CAPITAL MARKETS

Mixed markets await catalysts

Gold had an up and down Monday morning as investors got over some lacklustre non-farm numbers from the US market and started looking to future interest rate hikes from the world’s biggest economy.

Staff reporter
 The markets are awaiting direction early in the week

The markets are awaiting direction early in the week

The yellow metal fell to US$1,316 per ounce early on, before tracking back to just under $1,321/oz before midday in London.
 
Gold, which is up about 1.4% for the year, was expected to rise on Friday afternoon after a report on US December non-farm payroll numbers came in below estimates. 
 
However, the price actually fell following publication as market commentators shifted focus to expectations of multiple interest rate rises this year.
 
Even so, the price returned to $1,321/oz on Monday at around 11am London time.
 
In the US, gold miner Newmont Mining (US:NEM) was up 0.37% on Friday, while Australia-listed gold producer Newcrest Mining (AU:NCM) closed 0.69% down on Monday.
 
On the base metal side, the LME copper price (cash seller and settlement) dropped 1.4% on Friday to $7,097 per tonne. This was despite expectations of a strike proceeding at Glencore's (LN:GLEN) Lomas Bayas mine in Chile on Wednesday.
 
Iron ore continued to exceed expectations, closing on Friday at $73.2 per tonne, 3.4% up for the week. This is despite Australia's Department of Industry, Innovation and Science expecting prices to fall 20% in 2018 to $51.50/t. 
 
Both equities and commodities are expected to take their direction this week from a number of US, UK and European economic results, including both US CPI and retail spending numbers out on Friday.

 

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.

editions

Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.

editions

Mining Journal Intelligence Global Leadership Report 2023: Social licence

Gain insights into social licence trends and best practices from interviews with 20+ top mining company executives and an industrywide survey.