U.S. equity markets were lower over the report period Jan. 18-25, mainly forced lower by poor earnings news. The S&P-500 index was down 2.3% of value, at 1,168.41 points.
That didn’t filter over to the base metal producers, but the golds, caught by a slightly firmer U.S. dollar, mostly fell.
The large gold producers are always a bellwether. Newmont Mining was US84 lower at US$41.62, while AngloGold Ashanti shed US$1.10 to finish at US$32.04. Among the smaller producers, Hecla Mining slipped US14 to US$5.44 and Compania de Minas Buenaventura dipped US34 to US$21.81. Mid-tier Randgold Resources was one of the few to post a big gain, vaulting US98 to finish the period at US$11.47.
Harmony Gold Mining extended its bid for Gold Fields to March 18. It has 11.5% of Gold Fields and a lockup agreement on the 20% held by Norilsk Nickel. Harmony was down US40 at US$8.39, Gold Fields fell US38 to US$11.35, and Norilsk was up US50 to US$55.
Apart from Norilsk, white goods specialists took a dip, despite stronger prices for both platinum and palladium during the period. Anglo American Platinum was off US90 at US$35.10, while Stillwater Mining fell US13 to US$10.43.
Almost all the major base metal producers rose during the period, off a generally buoyant week on the London Metal Exchange. Phelps Dodge was the big exception, sliding US$1.08 to US$99.92, but the big miners gained, partly as a result of projected increases in the iron ore price: CVRD was up US94 at US$29.92; Rio Tinto, up US$7.30 at US$125.15; and BHP Billiton, up US97 at US$24.81.
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