A bounce of sorts shown by ASX mining sector

A bounce of sorts shown by ASX mining sector

Gold and lithium stocks again missed out

Michael Quinn

A bit of bounce was showing by the Australian resources sector Tuesday following Monday’s rather solid sell-down, with Metals & Mining closing up nearly 0.7% on the ASX 200

Metal commodity futures were also on the rise in Asia trade – including Singapore iron ore (above US$130/t) – with a bit of noise around about Chinese authorities seeking to stop the equities rout in that part of the world possibly also encouraging ASX investors.

The leading ASX miner on the day was the diversified South32 which had a less than warmly embraced December quarterly report to disseminate to the market yesterday.

Juniors showing a bit of heart included Cobre (CBE), the Botswana copper focused junior that more than doubled at one point after announcing BHP had selected it as a proposition worth taking a closer look at.

BHP wondering about the copper potential in Botswana, eh. Interesting.

Another on the copper compass doing well was True North Copper (TNC), which gained nearly 50% intra-session after unveiling a copper refining agreement with Glencore in the Cloncurry/Mt Isa region.

Read the article: https://www.miningnews.net/capital-markets/news/4166313/bounce-sorts-shown-asx-mining-sector