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Shares of global copper miners soared, pushing the sector gauge – the Global X Copper Miners ETF (NYSE:COPX) – up by 2.6% for the day. Copper mining stocks experienced a similar response to the surge in copper prices on Tuesday, which rose over 2% on the day hitting one-month highs.
The catalyst for the rise in copper mining stocks derived from China, as the People’s Bank of China (PBOC) made an unprecedented move by reducing the seven-day reverse repurchase rate by 10 basis points from 2% to 1.9%. This marks the first rate cut since August 2022.
The rate cut follows the recent actions of China’s six state-owned commercial banks, which lowered deposit rates, effectively signaling a new phase of policy stimulus in response to the economic slowdown.
Officials are also considering a comprehensive package of stimulus measures, including support for the struggling real estate sector and domestic demand.
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Chart: FCX vs. ERO vs. SCCO Year-to-Date Performance
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