Positive sentiment continued in the mining sector this week, despite most commodities failing to maintain last week’s price rally. In what could be viewed as the turnaround the mining sector has been waiting for, investors were relieved that metal prices stabilized – as opposed to previous metal price rallies of late that have remained short-lived, reflecting the high volatility of the sector. Both gold and silver surged mid-week, with gold (↑1.7%) reaching $1,191 per ounce on Thursday and piercing the 200-day moving average before settling at $1,176 per ounce on Friday. Silver (↑1.36%) followed a similar trend, breaking the $16 per ounce mark on Wednesday and remaining steady to finish at $16.06 per ounce on Friday. Platinum rose 3.23% during the week to break the $1,000 per ounce mark while palladium fell slightly (↓2.09%) to finish at $697 per ounce. Base metals were mixed; copper fell slightly but remained above the $2.40 per pound to finish at $2.41 per pound, while zinc (↓2.2%) and lead (↑1.6%) both lost and gained ground after registering 8% gains last week to finish at $0.81 and 0.82 per pound respectively. With a number of mine closures reported in the last few weeks, zinc and lead prices appear set to rise further as supply constraints take hold. Meanwhile, nickel lost ground early in the week before recovering (↑0.9%) to finish at $4.8 per pound. Oil prices fell after last week’s gains, with WTI crude prices falling back below the $50 per barrel to finish at $47.26 per barrel. Finally, the UxC Broker Average Price (BAP) of uranium was relatively flat for most of the week, hovering around the $38 per pound mark before finishing at $37.80 per pound on Friday.

Miners mentioned: $AUG $MAW $NXE $TK $CS $EDV $FVI $LSG $MNS $URE $CGJ $AGI $FCU $DML $RIO $FVI

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