U.S. equity markets were broadly better as investors digested the big gains that followed the new year. In the report period Jan. 8-14, the Dow Jones Industrial Average rose 102.03 points to 8,842.62, and the S&P 500 rose 8.73 points to 931.66 — both exchanges gaining about 1% over the five trading days.
Economic optimism drives the base metals, and pessimism drives the golds, so it was a week for the dull old copper producers like Phelps Dodge, which was US$2.17 higher at US$35.50, and Southern Peru Copper, which was up US59 at US$16.17. Anglo American was also stronger, picking up US31 to close at US$15.02, but Rio Tinto was off US$1.17 at US$82.10.
BHP Billiton clawed back a bit after the previous week’s sudden and public resignation of chief executive Brian Gilbertson, closing US6 higher at US$11.54.
Gold companies gave back some of the previous period’s gains, partly as a result of profit-taking. Newmont remained the bellwether for the group, falling US59 to US$27.25 on a volume of 21 million shares. Freeport-McMoRan was off US9 at US$16.98, while both big South African houses saw declines, AngloGold sliding US37 to US$34.22 and Gold Fields shedding US14 to close at US$13.36.
Durban Roodepoort Deeps gained ground in heavy trading, rising US7 to US$4.02, while unhedged rival Harmony Gold Mining fell back US70 to US$16.06. Lihir Gold shed a nickel to end up at US$16.70.
Platinum and palladium producers did poorly despite gains for both metals on the London bullion markets. Stillwater Mining backed up US19 to US$5.32, while Anglo American Platinum was off US14 at US$38.61.
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