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Zinc, Glencore gain

Posted by: Admin | Posted on: January 30th, 2018 | 0 Comments

Rising zinc prices have prompted Glencore to move to restart its Lady Loretta zinc mine in Queensland, Australia, this year, and the zinc price reached a fresh 10.5 year high on the London Metal Exchange yesterday above US$3,600 per tonne.

The zinc positivity didn’t extend to benefit Australian zinc stocks today.

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Gold-lead-zinc miner Aurelia Metals (AU:AMI) closed down almost 1.6%, while gold, nickel, copper, zinc and silver producer Independence Group (AU:IGO) closed 2.5% lower and new producer Red River Resources (AU:RVR) was down 1.3%, albeit remaining close to a 52-week high.

The gold price edged lower to US$1,334 per ounce on the spot market earlier ahead of the US Federal Reserve’s two-day policy meeting this week which is widely expected to leave interest rates unchanged.

Markets are also looking out for manufacturing and unemployment data this week.

Article source: http://www.mining-journal.com/capital-markets/news/1311240/zinc-glencore-gain

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