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US protests weigh on market futures

US market futures were pointing to a lower start as protests continue in America over George Floyd’s death, while president Donald Trump promised a short while ago to mobilise all available federal resources to stop rioting and looting.
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Freeport-McMoRan’s Sierrita copper-molybdenum mine in Arizona

Staff reporter

Key markets had closed higher yesterday and futures were pointing higher for Toronto, Europe and in Australasia.

Gold was up to almost US$1,744 an ounce on the spot market.

Base metals closed mainly higher on the London Metal Exchange yesterday after the latest Chinese manufacturing data for May rose above the 50 mark, indicating expansion.

The Caixin Manufacturing PMI came in higher-than-expected at 50.7 in May, improving from 49.4 last month, while the official manufacturing PMI the previous day missed forecast, Marex Spectron's Anna Stablum said.

Among the mining majors, Rio Tinto (LSE: RIO) closed up 1.48% yesterday.

Barrick Gold (TSX: ABX) rose a similar amount in Toronto.

Copper major Freeport-McMoRan (NYSE: FCX) gained 2.98% in New York.

However, BHP (ASX: BHP) was off 1.4% in morning Australian trade.

Finally, hot stock Freegold Ventures (TSX: FVL) hit a fresh high intraday before closing up 18%.

The Alaska-focused explorer has been on a tear since grabbing attention a month ago with its 188m intercept grading 3.69g/t at its Golden Summit project and high-profile investor Eric Sprott is expected to increase his stake to 28.4% through a placement currently underway.