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Base metals at highs, gold droops

Further indications of China’s economic recovery have boosted base metals to multi-year highs, while the heat has come out of the gold price on continuing COVID-19 vaccine hopes and Joe Biden transitioning towards inauguration as US president.
Base metals at highs, gold droops Base metals at highs, gold droops Base metals at highs, gold droops Base metals at highs, gold droops Base metals at highs, gold droops

Copper from Antofagasta’s Zaldivar joint venture in Chile

Staff reporter

LME base metals reached fresh multi-year highs on Monday as Chinese manufacturing PMI surprised on the upside and Japan's industrial production data beat estimates, Marex Spectron's Anna Stablum said.

LME copper touched US$7,692.50/t today in hefty volumes - the highest intraday price since March 26, 2013, she said.

Aluminium closed at $2,036/t, its highest point in two years.

Gold has fallen below $1,800 an ounce to $1,776/oz on the spot market at the time of writing.

Canada-based junior Evergold (TSXV: EVER) closed down 28.8%, despite announcing drilling results including 61.7m at 0.76g/t gold at its Golden Lion project in British Columbia, and saying geophysics showed potentially stronger mineralisation might lie below its and Newmont's historical drilling at the GL1 Main zone.

Meanwhile, Lithium Americas (TSX: LAC) has closed its US$100 million at-the-market equity offering, as it continues both construction at its Cauchari-Olaroz brine joint venture project in Argentina, and advances permitting and financing discussions for its Thacker Pass lithium clay project in Nevada.

It closed down 5.2% in Toronto.

Among the majors, precious metals producer Fresnillo fell 5.35% in London, copper miner Antofagasta rose 1.33% and BHP was up slightly in morning Australian trade.

Market futures were mixed.