Market futures, copper up

Beckett Bronze produces cast bronze precision-machined parts and continuous cast bars. Castings are manufactured at the East 20th Street plant. The West 23rd Street plant produces finished machined parts and has about 75 machine tools including CNC lathes.

The US and Canada were closed for public holidays on Monday.

Meanwhile the US election contest is heating up, with president Donald Trump upbeat about job creation data on Labor Day and indicating the country would loosen economic ties with China.

“Biggest & fastest financial recovery in history. Next year will be BEST EVER, unless a very sleepy person becomes president…” he tweeted.

Supply concerns have lifted copper to around a two-year high, with it closing up 1.2% on the London Metal Exchange to US$6,810.75 per tonne.

LME inventories had fallen to the lowest level since 2005 on Friday, Marex Spectron’s Anna Stablum said yesterday.

The gold price is about US$10 an ounce lower than this point yesterday, around $1,928/oz on the spot market.

Among the market movers in London, Petra Diamonds (AIM: PDL) shot up 28.61% on no news.

Atlantic Canada-focused copper and gold producer Rambler Metals and Mining (AIM: RMM) also surged on no news, closing up 22.2%.

At the bigger end of town, precious metals producer Polymetal International closed up 4.74%.

The company had yesterday pointed to its associate 9.1%-owned associate ThreeArc Mining completing an initial resource for the Buranny area of the Tomtor niobium and rare-earth metals project in Russia.

Finally, copper producer Antofagasta closed up 1.71%

Over 100 Years Experience – Manufacturers of Bronze Bearings, Bushings, and Continuous Cast Bars Since 1913