CAPITAL MARKETS

Mining stocks out of favour

Investor enthusiasm for miners was on the wane as commodity prices fell, after China reported lower than expected retail and industrial figures yesterday.

Staff reporter
Metals and mining stocks lower

Metals and mining stocks lower

Copper was lower amid reports of an extended negotiation that could avert a strike at the BHP-operated copper mine in Chile.

Meanwhile the US dollar climbed back to a 14-month high, Bloomberg reported, adding the bull market in US stocks was a week away from becoming the longest in history.

The strengthening US dollar saw the gold price fall further and it was worth just over US$1,187 an ounce on the spot market earlier.

Metals and mining stocks closed 0.7% lower on the S&P500 yesterday and down 0.94% in London, where Randgold Resources (LSE: RRS) closed down 1.34%.

Toronto's metals and mining stocks finished 1.41% lower yesterday and the copper sector was lower still, down 2.43% with First Quantum Minerals (TSX: FM) closing 3.42% lower.

Pretium Resources (TSX: PVG) was a standout in the downbeat gold sector, closing up more than 8% as it announced a board change.

Australia's metals and mining stocks were down 1.43% at the time of writing.

The gold subset was hardest hit after yesterday's resilience, down more than 2.6% mid-afternoon.

Yesterday's investor favourite St Barbara (ASX: SBM) was today down about 4.7% towards the end of the day's trading.

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