CAPITAL MARKETS

Copper back above $6,000/t

Copper has reached its highest point this month on hope of a resolution to the trade war

Staff reporter
Copper back above $6,000/t

The red metal rose by 0.5% to US$6013.50 per tonne, its first time above $6000/t in September.

Its 2018 high was $7330.50/t in June.

"Metals prices are gaining on the back of potential for renewed US-China trade talks," Bloomberg quoted BMO analyst Colin Hamilton as saying.

"Even should these yield no result, any indication that Chinese metal-intensive spend is increasing on the back of the recent fiscal push should also help to improve market sentiment."

However, not all metals were up, with lead the only other base metal enjoying a rise of nearly 1.1%, while aluminium was flat.

Zinc, nickel, tin and cobalt were all slightly lower.

Gold futures rose as high as $1218 per ounce on a weaker US dollar, but pulled right back to $1206.80/oz, lower than this time yesterday.

Spot gold was $1202.23/oz or A$1671.06/oz.

US stocks were up by more than 0.5% overnight and ASX futures were up 27 points. 

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.