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Copper nears 10-year high, gold gains

The copper price continues to rise on economic hopes and talk of China’s largest copper smelter planning to curb output due to low treatment charges and supply pressure.
Copper nears 10-year high, gold gains Copper nears 10-year high, gold gains Copper nears 10-year high, gold gains Copper nears 10-year high, gold gains Copper nears 10-year high, gold gains

Haul trucks at market riser Agnico Eagle Mines’ Kittila gold operation in Finland

Staff reporter

Copper rallied to an almost 10-year high on the London Metal Exchange, rising to US$9,187 per tonne in early trading, the highest point since September 1, 2011, Marex Spectron's Anna Stablum said.

It closed up 2.08% to $9,132.50/t.

Nickel also touched $20,010/t, a level last seen in May 2014, Stablum said, before closing down 0.55% to $19,457.25/t.

Meanwhile the gold price rose back above $1,800 an ounce to $1,810/oz on the spot market at the time of writing, and silver rose to $28.10/oz.

Precious metals producers gained in Toronto, where First Majestic Silver (TSX: FR) rose 12.04%.

Barrick Gold and Agnico Eagle Mines (TSX: AEM) both closed up more than 4%.

At the smaller end of town, gold hopeful Rackla Metals (TSXV: RAK) shot up 66.7% to a one-year high of C50c on no news.

It had completed a $972,000 placement priced at 12c per unit in January, "encouraged by the strength in the precious metals market" to seek acquisitions and to continue advancing its Rivier project in the Yukon.

Finally in London, Chile-focused copper producer Antofagasta rose a further 1.71%, having reached a fresh one-year high intraday.