CAPITAL MARKETS

Copper gains as China strengthens

Miners mixed

Staff reporter
 Antofagasta’s Los Pelambres copper mine in Chile

Antofagasta’s Los Pelambres copper mine in Chile

Top metals consumer China's GDP expanded 6.5% in December, taking 2019's growth to 2.3% and above analysts' expectations, Marex Spectron's Anna Stablum said.

She also pointed to global copper stocks across the three bourses falling to 244,448t last week, the lowest since October 2008, and cited news of impending wage talks at Antofagasta's biggest copper mine Los Pelambres in Chile.

The copper price had breached the $8,000/t mark in December for the first time since February 2013, amid hopes of a global economic recovery following positive news about vaccines to address the COVID-19 pandemic.

For its part, Antofagasta closed up 0.53% in London, while Glencore closed down 1.09%.

Metals and mining stocks were up slightly in Toronto, where Barrick Gold gained 0.44%.

The gold price is about $20 an ounce higher than at this point yesterday on the spot market, at $1,837/oz.

US markets were closed for the Martin Luther King Jr public holiday.

Key market futures were generally positive at the time of writing.

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.