CAPITAL MARKETS

Virus concerns spook markets

Futures, mining majors lower

Staff reporter
 Image: Unsplash/tam wai

Image: Unsplash/tam wai

"Whether you want to call it perception or sentiment, in a world so dominated by shorter term trading progs, the fear of a spreading respiratory condition and its potential effect on China's growth sees stock markets initially sell off and our metals markets follow suit," Marex Spectron's Alastair Munro said yesterday morning.

Concerns about the deadly virus heightened as the day continued after reports it had spread from China to the US.

The gold price was up around US$1,565 an ounce on the spot market earlier but has retreated to a similar level to Monday, around $1,558/oz.

Copper closed about 1.7% lower on the London Metal Exchange yesterday but the iron ore price has edged 0.5% higher for 62% fines to $96 per tonne according to MySteel.

Among the larger companies, Teck Resources (TSX: TECK.B) remains near a one-year low after closing down 5.6% yesterday.

Freeport-McMoRan (NYSE: FCX) lost 4.7% in New York and Antofagasta (LSE: ANTO) finished 2.7% lower in London.

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.