Glencore, Anglo American and Antofagasta share price: FTSE miners continue rally as copper prices pop
London-listed miners continued to rally today, as copper prices surged towards the biggest weekly gain in four months as investors returned to riskier assets.
Bright economic data out of the US, coupled with rising oil and commodity prices have encouraged investors. It was reinforced by hopes for further monetary stimulus from China.
On the London Metal Exchange, the price three-month copper rose 1.36 per cent to $4,855 per tonne. They're set for a set for a weekly gain of more than 3.6 per cent, which would be the largest since early October.
This helped Glencore rise 4.3 per cent to 149.2p per share in late morning trade, while Anglo American swelled 4.6 per cent to 558p and Antofagasta added 5.5 per cent to 539p.
The FTSE 350 mining index pop 4.2 per cent to 9,283.7 at the open, putting it on course to end the week nearly 14 per cent higher.
Mining companies which have suffered due to the commodity sell-off expect to close loss-making miners this year, a move which will help put a floor under prices.
However, this comes against a backdrop of weakening demand from in top consumer China.