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Futures, copper price up

Most key market futures are positive despite ongoing US-China tensions and the number of confirmed COVID-19 cases passing the 13 million mark.
Futures, copper price up Futures, copper price up Futures, copper price up Futures, copper price up Futures, copper price up

Fresnillo’s Saucito mine in Mexico

Staff reporter

The copper price has surged to a two-year high, closing up about 2.5% on the London Metal Exchange yesterday to $6,580 per tonne on supply issues, with strike concerns in Chile and flooding in China.

The spot silver price has risen above US$19 an ounce, levels last seen in September 2019, and gold remains above $1,800/oz on the spot market amid suggestions its price could head to infinity and beyond

The safe-haven commodity's latest rally also came despite US markets closing on an optimistic note on Friday, IG financial writer Kelvin Ong said yesterday.

The S&P 500 dipped yesterday, closing down 0.94%, after briefly touching its highest level since February 25, Reuters noted.

Precious metals stocks gained in Toronto, including tiddler Sonora Gold & Silver Corp (TSX: SOC) which rose 66.7% to C5c on no news.

However New Pacific Metals (TSXV: NUAG) lost 4.9% after reporting a 282.01m intersection grading 104g/t silver at its Silver Sand project in Bolivia.

Among the majors, precious metals producer Fresnillo gained 5.6% in London and Rio Tinto rose 3.1%.

Elsewhere, Freeport-McMoRan finished up 0.4%, Barrick Gold fell 3.4% in Toronto and BHP was off 0.7% in morning Australian trade.

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