CAPITAL MARKETS

Commodities, majors lower on tariff tensions

Copper sank about 3% on both the London Metal Exchange and Comex yesterday, as base metal and gold prices fell on concerns ratcheting up over fresh trade tariffs and repercussions.

Staff reporter
Gold, base metals lower

Gold, base metals lower

Copper miner Antofagasta (LSE: ANTO) closed down 3.14% and Rio Tinto (LSE: RIO) was 2.99% lower in London.

Glencore fell further, down 4.8%, as the company established a committee to oversee its response to a US Department of Justice investigation. 

In the US, copper-gold miner Freeport-McMoRan (NYSE: FCX) fell 3.87%.

Toronto's metals and mining sector closed 3.93% lower yesterday.

However, Quadro Resources (TSXV: QRO) provided a highlight, rising 60% or C3c to 8c yesterday after announcing it has the option to earn its partners' interests in the new, jointly-staked Conche lead/silver property in Newfoundland.  

Gold was about US$7 an ounce lower than this time yesterday, trading at $1,243/oz on the spot market.

In Australian trade this afternoon, gold miner Newcrest Mining (ASX: NCM) was down 0.3% and diversified BHP (ASX: BHP) was off about 0.8% at the time of writing.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

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