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Copper, gold on the rise

Staff reporter
 Image: Unsplash.com/Jannes Glas

Image: Unsplash.com/Jannes Glas

Lithium producer Orocobre (ASX: ORE) was up about 4% in morning Australian trade.

Gold, often used as a hedge against inflation, has risen above US$1,800 an ounce on the spot market as talk continues about inflationary pressures in the US.

Copper, aluminium and nickel advanced on Monday as China urged local governments to speed up bond issuances, often used for infrastructure projects, to meet this year's targets, Marex's Anna Stablum said from the LME Desk (Singapore).

"In addition, China Evergrande Group resumed work on more than 10 projects after the developer managed to avoid a default last week," she said.

Spot copper rose 2% to close above $10,000 per tonne on the London Metal Exchange, to $10,070.75/t.

Nickel rose 3.2% to $20,495/t, while aluminium was up 0.34%.

Mining majors were on the rise in London, where Antofagasta rose 3% and both Rio Tinto and Anglo American gained 2%.

Finally in Toronto, Silver Elephant Mining (TSX: ELEF) shot up 33.3% to C40c after raising more than $1 million in the second tranche of a placement priced at 22c per share on Friday.

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