CAPITAL MARKETS

Copper 'the new oil'

Red metal rises on Goldman Sachs outlook

Staff reporter
 Copper producer Antofagasta was among the market risers

Copper producer Antofagasta was among the market risers

Copper jumped back above $9,000/t on the London Metal Exchange yesterday, rising 2% to $9,080.50/t.

It was a bumper day for copper producers, with Freeport-McMoRan rising more than 7% in New York.

In London, Glencore gained 5.44%, Antofagasta rose 4.46% and Anglo American was up 3%.

In Toronto, copper hopeful THEMAC Resources Group (TSXV: MAC) rose 57% to a one-year high of C11c on no news.

The junior is advancing the previously mined Copper Flat project in New Mexico, US.

Gold was about $10 an ounce lower than this point yesterday, around $1,736/oz on the spot market.

The S&P 500 softened from its record high reached the previous day.

Market futures were pointing to a positive day in the US and UK but lower in Toronto and Australasia.

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