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Positive sentiment on markets

Positive indications on US-China relations have boosted mining equities and commodity prices alike today.
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Kirkland Lake, gold higher

Staff reporter

Canada granted bail to Huawei's CFO and US president Donald Trump reportedly said he'd meet China's Xi Jinping if needed to advance trade negotiations, Bloomberg said.

Base metal futures were positive in Asian trade this afternoon with lead and nickel both up nearly 0.4% at the time of writing.

Gold remains close to a five-month high, around $1,244 an ounce on the spot market.

The ASX was in positive territory this afternoon, as were metals and mining stocks, up around 1% overall in late trade.

Galaxy Resources (ASX: GXY) was one of the bigger risers, up 7.5% after re-releasing lithium drilling results showing "thick, high-grade intersections" outside its known Mount Cattlin resource in Western Australia.

North American market indices closed lower yesterday but the FTSE100 was higher despite ongoing Brexit negotiation woes.

Copper miner Freeport-McMoRan (NYSE: FCX) was up 0.65% in New York, while in London Anglo American (LSE: AAL) rose 5.5% and in Toronto, First Quantum Minerals (TSX: FM) gained 5.14%.

Finally, gold miner Kirkland Lake Gold (TSX: KL) closed up 2.07% after announcing it was targeting production growth and a potential 1Moz by 2021, along with increasing its quarterly dividend payment.