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Markets downbeat

Sentiment was downbeat with markets lacking a lead from Wall Street, closed yesterday for a national day of mourning in honour of former president George HW Bush.
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Precious metals, gold equities including Alacer on the rise

Staff reporter

Wall Street futures are pointing to a lower start today but precious metals are on the rise.

Gold was around US$1,240 an ounce on the spot market earlier, about $5/oz higher than this time yesterday, but overtaken by palladium which was close to $1,245/oz.

Base metal futures were lower in Asian trade this afternoon except lead, which was unchanged at the time of writing.

Metals and mining stocks were up in Toronto yesterday, with Teck Resources (TSX: TECK.B) closing 3.82% higher after announcing staff changes and earlier choosing Sumitomo as its 30% development partner for the Quebrada Blance phase 2 copper development project in Chile.

Turkey gold miner Alacer Gold (TSX: ASR) was the best performing gold stock on the S&P/TSX Composite Index yesterday, gaining 4.78%.

Metals and mining equities were down 2.5% overall in London yesterday, where the FTSE100 closed lower amid further Brexit debate.

Glencore (LSE: GLEN) finished down 3.87% yesterday, despite outlining a bullish outlook for metals at an investor day this week.

In afternoon Australian trade, gold equities were higher but the broader metals and mining sector was down 1.6% at the time of writing.

BHP (ASX: BHP) was down about 1.5% in late trade.