Finance > Capital-markets

Copper miners' turn to glow

Copper equities gained as the copper price rose on the London Metal Exchange yesterday and analysts increasingly point to a tightening market.

Staff reporter

Finance > Capital-markets

Copper miners' turn to glow

Copper equities gained as the copper price rose on the London Metal Exchange yesterday and analysts increasingly point to a tightening market.

Staff reporter

Copper miners' turn to glow

The red metal price, outlook and equities rise

Martin Place Securities executive chairman Barry Dawes told the inaugural ResourceStocks Sydney conference this week  that "the copper price has got to go much higher as we go forward" - referring to recent data and bullish assessments from red metal majors.

In the US, the S&P500 metals and mining sector gained 2.62% yesterday, largely due to copper producer Freeport-McMoran's (NYSE: FCX) rise of 4.26%.

Toronto's metals and miners sector on the S&P/TSX Composite Index recorded a more subdued gain of 0.42%.

However copper miner First Quantum Minerals (TSX: FM) was up 4.96%, and diversified Ivanhoe Mines (TSX: IVN) rose 3.08%.

The gold sector was lower overall in Toronto but producer Kirkland Lake Gold (TSX: KL) was the best performer with a 1.35% gain.

Meanwhile in Australia, lithium stocks were popular with miners Galaxy Resources (ASX: GXY) and Orocobre (ASX: ORE), plus emerging producer Pilbara Minerals (ASX: PLS), three of the top five risers on the S&P/ASX200 index in afternoon trade.

Galaxy was up more than 8% at the time of writing.

Finally, the gold price was a little lower than yesterday and was trading just below US$1,290 an ounce on the spot market earlier.

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