Blowout Profits Seen Boosting Miners Trading at Multi-Year Highs
- Freeport-McMoRan has soared more than 350% from March lows
- Analysts see miners extending jump amid economic rebound
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The rally that drove some of the world’s largest miners to multi-year highs will extend into 2021 as the economy recovers from the steepest slump since the Great Depression, according to analysts.
Trillions of dollars in government stimulus, the Covid-19 vaccine rollout and China’s rampant appetite for raw materials have triggered speculation that the surge in mining companies has further to run. With rising commodity prices and a drop in production costs setting the stage for blowout profits, copper producers are poised for their best year in over a decade. The metal topped $8,000 a ton for the first time since 2013 on Friday.