BUZZ-Copper miners rise on stimulus hopes after China plenum

Reuters
10/23
BUZZ-Copper miners rise on stimulus hopes after China plenum

** Shares of copper miners rise, tracking higher prices of the red metal

** Benchmark copper CMCU3 on the London Metal Exchange up 1.6% at $10,834 a metric ton

** Copper prices push higher on hopes that top metals consumer China will unleash more stimulus in its new five-year plan

** China concluded its ruling Communist Party's Fourth Plenum on Thursday, announcing that it aimed to build a modern industrial system and strong domestic market

** U.S.-listed shares of global mining giants gain: Rio Tinto RIO.N up 1.4% and BHP Group BHP.N gains marginally

** Southern Copper SCCO.N up 2.4% and Freeport-McMoRan FCX.N up 2.3%

** FCX posted a better-than-expected third-quarter profit as higher copper prices offset lower production after the company suspended operations at its flagship Grasberg mine due to the death of seven workers

** Canadian miners Hudbay Minerals HBM.TO up 2.3%, Ero Copper ERO.TO rise 1.3%, Teck Resources TECKb.TO up 1.7%

(Reporting by Pooja Menon in Bengaluru)

((Pooja.Menon@thomsonreuters.com;))

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