CAPITAL MARKETS

Copper at highest point since 2011

Freeport-McMoRan among market risers

Staff reporter
 Freeport-McMoRan’s El Abra copper operations in Chile

Freeport-McMoRan’s El Abra copper operations in Chile

Copper closed up almost 2% on the London Metal Exchange to US$9,771 per tonne yesterday.

Marex Spectron's Alastair Munro said copper was at levels last seen in 2011, the year copper reached an all-time high of $10,190/t.

Copper major Freeport-McMoRan is trading near a multi-year high, closing up 6.87% in New York after last week reporting strong March quarter results.

In London, Antofagasta gained 4.3% in London and Glencore rose 3.36%.

Barrick Gold closed down 0.9% in Toronto, with gold worth about $1,780 an ounce on the spot market.

Also in Toronto, Roxgold rose 15.1% on news of its circa C$1.1 billion acquisition by Fortuna Silver Mines. 

Fortuna closed down 18%.

The Johannesburg Stock Exchange is closed today for Freedom Day.

Finally, market futures were mostly positive at the time of writing.

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