CAPITAL MARKETS

Base metals sink

Base metals sank on the London Metal Exchange yesterday as the US released a list of US$200 billion worth of Chinese goods that could be subject to 10% tariffs and the market awaits China’s response.

Staff reporter
Renewed trade tensions on market

Renewed trade tensions on market

Meanwhile China could be combatting new tariffs through the manipulation of commodity prices, broker SP Angel noted, referring to a Financial Times report on the liquidation of a $1 billion bet on copper futures in Shanghai which triggered a violent sell-off.

Copper is down around a 12-month low, a little over US$6,300 per tonne.

BHP (ASX: BHP) was down more than 1% in afternoon Australian trade and copper producer Sandfire Resources (ASX: SFR) was more than 1.9% lower.

Toronto's metals and mining stocks had finished just 0.03% lower yesterday.

At the junior end of town, Argentum Silver (TSXV: ASL) rose more than 41% to C24c on its agreement to acquire 80% of the Vanadium Ridge property in British Columbia.

The gold price is about $8 an ounce lower than this time yesterday and remains just over $1,250/oz.

Gold major Newmont Mining (NYSE: NEM) had closed up slightly, by 0.3%, in New York yesterday as the S&P500 rallied near its highest point since February.

However futures on the equity benchmark were down around 0.7% this morning London time, Bloomberg reported, as trade anxiety resurfaces.

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