CAPITAL MARKETS

Copper price at red-hot high

Supplies at record lows

Staff reporter
 The concentrator complex at Oyu Tolgoi in Mongolia

The concentrator complex at Oyu Tolgoi in Mongolia

Cash copper on the London Metal Exchange closed up 4% to US$10,538 per tonne, with global stockpiles at reported all-time lows.

Three-month copper rose almost 3% to $10,281/t, nearing its peak of $10,747.50/t reached in May.

Adding to supply concerns due to energy shortages, copper bulls have also pointed to the further delays and growing cost blow-out at the Rio Tinto-operated Oyu Tolgoi copper-gold mine expansion in Mongolia. 

Shares in Turquoise Hill Resources (TSX: TRQ), which is the majority owner of Oyu Tolgoi and controlled by Rio, fell 15% on Friday.

Copper producers Antofagasta rose 2.13% in London while in Toronto, First Quantum Minerals (TSX: FM) shot up 8%, a day after announcing a new US$2.925 billion loan and credit facility.

At the smaller end of town, Mexico-focused junior GFM Resources (TSXV: GFM.H) gained 87.5% on no news.

Finally, gold is worth $1,770 an ounce on the spot market.

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