Currently viewing Global edition

Build-up a blow to base metals

Key markets were mixed on Friday and futures are similarly divided at the start of the week as the coronavirus spreads but investors are hopeful of limited economic impact.
Build-up a blow to base metals Build-up a blow to base metals Build-up a blow to base metals Build-up a blow to base metals Build-up a blow to base metals

ASX-listed gold producer Regis Resources was on the rise

Staff reporter

North American markets are closed for public holidays today.

Base metals all finished the week lower on the London Metal Exchange.

"The entire complex finishes in the red in part due a build-up in exchange inventories in Shanghai," Marex Spectron's Dee Perera said.

She said copper inventories in the Shanghai Futures Exchange warehouses jumped 27%, to levels not seen since March 2019.

Gold is on the rise, around US$1,584 an ounce on the spot market, and last week hit all-time highs in terms of the Euro and yen.

Among the diversified miners, Rio Tinto (LSE: RIO) closed 0.5% lower in London on Friday, Teck Resources (TSX: TECK.B) lost 3.9% in Toronto and BHP (ASX: BHP) was down 0.6% at the time of writing.

In the gold space, Barrick Gold (TSX: ABX) gained 3.9% on Friday, Newmont (NYSE: NEM) rose 0.1% and Australian producers Regis Resources (ASX: RRL) and Saracen Mineral Holdings (ASX: SAR) were up 6.3% and 3.6% respectively in morning trade.