Finance > Capital-markets

Copper price falls, stocks drop

Falling copper prices weighed on equity markets with the red metal spot price dropping more than 4% in London yesterday to its lowest point in two months.

Staff reporter

Finance > Capital-markets

Copper price falls, stocks drop

Falling copper prices weighed on equity markets with the red metal spot price dropping more than 4% in London yesterday to its lowest point in two months.

Staff reporter

Copper price falls, stocks drop

Red metal price fall weighs on equities markets

Copper inventories rose and the commodity was also pressured by recent strength in the US dollar, Reuters said.

Diversified miners Rio Tinto (LN:RIO) and Glencore (LN:GLEN) both fell more than 2% yesterday in London, while Teck Resources (US:TECK) lost almost 3% in New York.

Australia copper-focused miner OZ Minerals (AU:OZL) followed suit, closing down more than 3% and diversified major BHP (AU:BHP) lost more than 1.9%. 

Nickel spot prices had tumbled about 4.6% in London and Australian nickel miner Western Areas (AU:WSA) closed more than 5% lower.

Major indices had closed down around the globe, a trend echoed today by the S&P/ASX200 shedding 26.1 points.

Finally, explorer Force Commodities (AU:4CE) provided a highlight in Australian trade, gaining 80% on announcing an agreement to establish a new lithium joint venture in the Democratic Republic of Congo and an oversubscribed capital raising of A$3 million (US$2.3 million).

The raising was conducted at $0.05 per share, the last closing price prior to a trading halt, and on resumption its shares shot up to $0.09.

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