Key Moments
- Major London-listed miners, including Antofagasta PLC, Glencore PLC and Anglo American PLC, traded about 2% higher in early FTSE 100 action.
- Copper futures for US Comex gained 0.86% to $5.69 per pound, leaving prices down 3.9% over the past month but 24% higher compared with a year earlier.
- Gold and silver prices both moved higher, with gold up 0.97% to $4,926.40 an ounce and silver up 2.83% to $75.62.
Mining Equities Lead Early FTSE Gains
London-listed mining companies were among the strongest performers in early trading on Wednesday as metals markets stabilized after declines earlier in the week.
Antofagasta PLC, Glencore PLC and Anglo American PLC ranked near the top of the FTSE 100 in initial dealings, with each stock advancing around 2%.
Copper Prices and Glencore Results
Copper futures for US Comex inched higher, rising 0.86% to $5.69 per pound. Despite the latest move, copper remained 3.9% lower over the past month while standing 24% above its level a year earlier.
Glencore also released its final results, reporting a 6% decline in core earnings. However, the company indicated that the second half of the year showed a marked improvement, with management emphasizing a growth narrative centered on copper.
| Metal | Latest Price | Move (Session) | Change Over Past Month | Change Over Past Year |
|---|---|---|---|---|
| Copper (US Comex, per pound) | $5.69 | +0.86% | -3.9% | +24% |
| Gold (per ounce) | $4,926.40 | +0.97% | +4.4% | +66%+ |
| Silver (per ounce) | $75.62 | +2.83% | -22.15% | +124% |
Precious Metals Miners Track Gold and Silver Higher
Strength in precious metals prices was reflected in related equities. Fresnillo PLC, Endeavour Mining PLC, Hochschild Mining PLC and Pan African Resources PLC were among the gainers across blue-chip and mid-cap segments, with each stock up close to 0.6%.
Gold prices advanced 0.97% to $4,926.40 an ounce, putting the metal 4.4% higher over the past month and more than 66% above its level a year ago. Silver added 2.83% to reach $75.62 per ounce, leaving it 22.15% lower over the month but 124% higher on a year-on-year basis.
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