Shares of materials companies posted modest gains as markets watch U.S.-Iran talks to normalize global supply chains. Prices of gold, copper and aluminum all ticked higher.
Venezuela has launched a U.S.-backed military campaign to target criminal groups in a lawless gold-mining region as it seeks to open the area to American investment. U.S. officials said they are providing military and technological support as well as intelligence to Venezuela, once a bitter enemy, as the American-backed interim government in Caracas tries to rein in criminal groups that have long dominated a mining belt in the remote jungles of the country's south.
Alamos Gold's shares advanced after exploration results from one of its Canadian gold mines showed potential upside for sources of high-grade feed for its mill. Alamos said fresh underground and surface drilling at its Island mine in northern Ontario has defined high-grade mineralization across multiple areas that are being targeted as sources of additional feed for its expanded Magino mill.
A supply deficit in aluminum isn't expected to materially ease in the coming months, even with an agreement to end the Middle East conflict increasingly likely to happen, according to ING Economics analysts.
