CAPITAL MARKETS

Iron ore gains as manufacturing figures rise in China

The latest manufacturing PMI data out of China showed the sector expanded at the fastest pace in five months in May, despite surging raw material costs, according to Caixin.

Staff reporter
 Rio Tinto’s Pilbara iron ore operations in Western Australia

Rio Tinto’s Pilbara iron ore operations in Western Australia

Its index came in at 52, up slightly from 51.9 a month earlier.

The iron ore price rose yesterday and 62% Australian fines were up 2.9% to US$195 per tonne according to MySteel, while other agencies have the price above $200/t again.

The gold price has softened but remains above $1,900 an ounce on the spot market.

Mining majors performed strongly in London yesterday after the bank holiday.

Anglo American, Antofagasta and Rio Tinto were all up about 4%.

In Toronto, Barrick Gold rose 2.09% and Freeport-McMoRan closed up 3.49% in New York.

Finally, BHP was up about 3% in midday Australian trade.

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