A 4.6% surge in the copper price on Monday morning is likely to help the JSE’s miners continue Friday’s rally.
Copper for three months delivery rose to $6,090/tonne on the London Metals Exchange, a level last reached in June 2015.
Two supply concerns caused the metal’s price jump: a strike at BHP Billiton’s Escondida mine in Chile and the Indonesian government banning exports.
Zinc rose 3.3% and tin 2.2% as other industrial metals joined the rally.
In Sydney, BHP was 2.41% higher at A$26.50 ahead of the JSE’s opening on Monday morning.
On Friday, BHP closed 2.81% higher at R229.78 on the JSE, lagging behind Anglo American, which rose 4.36% to R225.41, and Glencore, which rose 3.89% to R53.71.
Miners were among the main beneficiaries of a global stock rally on Friday spurred by US President Donald Trump’s promise of "phenomenal" tax cuts for business.
The index of the JSE’s 10 largest resources miners gained 1.8% on Friday, helping the all share index gain 1.5%.
Trump’s promised tax cuts continued to buoy markets on Monday morning, helping New Zealand’s S&P/NZX 50 gain 0.44%, Australia’s S&P/ASX 200 index gain 0.65% and Hong Kong’s Hang Seng 0.51%.
BDlive
Copper for three months delivery rose to $6,090/tonne on the London Metals Exchange, a level last reached in June 2015.
Two supply concerns caused the metal’s price jump: a strike at BHP Billiton’s Escondida mine in Chile and the Indonesian government banning exports.
Zinc rose 3.3% and tin 2.2% as other industrial metals joined the rally.
In Sydney, BHP was 2.41% higher at A$26.50 ahead of the JSE’s opening on Monday morning.
On Friday, BHP closed 2.81% higher at R229.78 on the JSE, lagging behind Anglo American, which rose 4.36% to R225.41, and Glencore, which rose 3.89% to R53.71.
Miners were among the main beneficiaries of a global stock rally on Friday spurred by US President Donald Trump’s promise of "phenomenal" tax cuts for business.
The index of the JSE’s 10 largest resources miners gained 1.8% on Friday, helping the all share index gain 1.5%.
Trump’s promised tax cuts continued to buoy markets on Monday morning, helping New Zealand’s S&P/NZX 50 gain 0.44%, Australia’s S&P/ASX 200 index gain 0.65% and Hong Kong’s Hang Seng 0.51%.
BDlive
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