CAPITAL MARKETS

Market futures mixed as UK moves to Plan B

Base metals rise

Staff reporter
 UK PM Boris Johnson

UK PM Boris Johnson

The gold price is holding steady, still around US$1,783 an ounce on the spot market.

Lead was the standout, up 7.5% to $2,360 per tonne, as base metals rose on the London Metal Exchange.

Aluminium was the exception, down 0.24%.

"With China holding their Central Economic Conference into the back end of this week we are of the opinion we are more likely to see further economic supportive measures," Marex's Al Munro noted.

Among the mining majors, Rio Tinto lost 1.55% in London yesterday and Newmont was little changed in New York.

In Australia, Mineral Resources (ASX: MIN) closed up 5.85% yesterday despite no news since last month's announcement it would jointly investigate developing a new iron ore export facility in WA's Pilbara with Gina Rinehart's Hancock Prospecting and its majority-owned Roy Hill Holdings.

Finally, Canada-focused explorer CMC Metals (TSXV: CMB) shot up almost 53% on news of "numerous high-grade intersections" - including 2.3m at 4,910.8g/t silver-equivalent at its Silver Hart project in the Yukon.

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