CAPITAL MARKETS

Base metals lower on downbeat data from China

Gold gains

Staff reporter
 Nevada Copper plunged 30% after Friday’s late update

Nevada Copper plunged 30% after Friday’s late update

"The market seeing particular importance for this set given it is the first release since the Delta COVID resurgence began to take hold," Marex's Alastair Munro said from the LME desk.

Copper was down more than 1%, despite ongoing strike action at key mines in Chile and a suspension at Teck Resources' Highland Valley Copper operations in British Columbia due to wildfire activity.

Teck shares (TSX: TECK.B) were down 2%.

Gold is up around US$1,876 an ounce on the spot market.

Meanwhile, the strong earnings season has buoyed the S&P 500, with the index closing at yet another record high yesterday of 4,479.71.

London's FTSE 100 lost 0.9% while in Toronto, the S&P/TSX Composite Index eased 0.17%.

Still in Toronto, fledgling producer Nevada Copper (TSX: NCU) plunged more than 30% after an update late on Friday outlined slow progress at Pumpkin Hollow and another management change.

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