation (SCCO) shares are experiencing an uptick due to the increase in copper prices, spurred by a production reduction agreement among Chinese smelters.
SCCO's stock price is benefiting from the rise in copper prices, which is a result of the production cut agreement by Chinese smelters. As a significant player in the copper industry, SCCO stands to gain from these developments in the short term.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90