CAPITAL MARKETS

Markets await rates, futures mixed

Markets closed mixed and futures point to a similar result today, as geopolitical tensions continue, the US considers a US$1 trillion stimulus package and pundits await the outcome later today of the US Federal Reserve’s latest FOMC meeting.

Staff reporter
 Talon Metals is on a tear and planning more drilling at Tamarack in Minnesota

Talon Metals is on a tear and planning more drilling at Tamarack in Minnesota

Spot gold had earlier risen just over $1,980 an ounce but was worth about $1,957/oz at the time of writing.

The spot silver price briefly rose above $26/oz but was back around $24/oz.

"Some vicious moves overnight with the major action in precious with stops to the topside triggered in the first part of the Asian session before a wave of profit taking sees silver already decline 14.5% from its session high," Marex Spectron's Alastair Munro said from the LME desk.

Copper closed up 0.99% in London, amid reports Antofagasta's Centinela supervisors had agreed a new wage contract following a salary deal reached earlier this week with workers at the company's Zaldivar mine.

In Toronto, Talon Metals (TSX: TLO) continued to rise, closing up 31.9% to C31c, having earlier touched a one-year high of 32c, a four-fold increase on its March low of 8c.

In the wake of Tesla founder Elon Musk's call for miners to find more clean nickel for its EV and battery business, the company had announced preliminary test results on Monday towards efficiently producing nickel sulphates for the EV market.

It was also planning to drill outside the known resource area at the Tamarack project in Minnesota, where it's promoting "responsible US nickel production".

Elsewhere, Antofagasta lost 1.59% in London, Newmont eased 0.65% in New York and BHP was down 1.47% in morning trade.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.

editions

Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.

editions

Mining Journal Intelligence Global Leadership Report 2023: Social licence

Gain insights into social licence trends and best practices from interviews with 20+ top mining company executives and an industrywide survey.