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Trade truce lights fire under mining stocks

Relief that an escalation in the trade war between the US and China has been avoided – at least for now – sparked a huge rally in mining stocks on Monday.

Gold closed at a one-month high just shy of $1,240 an ounce, iron ore continued to climb from recent lows above $66 a tonne and while the rally in the price of copper had fizzled out by afternoon trading, it did not stop investors from piling into the sector’s big names.

BHP added 4.8% lifting the market valuation of world’s largest mining company by revenue to $122B in New York. Number one and two iron ore miners Vale and Rio Tinto’s gains were more modest at 2.8% and 2.3%.

Shares in world number four miner Glencore were lifted 3% despite the Swiss firm revising down expected earnings at its trading arm after buyers of cobalt from its mines in the Congo reneged on deals amid a fall in the price of the battery raw material.

Among large diversified mining companies Anglo American was the best performer, jumping 6.3% after palladium futures settled a fresh record high of $1,165 an ounce.

Top nickel and palladium producer Norilsk added 2%, lifting the company’s market value to above $30B for the first time since early March.

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MARKET SUMMARY

INDICES

Name Last Change
DOW 23675.60 0.35%
S&P 500 2546.16 0.01%
NASDAQ 6783.91 0.44%
TSX 14416.89 0.38%
TSX-V 543.19 0.00%

Resource Commodities

Name Last Change
Gold 1251.05 0.16%
Silver 14.69 0.48%
Copper 2.67 0.090
Platinum 793.89 0.07%
Oil 46.24 7.87%
Natural Gas 3.84 8.08%
Uranium 28.63 0.00%
Zinc 1.17 0.00%

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