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China's plans to put a lid on prices dent markets

Markets and base metals were lower following China’s plans to put a lid on commodity prices.
China's plans to put a lid on prices dent markets China's plans to put a lid on prices dent markets China's plans to put a lid on prices dent markets China's plans to put a lid on prices dent markets China's plans to put a lid on prices dent markets

Image: Unsplash.com/Thomas Dils

Staff reporter

"Comments from Chinese Premier Li Keqiang weighed on markets as it is the second time in just a few days top officials talk about cost controls after last year's surge in commodity prices," Marex Spectron's Anna Stablum said.

Nickel closed down almost 3% on the London Metal Exchange and copper was down 0.79% to US$8,864.25 per tonne.

Gold has ranged from about $1,684 to $1,756 an ounce over the past two weeks and was flat around $1,732/oz on the spot market at the time of writing.

Newly-listed Metallum Resources (TSXV: MZN) was the standout in Toronto, closing up 44%.

The company changed name from CROPS Inc and debuted on April 6, after completing its acquisition of the Superior Lake zinc project in Ontario from ASX-listed Superior Lake Resources last week.

Meanwhile Centerra Gold (TSX: CG) has announced plans to list on the New York Stock Exchange "to increase our visibility and exposure to investors in the United States".

The international producer expected to start trading on the NYSE under the ticker CGAU on April 15 and said its primary exchange would remain the TSX.

Its Toronto shares closed down 0.26% yesterday to C$11.57 which put its capitalisation about $3.4 billion.

Finally, market futures were mixed, with a positive outlook for Australian and US market indices but lower in London and Toronto.