JSE closes weaker as platinum stocks retreat in extended mining rout
The JSE closed weaker on Friday amid volatile trade in platinum stocks and as a lower copper price caused the big mining stocks to close sharply lower. After trading more than 1% higher in the morning, platinum shares retreated into negative territory later in the day on jitters surrounding the copper price, which lost 3% on Thursday. Traders said the copper price was lower on production cuts at mines in Chile and Indonesia. Renewed concern about the state of the property market in China also adversely affected sentiment. Platinum stocks were lower, despite a sharp rise in the platinum price, which gained 1.60% to a four-month high of $1,014 an ounce in late trade. The promise of stronger commodities is based on renewed "reflation" trade, with the Dow Jones hitting 10 consecutive highs in a row over the past two weeks on US President Donald Trump’s expected stimulatory policies which would boost GDP growth in the US, increasing the demand for commodities. However, views expressed by...
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