Currently viewing Global edition

Trade data, inflation comments impact

Softer than expected trade data out of China and talk of inflation were key impacts on markets yesterday.
Trade data, inflation comments impact Trade data, inflation comments impact Trade data, inflation comments impact Trade data, inflation comments impact Trade data, inflation comments impact

Providence Gold Mines gained on confirming a gold target

Staff reporter

Copper closed down 0.59% to US$9,881.25 per tonne and only lead managed a gain yesterday on the London Metal Exchange.

"Exports from China missed forecasts, rising 27.9% in dollar terms in May from a year earlier," Marex Spectron's Anna Stablum said.

"Meanwhile, imports soared 51.1%, which was the fastest pace in over a decade, but below forecast at 53.5%."

The iron ore price also softened, with the MySteel 62% Australian fines down 1.18% to $208.50/t.

Mining majors Anglo American and Freeport-McMoRan closed down 3.1% and 1.1% in London and New York respectively.

Gold has risen just over $1,900 an ounce on the spot market, following comments from US Treasury Secretary Janet Yellen who said president Joe Biden's $4 trillion spending plan would be positive even if it led to a rise in interest rates.

Finally, Providence Gold Mines (TSXV: PHD) was a standout in Toronto.

The junior closed up 25% to C10c on confirming a gold discovery target at its "Providence group of mines" property in California, US.

Its focus in recent weeks was on evaluating a stockpile milling site and property-wide field exploration.