Currently viewing Global edition

Metals mixed as Chinese PMI data disappoints

Base metals closed mixed on the London Metal Exchange after China’s latest Caixin services PMI data disappointed.
Metals mixed as Chinese PMI data disappoints Metals mixed as Chinese PMI data disappoints Metals mixed as Chinese PMI data disappoints Metals mixed as Chinese PMI data disappoints Metals mixed as Chinese PMI data disappoints

Lithium hopeful Global Battery Metals gained in Toronto

Staff reporter

January's services PMI came in at 52, missing a forecast of 55.5 and down from 56.3 in December.

It was the lowest reading since April 2020, albeit showing the ninth consecutive month of expansion, Marex Spectron's Alastair Munro noted.

It followed Caixin's manufacturing PMI for January showing a loss of momentum earlier this week.

Metals and mining equities closed collectively higher in Toronto.

Global Battery Metals (TSXV: GBML), which is preparing to drill its North-West Leinster lithium project in Ireland, shot up 77.8% on no company news.

However it follows improving sentiment in the sector, with reports of lithium prices surging more than 40% in China and Albemarle raising US$1.3 billion to expand lithium projects and reduce debt.

On the spot market, gold was lower around $1,834 an ounce and silver was similar to yesterday at $26.65/oz.

Finally among the majors, Glencore was up almost 1% in London after steady production results in base metals.

Freeport-McMoRan rose 3.77% in New York, while Barrick Gold was little changed in Toronto.