Copper News Hubb
Advertisement Banner
  • Home
  • Copper news
  • Metal & Minerals Industry
  • Mining
  • Contact
No Result
View All Result
  • Home
  • Copper news
  • Metal & Minerals Industry
  • Mining
  • Contact
No Result
View All Result
Wellnessnewshubb
No Result
View All Result
Home Mining

Friday feeding frenzy for mining stocks

admin by admin
November 4, 2022
in Mining


On the London Metal Exchange, aluminium prices increased 2.3% to $2,317 a tonne, zinc jumped 4.6% to $2,845, lead was the laggard with a 0.6% gain to $2,007 while nickel climbed 3.1% to $23,500 and tin was up 2.1% at $18,130.

Gold prices also gained with the precious metal up nearly $50 to $1,678 per ounce while silver was trading 6.7% higher to scale the $20 an ounce level for the first time in three weeks.

US jobs and Chinese covid policies

China consumes half the world’s base metals and the rally on Friday was sparked by swirling rumours that the country may move away from its zero-covid policy. Reuters reports a former Chinese disease control official on Friday said the country “will soon make substantial changes” to the way it handles the disease.

The copper price was also underpinned by further evidence of supply problems for the world’s bellwether metal with top producer Chile announcing a nearly 5% fall in output and Peruvian giant Las Bambas saying community protests and blockades are forcing it to curb production.

Precious metals got a lift from the increase in US nonfarm payrolls which “doesn’t add much pressure on the US Federal Reserve to raise rates faster than the market already expected,” Capital Economics commodities economist Edward Gardner said in a message quoted by Bloomberg. 

“The data release reduces the risk of faster-than-expected rate hikes going forward, which would raise the opportunity cost of holding gold.”

Mining majors rally

Shares in BHP jumped 8.5% in New York, lifting the value of the world’s top diversified miner’s value to $131 billion. 

The world’s no. 2 and 3 miners, Rio Tinto and Vale also made sharp gains, trading up 8.4% and 9.5% respectively. Melbourne-based Rio Tinto is worth $93 billion while Rio de Janeiro HQ’d Vale has a $65 billion market cap. 

Glencore’s advance on Friday was more modest, adding 3.7%, but the Swiss based miner and commodities trader is the only mining heavyweight trading in the black in 2022, with year-to-date gains of nearly 20%. 

Among copper specialists, Phoenix-based  Freeport McMoRan traded up 10% to within sight of a $50 billion valuation, Southern Copper added 9.7% for a $40 billion market cap while Canada’s First Quantum Minerals was the top gainer on the day with a 17% jump.    

Gold producers also shot up with world number one Newmont up 7.2% and second in terms of annual ounces produced. Barrick was trading 6.4% higher, although Friday’s gains were not enough to erase the counters’ losses earlier in the week.

Streamer Wheaton Precious Metals enjoyed double digit percentage gains while fellow royalty companies Franco-Nevada gained 7.1% and Royal Gold 6.5%.





Source link

Previous Post

Industry groups welcome $10B in Ottawa’s budget update

Next Post

Lithium Americas to separate North American and Argentine business

Next Post

Lithium Americas to separate North American and Argentine business

Recommended

Gold price at 3-week low as UK inflation jumps again

5 months ago

Ivanhoe Mines Issues Third Quarter 2022 Financial Results, and Review of Mine Construction and Exploration Activities

4 months ago

Implats once again extends date for completing RBPlat buyout

3 weeks ago

Equatorial Guinea, Democratic Republic of the Congo (DRC) to Develop Joint Oil Refinery and Storage Facilities

4 months ago

Duplicate assays from Gabriel confirm higher lithium grade, Tearlach says

2 months ago

Angola present at the Mining Forum in Canada

1 week ago

© 2022 Copper News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • Copper news
  • Metal & Minerals Industry
  • Mining
  • Contact

Newsletter Sign Up.

No Result
View All Result
  • Home
  • Copper news
  • Metal & Minerals Industry
  • Mining
  • Contact

© 2022 Copper News Hubb All rights reserved.