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Markets, rhodium outperform

The S&P 500 and Nasdaq closed at record highs yesterday as optimism builds ahead of the US and China signing a phase one trade deal tomorrow.
Markets, rhodium outperform Markets, rhodium outperform Markets, rhodium outperform Markets, rhodium outperform Markets, rhodium outperform

Norilsk produces rhodium, which is used in autocatalysts

Staff reporter

The US is also reportedly set to drop its designation of China as a currency manipulator just ahead of the deal.

Meanwhile precious metal rhodium, more valuable than gold, has surged 31% this month and reached its highest point since 2008, at US$8,200 an ounce last week, Bloomberg reported.

The metal is mainly used in autocatalysts and stricter emissions rules have fuelled a multi-year rally, amid speculation investors are also jumping in, the wire service said.

Producer Norilsk Nickel (MICEX: GMKN) rose 2.4% yesterday.

Gold has softened below $1,545/oz on the spot market as market sentiment improves.

Gold major Barrick Gold (TSX: ABX) lost 2.2% yesterday, while Chilean-focused copper miner Antofagasta (LSE: ANTO) gained 2.7% as the copper price rose about 1.5%.

At the smaller end of town, junior Crestview Exploration (CSE: CRS), which listed on September 9, shot up 25% yesterday to a new high of C$1.30 on no news.

Its latest announcement was just over a month ago, when it reported finishing phase one exploration including rock sampling at the Rock Creek gold property in Nevada.