Thursday, March 24, 2011

BHP (BHP), RIO (RIO) Jump on Rising Commodity Prices

Rising gold, silver and copper prices are pushing up the share price of diversified miners BHP Billiton (NYSE:BHP) and Rio Tinto (NYSE:RIO), as safe haven status and growing copper demand offers the commodities support and growth.

Copper demand and prices are rising on the fact that Japan will need a tremendous amount to rebuild the country. Other commodities like aluminum and steel will also generate strong demand over time.

Gold is up on the various geo-political and economic crises around the world, with the never-ending sovereign debt crisis in the EU again adding fuel to the fire.

Silver continues to rise on an alternative to gold as well as demand as an industrial metal.

BHP was trading at $ 90.94, gaining $0.92, or 1.02 percent, as of 2:20 PM EDT. Rio Tinto was at $68.57, up $1.05, or 1.56 percent.

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