CAPITAL MARKETS

Trade data, inflation comments impact

Providence Gold Mines shines

Staff reporter
 Providence Gold Mines gained on confirming a gold target

Providence Gold Mines gained on confirming a gold target

Copper closed down 0.59% to US$9,881.25 per tonne and only lead managed a gain yesterday on the London Metal Exchange.

"Exports from China missed forecasts, rising 27.9% in dollar terms in May from a year earlier," Marex Spectron's Anna Stablum said.

"Meanwhile, imports soared 51.1%, which was the fastest pace in over a decade, but below forecast at 53.5%."

The iron ore price also softened, with the MySteel 62% Australian fines down 1.18% to $208.50/t.

Mining majors Anglo American and Freeport-McMoRan closed down 3.1% and 1.1% in London and New York respectively.

Gold has risen just over $1,900 an ounce on the spot market, following comments from US Treasury Secretary Janet Yellen who said president Joe Biden's $4 trillion spending plan would be positive even if it led to a rise in interest rates.

Finally, Providence Gold Mines (TSXV: PHD) was a standout in Toronto.

The junior closed up 25% to C10c on confirming a gold discovery target at its "Providence group of mines" property in California, US.

Its focus in recent weeks was on evaluating a stockpile milling site and property-wide field exploration.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

editions

ESG Mining Company Index: Benchmarking the Future of Sustainable Mining

The ESG Mining Company Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.

editions

Mining Journal Intelligence Global Leadership Report 2024: Net Zero

Gain insights into decarbonisation trends and strategies from interviews with 20+ top mining executives and experts plus an industrywide survey.

editions

Mining Journal Intelligence Project Pipeline Handbook 2024

View our 50 top mining projects, handpicked using a unique, objective selection process from a database of 450+ global assets.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.