CAPITAL MARKETS

Copper gains, majors flat

Copper rose ahead of China closing tomorrow for a week of new year celebrations and amid indications of continuing stimulus to help bolster world economies.

Staff reporter
 European Central Bank president Christine Lagarde addressing European parliament

European Central Bank president Christine Lagarde addressing European parliament

Favourable financing conditions were crucial to put the economic recovery on a self-sustaining trajectory, European Central Bank president Christine Lagarde told European parliament yesterday.

Copper closed up more than 1.3% on the London Metal Exchange to US$8,157.75 per tonne.

Gold was worth almost $1,838 an ounce on the spot market.

Silver remains above $27/oz, about $3 shy of last week's eight-year high caused by the GameStop-inspired retail investor frenzy.

Copper major Freeport-McMoRan closed down 0.3% in New York, within 50c of a one-year high.

Barrick Gold closed down a similar amount in Toronto.

In South Africa, AngloGold Ashanti rose just 0.12% despite its forecast of annual earnings to almost triple.

In London, Glencore closed down 0.47% and finally in Australia, BHP was up almost 1% in morning trade.

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