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Evergrande developments buoy markets

Market futures were up around the globe, with China due to reopen after a mid-Autumn break and investors eyeing developments with the country’s indebted property developer Evergrande.
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Producer Kinross Gold was among the market risers

Staff reporter

Evergrande missed some interest payments due Monday but is partially meeting interest rate obligations on Thursday, Bloomberg reported, with state media discussing ring-fencing the problem.

Markets are also awaiting results from this week's US Federal Reserve meeting for any indications on a firmer timeline for tapering economic stimulus.

Gold is slightly higher on the spot market at US$1,776 an ounce.

The gold sector just managed a gain overall in Toronto, where Centerra Gold led risers in the S&P/TSX Composite Index with a 1.6% increase, followed by Kinross Gold which closed up 1.15%.

Base metals were lower in London, where copper closed below $9,000 a tonne at $8,982.50/t.

Freeport-McMoRan lost 2.2% in New York but remains up 17% year-to-date.

Finally, GMV Minerals (TSXV: GMV) fell 22.6% on disappointing initial assay results from drilling at its Mexican Hat project in Arizona, where it noted inconsistency with certified standards and blanks in the sample stream for the first drill hole and said they were being re-run, while it was "uncertain as to why the very impressive alteration did not carry more elevated gold values" according to preliminary results from the second drill hole.