Commodities & Futures News

Mining Stocks, Base Metals Roar Higher on China Optimism



 

HK50
+5.36%

Add to/Remove from Watchlist

Add to Watchlist

Add Position

Position added successfully to:

Please name your holdings portfolio

Type:

BUY
SELL

Date:

 

Amount:

Price

Point Value:


Leverage:

1:1
1:10
1:25
1:50
1:100
1:200
1:400
1:500
1:1000

Commission:


 

Create New Watchlist
Create

Create a new holdings portfolio
Add
Create

+ Add another position
Close

AAL
+11.13%

Add to/Remove from Watchlist

Add to Watchlist

Add Position

Position added successfully to:

Please name your holdings portfolio

Type:

BUY
SELL

Date:

 

Amount:

Price

Point Value:


Leverage:

1:1
1:10
1:25
1:50
1:100
1:200
1:400
1:500
1:1000

Commission:


 

Create New Watchlist
Create

Create a new holdings portfolio
Add
Create

+ Add another position
Close

ANTO
+6.86%

Add to/Remove from Watchlist

Add to Watchlist

Add Position

Position added successfully to:

Please name your holdings portfolio

Type:

BUY
SELL

Date:

 

Amount:

Price

Point Value:


Leverage:

1:1
1:10
1:25
1:50
1:100
1:200
1:400
1:500
1:1000

Commission:


 

Create New Watchlist
Create

Create a new holdings portfolio
Add
Create

+ Add another position
Close

Copper
-0.07%

Add to/Remove from Watchlist

Add to Watchlist

Add Position

Position added successfully to:

Please name your holdings portfolio

Type:

BUY
SELL

Date:

 

Amount:

Price

Point Value:


Leverage:

1:1
1:10
1:25
1:50
1:100
1:200
1:400
1:500
1:1000

Commission:


 

Create New Watchlist
Create

Create a new holdings portfolio
Add
Create

+ Add another position
Close

RIO
+10.03%

Add to/Remove from Watchlist

Add to Watchlist

Add Position

Position added successfully to:

Please name your holdings portfolio

Type:

BUY
SELL

Date:

 

Amount:

Price

Point Value:


Leverage:

1:1
1:10
1:25
1:50
1:100
1:200
1:400
1:500
1:1000

Commission:


 

Create New Watchlist
Create

Create a new holdings portfolio
Add
Create

+ Add another position
Close

GLNCY
+5.31%

Add to/Remove from Watchlist

Add to Watchlist

Add Position

Position added successfully to:

Please name your holdings portfolio

Type:

BUY
SELL

Date:

 

Amount:

Price

Point Value:


Leverage:

1:1
1:10
1:25
1:50
1:100
1:200
1:400
1:500
1:1000

Commission:


 

Create New Watchlist
Create

Create a new holdings portfolio
Add
Create

+ Add another position
Close

By Geoffrey Smith 

Investing.com — Mining stocks rose sharply on Friday as base metals prices gained in response to a report that bolstered hopes for a quick relaxation to China’s Zero-COVID policy.

Bloomberg reported earlier that China is working on plans to scrap a system that penalizes airlines for bringing virus cases into the country. The report revived this week’s strong rally in Chinese stocks, which had begun when unverified claims on Chinese social media said the government may put together a new committee to coordinate an exit from a policy that has acted as a drag on the world’s second-largest economy all year.

The National Health Committee had poured cold water on those suggestions on Thursday, but Friday’s reaction suggested that a market that has underperformed badly amid the lingering disruption of the pandemic desperately wants to believe in a turn for the better.

Those hopes were reinforced later when newswires reported Zeng Guang, an epidemiologist who has previously advised the Chinese government, as telling an investment conference that he expects significant changes to the Zero-COVID policy within five to six months. 

The Hong Kong Hang Seng index surged 5.4% on the news, completing its best week in 11 years. Mainland Chinese stock indices gained between 2.5% and 3.6%.

The optimism fed through immediately into iron ore prices, the traditional proxy for Chinese growth. They rose to $85 a ton in China, having hit a 2 1/2-year low of $80.03 earlier this week. Copper futures in London also rose 2.9% to $7,991 a ton, while aluminum and zinc futures rose 1.8% and 3.7%, respectively. 

That translated into some big gains for London-listed mining companies in the first hours of trading in Europe on Friday. Anglo American (LON:AAL) stock rose 7.3%, while Rio Tinto (LON:RIO) stock rose 5.9%, and Glencore (LON:GLEN) stock rose 3.0%. Copper specialist Antofagasta (LON:ANTO) stock rose 5.5%, while coal mining group Thungela Resources (LON:TGAT) rose 2.2%.

Source

Похожие статьи

Добавить комментарий

Ваш адрес email не будет опубликован. Обязательные поля помечены *

Кнопка «Наверх»