Grupo Mexico Advances as Copper Rebounds: Mexico City Mover
Grupo Mexico SAB, Mexico’s largest mining company, rose the most on the country’s benchmark index as copper prices advanced to an eight-week high.
Grupo Mexico rose 2.5 percent to 41.10 pesos at 12:16 p.m. in Mexico City, the biggest increase on a closing basis since Aug. 1. The benchmark IPC index advanced 0.8 percent.
Copper futures climbed to an eight-week high in New York today after imports rose to the highest in 14 months in China, the world’s top metals user. Copper slumped the first seven months of the year amid concern that China’s efforts to keep its economy from overheating would curb metals demand.
“All year we have seen very low copper prices,” Julio Cesar Martinez, an analyst at Punto Casa De Bolsa in Mexico City, said in a telephone interview. Grupo Mexico is poised to benefit from rising Chinese demand because it has a “very efficient cost structure compared with the most important peers in the global industry.”
To contact the reporter on this story: Newley Purnell in New York at email@example.com
To contact the editor responsible for this story: David Papadopoulos at firstname.lastname@example.org