CAPITAL MARKETS

Copper miners' turn to glow

Price, outlook, equities rise

Staff reporter
The red metal price, outlook and equities rise

The red metal price, outlook and equities rise

Martin Place Securities executive chairman Barry Dawes told the inaugural ResourceStocks Sydney conference this week  that "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 S&P500 metals and mining sector gained 2.62% yesterday, largely due to copper producer Freeport-McMoran's (NYSE: FCX) rise of 4.26%.

Toronto's metals and miners sector on the S&P/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 S&P/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.

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.

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.

editions

ESG Mining Company Index: Benchmarking the Future of Sustainable Mining

The ESG Mining Company Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.

editions

Mining Journal Intelligence Global Leadership Report 2024: Net Zero

Gain insights into decarbonisation trends and strategies from interviews with 20+ top mining executives and experts plus an industrywide survey.

editions

Mining Journal Intelligence Project Pipeline Handbook 2024

View our 50 top mining projects, handpicked using a unique, objective selection process from a database of 450+ global assets.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.