CAPITAL MARKETS

Uranium powers up, base metals lower on disappointing data

Gold price steady

Staff reporter

This article is 4 years old. Images might not display.

"Whilst there will be a school of thought that will take the line this deterioration should result in govt stimulus, in the here and now metals prices are under pressure with signs of onshore traders shorting the likes of lead and zinc," Marex's Al Munro said.

In another dent to sentiment, US jobs figures showed fewer jobs were created than expected in August.

Copper closed down more than 2% on the London Metal Exchange.

The uranium price continues to power up after the world's biggest producer Kazatomprom trimmed full-year guidance last week and the recently-created Sprott Physical Uranium Trust has started making purchases. 

As of yesterday, the trust held almost 21 million pounds of yellowcake.

The uranium spot price rose more than 3% to $35.65 a pound, its highest point in almost six years.

Canada-based producer Cameco was up 3.69% in Toronto yesterday.

The gold price is similar to earlier this week, at US$1,818 an ounce on the spot market.

Finally among the majors, Rio Tinto lost almost 1% in London, Freeport-McMoRan was down 1.37% in New York and BHP had tumbled more than 7% in Australian trade today.

Expert-led Insights reports and Analytics tools built on robust data, rigorous analysis and expert commentary covering mining Risk, Projects, ESG, Leadership, and Investor Sentiment.

Expert-led Insights reports and Analytics tools built on robust data, rigorous analysis and expert commentary covering mining Risk, Projects, ESG, Leadership, and Investor Sentiment.

editions

ESG Index 2025: Benchmarking the Future of Sustainable Mining

The ESG Index provides an in-depth evaluation of the ESG performance of 60+ of the world’s largest mining companies. It assesses companies across 10 weighted indicators within 6 essential ESG pillars.

editions

Leadership Insights 2025

Leadership Insights reveals key trends in priority mining issues through interviews with 15+ top mining company executives and an industrywide survey.

editions

Mining IQ Risk Analytics

Risk Analytics offers interactive access to World Risk Insight data, allowing you to customise risk views, benchmark jurisdictions, explore data behind scores and read expert commentary to guide your decision-making.

editions

Project Pipeline Index 2025

View our 50 top mining projects, handpicked using a unique, objective selection process from an expanded database of 600+ global assets.