Trade data, inflation comments impact

Providence Gold Mines shines

Staff reporter
 Providence Gold Mines gained on confirming a gold target

Providence Gold Mines gained on confirming a gold target

Copper closed down 0.59% to US$9,881.25 per tonne and only lead managed a gain yesterday on the London Metal Exchange.

"Exports from China missed forecasts, rising 27.9% in dollar terms in May from a year earlier," Marex Spectron's Anna Stablum said.

"Meanwhile, imports soared 51.1%, which was the fastest pace in over a decade, but below forecast at 53.5%."

The iron ore price also softened, with the MySteel 62% Australian fines down 1.18% to $208.50/t.

Mining majors Anglo American and Freeport-McMoRan closed down 3.1% and 1.1% in London and New York respectively.

Gold has risen just over $1,900 an ounce on the spot market, following comments from US Treasury Secretary Janet Yellen who said president Joe Biden's $4 trillion spending plan would be positive even if it led to a rise in interest rates.

Finally, Providence Gold Mines (TSXV: PHD) was a standout in Toronto.

The junior closed up 25% to C10c on confirming a gold discovery target at its "Providence group of mines" property in California, US.

Its focus in recent weeks was on evaluating a stockpile milling site and property-wide field exploration.

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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