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Markets mixed as some re-openings loom

Market futures were mixed as some jurisdictions start to ease COVID-19 restrictions and the virus blame-game continues.
Markets mixed as some re-openings loom Markets mixed as some re-openings loom Markets mixed as some re-openings loom Markets mixed as some re-openings loom Markets mixed as some re-openings loom

A 63kg gold specimen stone from RNC Minerals’ Beta Hunt mine in Western Australia

Staff reporter

China returns from the Labour Day break today, while US president Donald Trump tweeted it was "exciting to see our country starting to open up again!"

The S&P 500 closed up 0.9%, the FTSE 100 rose 1.66% and commodity prices closed higher on the London Metal Exchange, where copper was up more than 0.6%.

Among the mining majors, diversified Rio Tinto (LSE: RIO) and copper major Freeport-McMoRan (NYSE: FCX) both gained more than 1%.

Gold rose back above US$1,700 an ounce to be trading at $1,707/oz earlier on the spot market.

In Toronto, gold major Barrick Gold closed up 2.2% to within a dollar of the high of C$40.14 reached in April, a level last seen in 2012.

Mongolia-focused miner SouthGobi Resources (TSX: SGQ) made another substantial gain, up 40% on no news.

Finally, RNC Minerals (TSX: RNX) - which has pivoted in recent years from a focus on a nickel project in Canada to its high-grade gold mine in Western Australia - rose 6% ahead of speaking at a virtual investor conference later this week.