CAPITAL MARKETS

Miners in markets malaise

Metals and mining stocks were among the malaise seen on global equities markets since this time yesterday, with concerns about Chinese growth, trade tensions and Brexit in the mix.

Staff reporter
Low-cost lithium miner Orocobre upbeat

Low-cost lithium miner Orocobre upbeat

The bearish macro backdrop had affected copper the most, Marex Spectron's Alastair Munro on the LME desk said yesterday.

However, copper and tin were the only base metals futures showing gains in Asian trade this afternoon at the time of writing.

"We always talk about that proverbial wall of worry and that wall right now is pretty high," Mainstay Capital Management CEO David Kudla said on Bloomberg TV today.

Gold has risen a few dollars since brushing close to US$1,200 an ounce on the spot market earlier, its lowest point in just over a month.

Metals and mining equities were down 1.37%, 0.28% and 2.06% on the S&P500, FTSE100 and S&P/TSX Composite Index yesterday, respectively.

Australian mining stocks followed suit, down 1.77% at the time of writing with BHP (ASX: BHP) down 1.47%.

Among the outliers, Canada's SSR Mining (TSX: SSRM) added to its previous gain, rising a further 3.48% yesterday in the wake of last week's strong third quarter results.

Finally, low-cost lithium miner Orocobre (ASX: ORE; TSX: ORL) was up more than 3.5% in late Australian trade after releasing a positive presentation that pointed out its profitability profile was growing and indicated strong market fundamentals.

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