Markets, copper miners upbeat

Markets were upbeat in the wake of positive jobs data out of the US on Friday and copper miners rose around the globe as the bellwether metal closed up 2% on the London Metal Exchange.

Staff reporter

Copper producers rise

The copper cash price was US$6,937.50 per tonne, about $1,100/t higher than at this point last year.

On the S&P500, copper producer Freeport-McMoRan closed up 3.13% and in London, Antofagasta (LN:ANTO) gained 2.8%.

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Continuing the theme, Nevsun Resources (CN:NSU) and First Quantum Minerals (CN:FM) were up 3.07% and 2.17% respectively in Toronto.

In Australian trade, copper-gold company Sandfire Resources (AU:SFR) closed almost 3.3% higher today and BHP (AU:BHP) rose more than 2%.

The rate of copper mines under construction in China might accelerate if metal prices continue to climb on rising demand, Bloomberg Intelligence reported.

It said the average copper price in 2017 was 27% higher than a year earlier, mainly due to rising demand from China's growing power grid and electric vehicles.

Consensus estimates the average 2018 copper price would be $6,832/t, Bloomberg said.