CAPITAL MARKETS

Copper miners gain

Copper miners had a positive period on the markets as the price crept a little higher on the London Metal Exchange yesterday.

Staff reporter
First Quantum among the market risers

First Quantum among the market risers

With the mining investment spotlight on the annual PDAC convention in Toronto, the S&P/TSX Composite Index's metals and mining division closed up 1.14%, and the copper sector made the biggest gain of 1.49%.

Copper miner First Quantum Minerals (CN:FM) rose 1.62%, Lundin Mining (CN:LUM) closed up 1.23% and Nevsun Resources (CN:NSU) gained 1.02%.

In Toronto's gold sector, Eldorado Gold (CN:ELD) made the strongest gain of 6.38%.

The gold price was up almost US$3 an ounce to $1,323/oz on the spot market earlier today.

Across in London, the metals and mining sector gained 0.92% yesterday with Chilean copper miner Antofagasta (LN:ANTO) up 2.4%.

In the US however, copper major Freeport-McMoRan (US:FCX) fell 0.71%, with Bloomberg reporting Indonesia is committed to buying a stake of Freeport Indonesia until it holds 51% and expects discussions to conclude by April.

In Australian trade, BHP (AU:BHP) had a positive day, gaining more than 2%, while its diversified spin-off South32 (AU:S32) rose more than 4%.

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