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Commodities, miners boosted

A weaker US dollar gave commodity prices a boost, and in turn mining equities, thanks to US treasury secretary Steven Mnuchin telling the World Economic Forum in Davos that a weaker dollar was good for trade.
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A weaker US dollar is "good for trade"

Staff reporter

Copper bounced back over US$7,000 a tonne and gold hit its highest point in more than a year, reaching $1,364 an ounce on the spot market earlier today.

Unsurprisingly, miners were among the top five gainers on the S&P/ASX 200 today with gold producers Resolute Mining (AU:RSG) up close to 6% and Saracen Mineral Holdings (AU:SAR) gaining more than 5%, and nickel miner Western Areas (AU:WSA) rising over 4%.

Meanwhile in Brazil, diversified major Vale (BZ:VALE3) was among the rising stocks as ex-president Luiz Inacio Lula da Silva's corruption and money laundering charges were upheld and his jail sentence increased.

Among other mining majors, BHP (AU:BHP) gained more than 0.5% in Australia today, whereas Rio Tinto (LN:RIO) lost almost 0.6% yesterday in London and Glencore (LN:GLEN) rose 1.6%.