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Iron ore, miners on the rise

Market futures were looking positive around the globe today after yesterday’s uptick, with US-China trade talks to resume later this week and a UK Brexit deal being thrown a possible lifeline.
Iron ore, miners on the rise Iron ore, miners on the rise Iron ore, miners on the rise Iron ore, miners on the rise Iron ore, miners on the rise

FMG’s Solomon Hub in Western Australia

Staff reporter

Iron ore futures were higher in Asian trade as Vale SA revealed about 93 million tonnes of production, almost a quarter of its previously slated 400Mt output for 2019, would be impacted by the fatal Brumadinho tailings dam failure.

Australian iron ore producer Fortescue Metals Group (ASX: FMG) was up more than 2% at the time of writing, a gain of more than 64% year-to-date.

BHP (ASX: BHP) was up 0.65% in afternoon trade.

Gold was about US$5 an ounce lower than this point yesterday but base metals future were generally higher in Asian trade.

Gold equities were lower in afternoon Australian trade and the broader metals and mining index on the S&P/ASX200 was 0.2% higher.

Toronto's metals and mining stocks closed more than 1% higher yesterday with the copper sector performing best, up 3.23% thanks to First Quantum Minerals' (TSX: FM) gain of 4.26%.

Under-pressure Hudbay Minerals (TSX: HBM) continued its recovery, up 3.7% yesterday representing a rise of more than 47% year-to-date.