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Copper, stocks continue to climb

The copper price has continued to climb as supply concerns remain at the forefront, with wage negotiations beginning at the BHP-run Escondida mine in Chile.
Copper, stocks continue to climb Copper, stocks continue to climb Copper, stocks continue to climb Copper, stocks continue to climb Copper, stocks continue to climb

Sandfire Resources hits fresh all-time high

Staff reporter

Failed talks at the world's biggest copper mine last year led to a 44-day strike that pushed copper prices higher. BHP (ASX: BHP) was up around 2% at the time of writing.

The copper spot price rose above US$7,211 per tonne on the London Metal Exchange yesterday, its highest point this year.

In Australian trade, copper miner Sandfire Resources (ASX: SFR) reached a fresh all-time high today.

It had risen about 4% in late afternoon trade, on top of yesterday's gains which were made on the back of high-grade assay results from its Morck's Well farm-in, about 22km south-west of its flagship DeGrussa copper mine in Western Australia.

The copper sector was the strongest performer among the S&P/TSX Composite Index's metals and mining stocks yesterday, rising 5.74%.

First Quantum Minerals (TSX: FM) was behind the gain, rising 7.09%. The copper miner is also developing the large-scale Cobre Panama copper project in Panama.

Copper producers Freeport-McMoRan (NYSE: FCX) rose 3.12% yesterday, Antofagasta (LSE: ANTO) was up 3.14% in London and Rio Tinto (LSE:RIO) closed 3.3% higher.

AIM-listed, Africa-focused project generator Altus Strategies joined the TSX Venture Exchange yesterday, where it closed down about 8% to C11c.

Finally, attention is expected to turn to the G7 Summit starting in Quebec tomorrow, between leaders of Canada, France, the UK, US, Germany, Japan and Italy.