CAPITAL MARKETS

Markets higher ahead of trade talks

Highly-anticipated US-China trade talks, set to start today, have added to the positive mood on markets as the first full week of 2019 gets underway.

Staff reporter
Copper miners gain

Copper miners gain

Major global market indices closed higher on Friday as the US released a stronger-than-expected jobs report and the People's Bank of China moved to cut reserve requirement ratios, taxes and fees.

The S&P/ASX200 index was higher in afternoon trade, with Mozambique graphite producer Syrah Resources (ASX: SYR) up more than 10% on little news since announcing its first production of spherical graphite on December 31.

Copper bounced back from a plus-12 month low on the London Metal Exchange on Friday, and Australian copper producer Sandfire Resources (ASX: SFR) was more than 8% higher in afternoon trade.

BHP (ASX: BHP) was up more than 3%, while in London Rio Tinto (LSE: RIO) and Antofagasta (LSE: ANTO) had closed up 4.13% and 6.45% respectively.

Across the pond, Teck Resources (TSX: TECK.B) finished the week 5% higher as TSX metals and mining stocks enjoyed a collective gain of 5.56%.

Finally, the spot gold price which was worth around US$1,235 an ounce a month ago rose close to $1,294/oz last week.

It was trading around $1,289/oz at the time of writing.

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