CAPITAL MARKETS

Detour down, copper up

Copper stocks were positive among otherwise subdued North American mining equities, while Detour Gold (TSX:DGC) shares have plunged on forecast higher costs and lower mill throughput for its Detour Lake operation in Ontario.

Staff reporter
 Detour drops on expected cost increase

Detour drops on expected cost increase

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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