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Commodity price surge

Market futures are mixed today following yesterday’s positive mood surrounding potential US-China trade talk progress.
Commodity price surge Commodity price surge Commodity price surge Commodity price surge Commodity price surge

The Barrick-operated Kibali JV gold mine in the DRC

Staff reporter

The sentiment pushed most commodities closed higher on the London Metal Exchange yesterday, where copper gained 1% and zinc closed 2.6% higher, fuelled by talk of low inventories and smelter bottlenecks.

The iron ore price continues to improve on widespread supply concerns, with 62% fines closing at US$92.65 per tonne according to MySteel.

Gold was up slightly to about $1,292 an ounce on the spot market earlier.

In afternoon Australian trade, lithium producers' fortunes were diverging - Pilbara Minerals (ASX: PLS) was down 3.9% while Orocobre (ASX: ORE) was up 4.8%, both moves on no news.

Metals and mining stocks managed a gain in Toronto yesterday although gold major Barrick Gold (TSX: ABX) finished 1% lower as it renewed its commitment to the Democratic Republic of Congo.

Finally, junior Wallbridge Mining (TSX: WM) hit a 52-week high yesterday, closing up more than 18% to C38.5c, despite no further updates since last week's report of visible gold in drilling at its Fenelon project in Quebec.