CAPITAL MARKETS

Copper gains ahead of new quarter

China closes for week-long holiday

Staff reporter
 Chinese markets are closed from today for a week-long holiday

Chinese markets are closed from today for a week-long holiday

Cash copper rose 1.4% on the London Metal Exchange to US$6,668 per tonne, while on Comex, copper futures for December delivery are above $3 per pound.

Iron ore has also strengthened, with MySteel 62% fines up 3.8% to $123.45/t, after Vale announced another production setback this week of about 11,000t per day.

The Brazil-based miner said it was suspending concentrate production at its Viga mine in line with a court ruling, which it would challenge, that prevented tailings disposal at Viga's B7 dam. 

It closed up 1.3% in Brazil.

In Toronto, Lundin Mining (TSX: LUN) closed up 5.2%, having said it expected to return to "full processing capacity" within 60 days at its Chapada copper-gold mine in Brazil, where all four mill motors had suffered electrical damage

The gold price rose above $1,900 an ounce in the past 24 hours but was down around $1,887/oz at the time of writing.

Finally, AngloGold Ashanti (JSE: ANG) closed down 2.7% as it confirmed the sale of its South Africa assets to Harmony Gold Mining had concluded and it had received the initial $200 million cash payment.

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.