CAPITAL MARKETS

Copper on the rise

The copper price was on the rise in London yesterday with a decline in on-warrant inventory and word of ongoing strike action by some workers at Codelco’s Andina division in Chile.

Staff reporter
 Partial strike action continues at Codelco’s Andina operations

Partial strike action continues at Codelco’s Andina operations

Marex Spectron said the LME copper on-warrant inventory had fallen to 136,000 tonnes, a low not seen since September 2017.

Base metals futures were again mixed in Asian trade with the LME three-month zinc price down the most at the time of writing, down 1.06%.

The spot gold price had earlier dropped back to the US$1,200 an ounce mark but has risen a couple of dollars over the past six hours.

Wall Street hit fresh highs yesterday but gold major Newmont Mining (NYSE: NEM) closed down 1.27%.

Toronto's gold sector was off more than 2% on the S&P/TSX Composite Index.

The only gold miner in positive territory was Turkey-focused producer Alacer Gold (TSX: ASR) which was up 0.84% as it nears the start-up of its sulphide plant, slated for this quarter.

At the other end of the scale, North American gold miner Alamos Gold (TSX: AGI) was down 4.56% on no news.

The gold patch was also lower in Australian trade, down 0.35% in mid-afternoon trade, but the diversified miners were showing a gain of 0.58%.

BHP (ASX: BHP) was up 1.29%.

Investors were keen on mining stocks in London following the bank holiday with the sector closing up 2.14% on the FTSE100 yesterday.

Among the diversifieds, Anglo American (LSE: AAL) and Glencore (LSE: GLEN) closed 3.26% and 2.07% higher respectively.

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