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Base metals, uranium rise

US markets closed lower on Friday ahead of the 20th anniversary of the September 11 terrorist attacks and futures are mixed.
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Northern Uranium Corp was among the market risers

Staff reporter

"Recall, we've also now seen a run of five consecutive down days for the S&P 500 and Dow, and a run of six down days is something of a rarity," Pepperstone head of research Chris Weston noted this morning.

The uranium price continues to climb, sending uranium equities higher.

The spot price is US$42.40 per pound, its highest point since 2014.

In Toronto, producer Cameco closed 6.79% higher, while explorer Fission Uranium (TSX: FCU) gained 20.48% on Friday.

Tiddler Northern Uranium Corp (TSXV: UNO.H) shot up 120% despite its flagship project being inactive since 2015, according to the company's website.

The Sprott Physical Uranium Trust, which has continued purchasing and now holds more than 24.9 million pounds of U3O8, rose almost 13%.

Gold was worth $1,788 an ounce on the spot market.

Palladium fell to $2,070/oz, a 12-month low after peaking at $2,890/oz in May.

The slump comes amid concern over demand from automakers and prospects for substitution after a price-run-up earlier this year, Bloomberg reported.

Base metals rallied on Friday as the offshore yuan spiked on hopes of improved Sino-US relations after a call between US president Joe Biden and China's Xi Jinping, Marex's Anna Stablum said from the LME Desk (Singapore).

Copper rose more than 3% and nickel rose 1% to $20,426.50 per tonne.