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Futures point to positive start

Key global equities markets look set to start the week in better shape than Friday’s close with futures pointing to a positive opening in the US and London today.
Futures point to positive start Futures point to positive start Futures point to positive start Futures point to positive start Futures point to positive start

SSR Mining was in the spotlight thanks to positive results

Staff reporter

Base metal futures were mixed in Asian trade this afternoon, with tin up about 0.7% and nickel down about 0.7% at the time of writing.

Nickel had hit a one-year low on Friday on the London Metal Exchange and Dee Perera on Marex Spectron's LME desk labelled it "the underperformer so far this quarter, down 9%".

China's economy will be in focus this week with key monthly data due out Wednesday, Bloomberg noted.

Gold was just over US$1,210 an ounce on the spot market earlier, having lost about $10/oz on Friday following the US Federal Reserve decision to keep interest rates on hold this month ahead of a likely rise in December.  

Toronto's metals and mining sector closed lower on Friday with copper miner First Quantum Minerals (TSX: FM) closing 7.64% lower as the red metal price continued to slide.

However precious metals miner SSR Mining (TSX: SSRM) was up 6.73% in the wake of positive third quarter financial results, reporting it had more than doubled the cash generated from operations compared with the previous quarter.

The benchmark S&P/ASX200 was in positive territory at the time of writing, as was the metals and mining sector.

The iron ore price is on the rise but miner Mineral Resources (ASX: MIN) was down about 2% in afternoon trade, after reporting an empty train had derailed in Western Australia's Goldfields yesterday, less than a week since BHP deliberately derailed a loaded, runaway ore train in the Pilbara.