CAPITAL MARKETS

Copper gains ahead of new quarter

Copper gained on positive manufacturing data out of China, ahead of the country starting a week-long holiday today.

Staff reporter
 Chinese markets are closed from today for a week-long holiday

Chinese markets are closed from today for a week-long holiday

Cash copper rose 1.4% on the London Metal Exchange to US$6,668 per tonne, while on Comex, copper futures for December delivery are above $3 per pound.

Iron ore has also strengthened, with MySteel 62% fines up 3.8% to $123.45/t, after Vale announced another production setback this week of about 11,000t per day.

The Brazil-based miner said it was suspending concentrate production at its Viga mine in line with a court ruling, which it would challenge, that prevented tailings disposal at Viga's B7 dam. 

It closed up 1.3% in Brazil.

In Toronto, Lundin Mining (TSX: LUN) closed up 5.2%, having said it expected to return to "full processing capacity" within 60 days at its Chapada copper-gold mine in Brazil, where all four mill motors had suffered electrical damage

The gold price rose above $1,900 an ounce in the past 24 hours but was down around $1,887/oz at the time of writing.

Finally, AngloGold Ashanti (JSE: ANG) closed down 2.7% as it confirmed the sale of its South Africa assets to Harmony Gold Mining had concluded and it had received the initial $200 million cash payment.

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