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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.
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First Quantum among the market risers

Staff reporter

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%.