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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.
Copper gains ahead of new quarter Copper gains ahead of new quarter Copper gains ahead of new quarter Copper gains ahead of new quarter Copper gains ahead of new quarter

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

Staff reporter

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.