Copper miners rise on US rate cut hopes and Chinese demand

Shares of copper miners rise, tracking prices of the red metal

Benchmark three-month copper CMCU3 on the London Metal Exchange up 0.2% at $9,700 a metric ton

Copper prices crept higher for a third consecutive session, bolstered by hopes of U.S. interest rate cuts after a central bank appointment and upbeat economic data in China

U.S. President Donald Trump on Thursday announced his pick to fill a vacant seat at the Federal Reserve, boosting hopes of interest rate cuts and weakening the dollar FRX/

A softer dollar .DXY makes commodities priced in the U.S. currency less expensive for buyers using other currencies

U.S.-listed shares of global mining giants Rio Tinto RIO.N up 1.6% and BHP Group BHP.N up 1.4%

Copper miners Southern Copper SCCO.N up ~3% and Freeport-McMoRan FCX.N up 2.7%

Canadian miners Hudbay Minerals HBM.TO up ~3%, Ero Copper ERO.TO up 1.8% and Teck Resources TECKb.TO up 1.3%