CAPITAL MARKETS

Detour down, copper up

Detour drops on forecast revised mine costs

Staff reporter

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Detour shares were trading above C$14 on Thursday and dropped sharply on Friday, then hit a 52-week low yesterday of $9.17.

The metals and mining sector on the S&P/TSX Composite Index was down 1.17% yesterday but the copper sector was up 3.22%, thanks to First Quantum Minerals' (TSX:FM) gain of 3.64% and Lundin Mining's (TSX:LUN) rise of 2.91%.

Copper posted up its first monthly gain for 2018 in April, Bloomberg reported, as data out of China bolstered optimism for sustained demand.

The S&P500 metals and mining sector was down 1.63%.

Its London FTSE100 counterpart was down 1.44%, pulled lower by Glencore's (LSE:GLEN) drop of 4.96% on worsening woes in the Democratic Republic of Congo. 

However copper miner Antofagasta (LSE:ANTO) closed up 1.93%.

Australian mining stocks had a better period, with the S&P/ASX200 metals and mining sector in positive territory near the close of trade and Mozambique graphite producer Syrah Resources (ASX:SYR) up around 5% at time of writing.

Gold has fallen to US$1,310 an ounce, around a six-week low, as the US dollar remains strong.

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