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Copper miners’ turn to glow

Posted by: Admin | Posted on: May 17th, 2018 | 0 Comments

Martin Place Securities executive chairman Barry Dawes told the inaugural ResourceStocks Sydney conference this week ┬áthat “the copper price has got to go much higher as we go forward” – referring to recent data and bullish assessments from red metal majors.

In the US, the SP500 metals and mining sector gained 2.62% yesterday, largely due to copper producer Freeport-McMoran’s (NYSE: FCX) rise of 4.26%.

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Toronto’s metals and miners sector on the SP/TSX Composite Index recorded a more subdued gain of 0.42%.

However copper miner First Quantum Minerals (TSX: FM) was up 4.96%, and diversified Ivanhoe Mines (TSX: IVN) rose 3.08%.

The gold sector was lower overall in Toronto but producer Kirkland Lake Gold (TSX: KL) was the best performer with a 1.35% gain.

Meanwhile in Australia, lithium stocks were popular with miners Galaxy Resources (ASX: GXY) and Orocobre (ASX: ORE), plus emerging producer Pilbara Minerals (ASX: PLS), three of the top five risers on the SP/ASX200 index in afternoon trade.

Galaxy was up more than 8% at the time of writing.

Finally, the gold price was a little lower than yesterday and was trading just below US$1,290 an ounce on the spot market earlier.

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