Shares of mining and metals companies got a boost Monday from rising copper prices, after Chinese GDP and industrial production data beat expectations. Copper for September delivery rose 1.7% to $2.7355 a pound on the Comex division of the New York Mercantile Exchange, their highest level since early March. Gold was also higher with August contracts up 0.5% at $1,233.50 a troy ounce. Adding to the updraft, Jefferies on Friday said it expects a significant increase in capital returns from metals and mining companies this earnings season as balance sheets are strong and cash is abundant. Jefferies named Freeport McMoRan as one of its top picks. Freeport stock surged 3.8% to lead S&P 500 gainers. Newmont Mining rose 1.2%, and Southern Copper Corp. gained 2.3%. Rio Tinto ADRs were up 1%. The iPath Bloomberg Copper Subindex Total Return ETN was up 1.1%, while the S&P 500 was flat.
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