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Copper outlook positive: Antofagasta

The head of Chilean copper miner Antofagasta (LSE: ANTO) Ivan Arriagada has talked up the outlook for the red metal as markets enjoyed a more positive 24-hour period.
Copper outlook positive: Antofagasta Copper outlook positive: Antofagasta Copper outlook positive: Antofagasta Copper outlook positive: Antofagasta Copper outlook positive: Antofagasta

Copper is required for modern economy, CEO Ivan Arriagada says

Staff reporter

Arriagada told a mining and investment conference in Melbourne today the copper outlook was positive due to urbanisation, growing income levels in emerging markets and increased electromobility.

"Copper is required for the modern economy more than any other metal and especially for a cleaner and more sustainable world," he said.

Meanwhile, firm US economic data, China's plans for further stimulus, Brexit negotiation hopes and a slightly weaker US dollar were good news for metal prices and mining stocks.

Base metal futures were higher in Asian trade this afternoon with lead up the most, 0.88%, at the time of writing.

The gold price is similar to this point yesterday, at US$1,218 an ounce on the spot market.

Canadian diversified miners experienced gains yesterday with Hudbay Minerals (TSX: HBM) up more than 9.5%.

The company, which is facing a challenge from shareholders, reported reduced earnings per share of US9c and announced a friendly acquisition of Mason Resources.

Guyana Goldfields (TSX: GUY) was up 9.26%, a slight recovery from the previous day's plunge of more than 47% when it reduced its 2018 gold production guidance, again.

Among the juniors, Westhaven Ventures (TSXV: WHN) shot up to an all-time high.

It finished up more than 21% to C$1.07, a gain of 756% year-to-date, as it released more wide, high-grade gold intercepts from its Shovelnose project in British Columbia.

Finally, Australian mining equities on the S&P/ASX200 were up more than 1.8% in afternoon trade.

BHP (ASX: BHP) rose about 3% after announcing a US$10.4 billion return to shareholders in the wake of the sale of its US onshore assets.