CAPITAL MARKETS

Markets, rhodium outperform

Fresh highs ahead of preliminary trade deal

Staff reporter

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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.

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