News - Prospector's Diary

4th August 2017

History never repeats precisely, but two events in the past week had a whiff of a re-run of the 2006 and 2011 China Boom – higher prices for iron ore and copper and a bumper profit for Rio Tinto.

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Dr Copper returned to the Australian stock market this week and his diagnosis was that the mining sector is in rude health, fuelled by a solid gold price, ever-increasing interest in the family of battery metals and a surprise return to the scene of almost forgotten rare earths.

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But shares in the mining services companies continue to climb

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“Gold cooling. Other metals warming up.” Six words from Deutsche Bank which succinctly described events on the Australian stock market this week.

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Gold down. Everything else up. In a nutshell that was the story of the stock market this week with upward moves by copper matched by equally interesting rises among graphite and nickel shares as well as stocks in that almost forgotten sector, rare earths.

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Solid rises in the iron sector this week and a recovery in gold stocks were signs that the resources sector revival which showed signs of petering out in May and June should pick up speed

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End of financial year lethargy took a firm grip of the Australian stock market this week with the most significant event being fresh evidence of bets being placed on a big fall in the value of the Australian dollar,

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Copper returned to centre-stage this week, not because of the price - which remained stuck at around $US2.50 a pound - but because of the third copper-asset acquisition by CopperChem, an arm of the $4 billion industrial conglomerate Washington H. Soul Pattinson

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