It was a bad start to the week for a number of top multi-commodity miners on the back of persistently low base metal prices. Copper in particular fell last week from just under $2.45 per pound down to as low as $2.22 per pound in intraweek trading on Tuesday (this week), before rebounding late in the week to finish at $2.32 (↑1.3%) per pound. A number of diversified majors including Glencore (GLEN-LON), VALE (VALE-NYSE) and Anglo American (AGL-JSE) felt the brunt of the early-week plunge in base metals prices, each suffering significant losses on Tuesday before recovering toward the end of the week. Over the last couple of weeks, Standard & Poor’s and Moody’s have reduced the credit rating of a number of Major miners including Teck Resources (TCK.B-T), IAMGOLD (IAG-NYSE) and Newmont Mining (NEM-NYSE), fueling investor concerns that the continued depressed commodity prices would reduce earnings even further. The price of nickel (↑0.76%) and zinc (↑3%) rose this week to $4.53 and $0.76 per pound, while lead (↓1.7%) finished lower at $0.74 per pound. The price of gold also fell early in the week (↓1.5%) following its rise after the Federal Reserve’s interest rate decision two weeks ago. Today, however, jobs data raised fresh concerns over the U.S. economic recovery, pushing gold up to $1.137 per ounce. Silver (↑0.85%) and palladium (↑5%) also rose, finishing at $15.24 and $699 per ounce respectively, while platinum fell 4.04% to $910 per ounce. The price of WTI crude finished at $45.66 per barrel on Friday, while the UxC Broker Average Price (BAP) of uranium dipped this week into the mid $36’s, before recovering $0.69 Friday night, to end the week at $37 per pound U3O8.

Companies mentioned: $GLEN.L $VALE $NSEM $TCK $ICG $OGC $SVL $RNX $EFR

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