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Trade war worries weigh on markets

Mining majors will be hoping for a better week with many closing down in the order of 4% on Friday as US-China trade war concerns weighed on commodity prices and mining stocks.
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Antofagasta, majors drop

Staff reporter

The mining sector on London's FTSE100 index ended more than 4% lower on Friday.

Among the diversifieds, Rio Tinto (LSE: RIO) had closed down 4.15%, Glencore (LSE: GLEN) was down 4.32% and Anglo American (LSE: AAL) was 4.24% lower.

Gold miner Randgold Resources (LSE: RRS) also fell, closing down 3.94%, and copper producer Antofagasta (LSE:ANTO) was off 4.13%.

BHP was less impacted in Australian trade this afternoon, down around 2.2% at the time of writing.

Australian gold producer Saracen Mineral Holdings (ASX: SAR) provided a bright spot and was up more than 3.6% to a fresh all-time high of A$2.28 this afternoon. The gain made it the top market riser among S&P/ASX200 listed stocks.

Gold took a US$20 an ounce tumble on Friday from around $1,300/oz to $1,279/oz and was up $1.30/oz at the time of writing.

In Toronto, the S&P/TSX Composite Index's metals and mining sector had a gloomy finish on Friday, closing down 1.93%.

Diversified Teck Resources (TSX: TECK.B) was down 5.34% while in the copper sector, First Quantum Minerals (TSX: FM) closed 4.01% lower.

Finally at the smaller end of town, Avrupa Minerals (TSXV: AVU) shot up 50% on Friday to C12c. It last provided an update in early May on exploration at its Alvito IOCG project in south Portugal, which is being funded by earn-in partner OZ Minerals (ASX: OZL).