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Renewed trade tensions lower stocks

Indications the US might implement 25% not 10% trade tariffs against China sent metal prices sliding yesterday and miners generally followed suit.
Renewed trade tensions lower stocks Renewed trade tensions lower stocks Renewed trade tensions lower stocks Renewed trade tensions lower stocks Renewed trade tensions lower stocks

Kirkland Lake Gold provided a bright spot

Staff reporter

Spot gold fell to around US$1,215 an ounce but has regained a few dollars to more than $1,218/oz earlier after the US Federal Reserve kept rates unchanged but flagged the need for further rises.

Base metals futures were lower in Asian trade this afternoon with copper down 1.86% in Shanghai at the time of writing.

Toronto metals and mining stocks closed down 2.03% yesterday.

The copper sector was worst hit with First Quantum Minerals (TSX: FM) down 7.93%.

Copper major Freeport-McMoRan (NYSE: FCX) was down 5.58% in the US and Antofagasta (LSE: ANTO) closed down 2.25% in London.

Diversified Rio Tinto (LSE: RIO) was down 3.4% and in Australia, BHP (ASX: BHP) was lower along with metals and mining stocks in afternoon trade.

Dual-listed Kirkland Lake Gold (TSX: KL; ASX: KLA) provided a high note, closing up 6.4% in Toronto yesterday and rising more than 6.6% in Australia at the time of writing.

It reported record quarterly cash flow in its June quarterly results and improved its 2018 production and costs guidance for both its Fosterville and Macassa mines.

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