The copper price has surged to a two-year high, closing up about 2.5% on the London Metal Exchange yesterday to $6,580 per tonne on supply issues, with strike concerns in Chile and flooding in China.
The spot silver price has risen above US$19 an ounce, levels last seen in September 2019, and gold remains above $1,800/oz on the spot market amid suggestions its price could head to infinity and beyond.
The safe-haven commodity’s latest rally also came despite US markets closing on an optimistic note on Friday, IG financial writer Kelvin Ong said yesterday.
The S&P 500 dipped yesterday, closing down 0.94%, after briefly touching its highest level since February 25, Reuters noted.
Precious metals stocks gained in Toronto, including tiddler Sonora Gold & Silver Corp (TSX: SOC) which rose 66.7% to C5c on no news.
However New Pacific Metals (TSXV: NUAG) lost 4.9% after reporting a 282.01m intersection grading 104g/t silver at its Silver Sand project in Bolivia.
Among the majors, precious metals producer Fresnillo gained 5.6% in London and Rio Tinto rose 3.1%.
Elsewhere, Freeport-McMoRan finished up 0.4%, Barrick Gold fell 3.4% in Toronto and BHP was off 0.7% in morning Australian trade.