CAPITAL MARKETS

Iron ore tumbles, uranium stays hot

China on mid-Autumn break

Staff reporter
 Anglo American’s Sishen iron ore operations in South Africa

Anglo American’s Sishen iron ore operations in South Africa

Concerns also swirl around construction material prices as China's second-largest property developer Evergrande teeters on a debt crisis.

China's markets are now closed until Wednesday for the mid-Autumn festival.

Australian 62% iron ore fines closed down 2.6% on Friday to $111/t, according to MySteel.

Gold has softened further to $1,753 an ounce on the spot market.

Some uranium equities came off the boil in Toronto on Friday, as did the Sprott Physical Uranium Trust (TSX: U.U) which was down 3.6% as it took its holdings to more than 28.3 million pounds of U3O8.

However the uranium spot price has risen above $50/lb for the first time since 2012 to $50.80/lb.

Zinc producer Nexa Resources (TSX: NEXA) lost almost 16% on Friday after announcing a CEO transition, from long-serving Tito Martins to Ignacio Rosado, who had led Hochschild Mining's London IPO.

Finally Anglo American led the losses in London on Friday, closing down more than 8%.

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