On July 25, 2023, European mining and basic resources companies experienced a surge in share prices due to a rally in copper and metals prices. The increase followed pledges by China to provide more support for its economy in the face of a post-COVID recovery. The STOXX Europe Basic Resources index rose as much as 2.8%, reaching its highest level since July 14, and was on track for its most significant daily jump since July 12.
Leading the index higher were diversified miners Anglo American and Rio Tinto, both seeing rises of over 4%. Additionally, London-listed copper miner Antofagasta witnessed a jump of 3.9% as copper futures on the London Metal Exchange rose 1% on the same day, reaching $8,606 per tonne.
The positive momentum was driven by China’s top leaders’ commitment on the preceding Monday to further assist their economy’s recovery. They also signalled additional support for the property industry.
