HIGH-GRADE NI-CU-PT-PD-ZN-CR-AU-V-TI DISCOVERIES IN THE "RING OF FIRE"
NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)
Message: Base metals still booming
http://www.mining-journal.com/capital-markets/news/1315549/base-metals-still-booming
Base metals still booming
It was a good day for the majority of base metals on Thursday as nickel reached a new 2018 high and lead posted a third successive gain.
Staff reporter
A weaker US dollar and higher than expected inflation has led base metal prices higher
The LME nickel official price was up at US$14,150 per tonne on Thursday, topping a 2018 peak set on Wednesday of $14,135/t. The price is now up at levels not seen since June 2015.
Nickel has risen 12% since the start of the year, with recent gains linked to higher than expected inflation in the US.
Its close ally lead had a good day too, with the LME official price coming in at $2,610/t. This is the third day in a row the price has gone higher.
The copper official price was some $100/t off Wednesday's intraday high, but still comfortably above the $7,000/t level.
Cobalt reached a new 2018 high on Thursday. Its $82,000/t official price means the in-demand metal is up 8.6% for the year.
Despite these rises, the three biggest miners by market capitalisation - BHP (AU:BHP), Rio Tinto (LN:RIO) and Glencore (LN:GLEN) - all posted less than 1% gains for the day.
In the precious metals space, gold had a positive 24 hours as investors continued to rush to the save haven following a weaker US dollar.
The yellow metal gained $4 per ounce to reach $1,358.19/oz at 8am UK time.
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