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Optimism on markets

Market futures were pointing higher today amid hopes of US-China trade talks resuming and looming interest rate cuts.
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eCobalt, which has an advanced cobalt project in Idaho, gained on the go-ahead for its Jervois merger

Staff reporter

In Toronto, eCobalt Solutions (TSX: ECS) shot up 25.58% yesterday as it moves to close its merger with Jervois Mining (ASX: JRV), after shareholders in both companies last week agreed to the transaction.

Jervois had shot up about 20% yesterday intraday but was down about 10% in afternoon Australian trade today.

The gold price is about US$10 an ounce lower than this time yesterday, about $1,416/oz.

Base metals bar tin closed lower on the London Metal Exchange yesterday.

The 62% fines iron ore price fell below $120 per tonne to $119.05/t, according to MySteel, and Vale has reiterated its revised 2019 iron ore sales guidance but lowered its nickel production outlook.

Elsewhere among the majors, BHP (ASX: BHP) was up about 0.6% at the time of writing, while Rio Tinto (LSE: RIO) had lost about 0.7% in London yesterday.