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Zinc, Glencore gain

Stock market indices were lower in North America then Australia today but London’s FTSE100 closed higher, with diversified miner and trader Glencore (LN:GLEN) up more than 3.2%.
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Zinc price rise fails to galvanise Australian investors

Staff reporter

Rising zinc prices have prompted Glencore to move to restart its Lady Loretta zinc mine in Queensland, Australia, this year, and the zinc price reached a fresh 10.5 year high on the London Metal Exchange yesterday above US$3,600 per tonne.

The zinc positivity didn't extend to benefit Australian zinc stocks today.

Gold-lead-zinc miner Aurelia Metals (AU:AMI) closed down almost 1.6%, while gold, nickel, copper, zinc and silver producer Independence Group (AU:IGO) closed 2.5% lower and new producer Red River Resources (AU:RVR) was down 1.3%, albeit remaining close to a 52-week high.

The gold price edged lower to US$1,334 per ounce on the spot market earlier ahead of the US Federal Reserve's two-day policy meeting this week which is widely expected to leave interest rates unchanged.

Markets are also looking out for manufacturing and unemployment data this week.