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2025-12-15 20:12:00
[Copper Prices Rebound, Mining Stocks Rise; Short Covering and Technical Adjustments Dominate Market] ⑴ London Metal Exchange benchmark copper prices rose 1.4% to $11,670 per tonne, driving up pre-market prices of US-listed copper mining companies. ⑵ This copper price increase was mainly driven by some traders closing out positions ahead of this week's contract expiration (short covering), helping the market temporarily ignore weak economic data and concerns about the housing sector. ⑶ Copper prices hit a record high of $11,952 per tonne last Friday before being sold off due to renewed market concerns about a potential bursting bubble in the artificial intelligence sector. ⑷ Southern Copper rose 2.5% pre-market, Freeport-McMoRan rose 1.9%, Hedbury Mining Canada rose about 2%, Ero Copper rose 5.3%, and Tek Resources rose 1.8%. ⑸ This indicates that despite macroeconomic concerns, the long-term fundamental background of tight supply and short-term technical trading behavior can still provide support for copper prices and mining company stock prices at specific points in time.
