CAPITAL MARKETS

Markets, commodities gain

Key futures were pointing higher after US markets reached fresh highs and most commodity prices gained as positivity outweighed COVID-induced economic concerns.

Staff reporter
 Lundin Mining’s Chapada copper-gold mine in Brazil

Lundin Mining’s Chapada copper-gold mine in Brazil

"As long as the economic and corporate earnings environments continue to improve, the market is likely to withstand ongoing concerns about the virus and policy," New York Life Investments economist and portfolio strategist Lauren Goodwin told Bloomberg.

China has reportedly put a stop to its COVID-19 outbreak and the US is edging closer to passing the US$1 trillion infrastructure bill, further boosting sentiment.

Iron ore futures in Singapore rebounded as much as 11% on Tuesday, Bloomberg reported.

Spot copper closed 0.8% higher on the London Metal Exchange to $9,378.5 per tonne and zinc and nickel rose almost 3% and 1% respectively.

However gold has slipped back under $1,800 an ounce to $1,796/oz on the spot market.

Lundin Mining rose 4.5% in Toronto and Freeport-McMoRan gained 2.95% in New York.

Anglo American led the gains among the majors in London, up 2.77%.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

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