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Mixed period for miners

Base metals were mixed on the London Metals Exchange yesterday and the gold price is a couple of dollars higher, nearing US$1,223 an ounce on the spot market.
Mixed period for miners Mixed period for miners Mixed period for miners Mixed period for miners Mixed period for miners

Copper company First Quantum Minerals closed higher

Staff reporter

The copper subsector was the only positive mover in Toronto where the overall S&P/TSX Composite Index metals and mining sector closed 0.57% lower yesterday.

First Quantum Minerals' (TSX: FM) gain of 0.42% outweighed Nevsun Resources' (TSX: NSU) drop of 1.44% and Lundin Mining closing 0.28% lower.

The possibility of a strike is looming at the Escondida copper mine in Chile where unionised members are voting this week.

In the US, copper major Freeport-McMoRan closed up 0.56%.

In London, African-focused Randgold Resources (LSE: RRS) closed up more than 1%.

Australian gold miner Regis Resources (ASX: RRL), which has been trading close to a 52-week high of late, was down more than 11% despite its June quarter results contributing to record annual gold production and the company forecasting a "strong year" to follow.

Australian diversified miners were in positive territory at the time of writing, with BHP (ASX: BHP) up 1.67% and graphite producer Syrah Resources (ASX: SYR) regaining some of yesterday's losses, up 3.4%. 

Meanwhile China's manufacturing purchasing managers index was lower than forecast at 51.2 for July as factories faced challenges at home and abroad, Bloomberg said.