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Powell pause pushes markets

US market indices closed higher after Federal Reserve chairman Jerome Powell indicated the central bank may pause raising interest rates next year.
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Mining equities including Atalaya gain

Staff reporter

The few mining stocks on the S&P500 were part of the rally, with Freeport-McMoRan (NYSE: FCX) rising 6.49%.

London's key index closed lower yesterday, but metals and mining stocks were up 0.76%, and futures are pointing to a positive start today.

Metals and mining stocks on the S&P/TSX Composite Index were up about 3% yesterday.

Diversified miners Teck Resources TSX: TECK.B), Turquoise Hill Resources (TSX: TRQ) and Ivanhoe Mines (TSX: IVN) all gained more than 5%.

Dual-listed Atalaya Mining (TSX: AYM) rose about 30% in Toronto yesterday, a week after announcing higher profits on the back of record quarterly production.

Base metal futures were mainly higher in Asian trade this afternoon, with lead leading the way, up 0.75% at the time of writing.

The gold price has recovered from yesterday's US$10 an ounce drop and is trading at $1,225/oz on the spot market.

Metals and mining stocks were also up in late Australian trade.

Lithium producer Orocobre (ASX: ORE) was 5.8% higher at the time of writing, having announced its joint venture had given the go-ahead for stage two expansion of the Olaroz lithium facility in Argentina.