CAPITAL MARKETS

Iridium, copper and market futures up

Market futures are up, with North American markets set to return from a three-day break today, vaccine roll-outs gathering momentum and hopes of further economic stimulus.

Staff reporter
 Impala Platinum’s operations near Rustenburg in South Africa

Impala Platinum’s operations near Rustenburg in South Africa

Meanwhile iridium is the latest precious metal to soar, with Reuters reporting supply shortages and expectations it would be used to produce hydrogen to power a greener economy lifting its value by 160% in two months.

It's risen from US$1,685 an ounce on December 12 to a record $4,390/oz, the wire service said.

Impala Platinum (JSE: IMP), which produces about 67,000 ounces of iridium annually, rose 3.5% in a strong day for mining equities in Johannesburg.

Sibanye-Stillwater (JSE: SSW), which announced a 40% increase in 4E PGM reserves at its South Africa operations mainly due to the addition of Marikana, closed up 7.94%, while coal producer Exxaro Resources (JSE: EXX) rose 4.3%.

Miners also enjoyed gains on London, where Glencore rose 5% and Anglo American was up almost 4.9%.

Copper rose to $8,422.50/t in London, its highest point since 2012 when it peaked at $8,765/t, Marex Spectron's Alastair Munro said.

Finally, gold was lower on the spot market, around $1,819/oz at the time of writing.

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