CAPITAL MARKETS

Base metals bruised

News of China’s move to limit coal prices to address its energy crisis weighed on base metals on the London Metal Exchange.

Staff reporter
 Glencore last month celebrated 90 years since the start of lead smelting at Mount Isa Mines in Queensland, Australia

Glencore last month celebrated 90 years since the start of lead smelting at Mount Isa Mines in Queensland, Australia

However energy restrictions in China on base metals producers have remained, Marex's Anna Stablum said from the LME Desk (Singapore), although she said some magnesium producers had been allowed to restart capacity.

Spot copper closed down 2.9% to US$9,667 per tonne and aluminium and tin both lost 5.4%.

US and UK market futures were up but futures were lower in Australasia, amid concerns the recovery from the pandemic will slow as elevated inflation forces tighter monetary policy, Bloomberg said.

Mining majors closed lower in London, where Glencore was down 2.65%.

Dual-listed OceanaGold was among the market risers in Toronto, up 1.71%, on a generally flat day for gold equities.

The gold price was similar to this point yesterday, at $1,797 an ounce on the spot market.

In morning Australian trade, Pilbara Minerals was down more than 3%, a day after being offered a fresh record price in its third spodumene concentrate digital auction.

Pilbara shares (ASX: PLS) are up about 146% year-to-date.

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