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Markets optimistic, copper slips

Vaccine hopes lifted US markets as the number of global COVID-19 cases rose above 13.4 million.
Markets optimistic, copper slips Markets optimistic, copper slips Markets optimistic, copper slips Markets optimistic, copper slips Markets optimistic, copper slips

Ghana-focused Cardinal Resources rose on a rival takeover bid

Staff reporter

US president Donald Trump has also indicated he did not wish to further escalate tensions with Beijing, Bloomberg reported.

China is due to release second quarter GDP data today.

Key market futures are mostly positive following an upbeat day, with the FTSE 100 gaining 1.83%, Japan's Nikkei 225 closing up 1.59% and the S&P 500 up 0.91%.

In commodities, the copper price softened amid reports of Zaldivar mineworkers in Chile entering mediation, staving off the threat of strike action.

The red metal closed 1.8% lower on the London Metal Exchange yesterday to US$6,378.75 per tonne.

The gold price is similar to this time yesterday, at $1,811 an ounce on the spot market.

Among metals and mining equities, dual-listed Cardinal Resources (TSX: CDV) closed up 20% in Toronto following a rival on-market takeover bid from major shareholder Nordgold.

Development hopeful Northern Dynasty Minerals (TSX: NDM) gained 4.7% as it said "one of the most significant milestones" for its proposed Pebble project - the final environmental impact statement - would be published on July 24.

Elsewhere, Glencore gained 1.75% in London, Newmont was up 0.58% in New York and BHP was down 0.7% in morning Australian trade.