Copper Edges up as CPER Hits US$40.22; Miners Dip—Aug 11

Key Facts

The copper-tracking fund CPER settled higher, closing the Tuesday, August 11 session at US$40.22, a modest gain of 0.10% day-on-day.

Southern Copper shares slid 1.65%, ending the session at US$194.48 as the Lima-listed giant gave back recent gains despite strong fundamental demand signals.

Freeport-McMoRan dropped a sharp 2.33%, settling at US$68.87 in New York, underperforming the underlying commodity tracker by a wide margin.

Escalation around the Strait of Hormuz dominated headlines, driving a rally in oil prices and a flight to haven gold above US$4,400, which drained speculative interest from industrial metal equities.