In Australian trade, mining major BHP (AU:BHP) was up slightly in afternoon trade, while in London Rio Tinto (LN:RIO) had closed more than 1.5% higher.

 

In Toronto, the metals and mining sector closed 2.18% higher yesterday.

 

Silver Bull Resources (CN:SVB) was one of the bigger gainers, up 12.82% on no news since polymetallic drilling results in January at its Sierra Mojada project in Mexico where it recently gained access to historic workings.

 

First Quantum Minerals (CN:FM) hit a 52-week high intraday of C$20.31, before closing up 7.73% to $20.22, as investors continued to digest its plans to upsize the Cobre Panama project and a strengthened balance sheet plus record copper production in its latest quarterly.

The gold price was up about US$5 an ounce on the spot market to $1,334/oz earlier, while spot copper rose 2.3% on the London Metal Exchange yesterday and nickel and zinc rose similar amounts.