BUZZ-Copper miners rise on expectations of interest-rate cut

Reuters
08/22
BUZZ-Copper miners rise on expectations of interest-rate cut

** Shares of copper miners rise, tracking Wall Street gains on interest-rate cut hopes

** Wall Street's main indexes climbed more than 1% after U.S. Federal Reserve Chair Jerome Powell pointed to a possible interest-rate cut at the central bank's next policy meeting during his speech at the Jackson Hole Symposium

** Lower interest rates stimulate economic activity by reducing borrowing costs, leading to increased investment in copper-intensive sectors

The U.S. dollar was down 0.7%, making copper less expensive for other currency holders USD/

** U.S.-listed shares of global mining giants Rio Tinto RIO.N and BHP Group BHP.N rise 1.6% and 2.5%, respectively

** Copper miners Southern Copper SCCO.N and Freeport-Mc-MoRan FCX.N rise ~3% and 3.3%, respectively

** Canadian miners: Hudbay Minerals HBM.TO up 2.6% and Teck Resources TECKb.TO rise 4.4%

(Reporting by Sumit Saha in Bengaluru)

((Sumit.Saha@thomsonreuters.com;))

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