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Copper higher on Chinese growth

Copper, the economic bellwether, closed up 1% yesterday on the London Metal Exchange as China reported its economy grew 6.4% year-on-year in the March quarter.
Copper higher on Chinese growth Copper higher on Chinese growth Copper higher on Chinese growth Copper higher on Chinese growth Copper higher on Chinese growth

Sandfire’s DeGrussa copper-gold mine in Western Australia

Staff reporter

Australia-based copper miner Sandfire Resources (ASX: SFR) was one of the market risers on the benchmark S&P/ASX200 in afternoon trade.

It was up more than 3% as it strengthened its full-year copper and gold guidance and said its feasibility study for the Black Butte copper project in the US was progressing well.

Headed in the opposite direction, Galaxy Resources (ASX: GXY) was hammered ahead of the Easter break.

Its shares were down 11.5% at the time of writing as investors digested news of a cancelled sale process for its Sal de Vida brine project in Argentina, issues at its Mt Cattlin mine in Western Australia and delayed shipments.

Among the majors, Glencore (LSE: GLEN) closed 1.89% higher in London yesterday but Rio Tinto (LSE: RIO) lost 2.69% as markets reacted to Vale's news yesterday of restarting its key Brucutu iron ore mine.

Metals and mining stocks closed 0.73% higher in Toronto yesterday.

Lundin Mining (TSX: LUN) gained 6.15%, continuing its rise this week since Monday's announced acquisition of Yamana Gold's Chapada copper-gold mine in Brazil for more than US$1 billion.
Finally, the gold price is a little softer, at US$1,272 an ounce on the spot market today, a slight dampener for the newly merged Newmont Goldcorp.