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Futures down, zinc up

Key market futures were lower following a slump in the US yesterday as New York closed schools due to a rise in COVID-19 cases.
Futures down, zinc up Futures down, zinc up Futures down, zinc up Futures down, zinc up Futures down, zinc up

Trevali Mining’s Perkoa zinc mine in Burkina Faso

Staff reporter

The global tally is above 56.1 million cases, with almost 11.5 million in the US, according to Johns Hopkins University today.

In commodities, the zinc price has continued to strengthen, buoyed by the strong steel market and a supply disruption, with Vedanta Zinc International suspending its flagship Gamsberg mine in South Africa after 10 workers were trapped on Tuesday.

Eight have since been rescued and the search was continuing for the missing two.

Marex Spectron's Alastair Munro said the three-month zinc price reached a fresh multi-year high yesterday morning of $2,770/t on the London Metal Exchange.

In Toronto, zinc producer Trevali Mining (TSX: TV) closed up 20.59%.

It was generally a downbeat day for gold equities, with the precious metal price remaining below US$1,900 an ounce, at $1,871/oz on the spot market.

HighGold Mining (TSXV: HIGH) reported intersecting 17.4m at 10.3g/t gold-equivalent at its Johnson Tract project in Alaska and closed down 17.5%.

Among the gold majors, Barrick Gold finished 3.6% lower and Newmont shed 4.6% in New York.