China smelter group agrees to lower Q1 copper charges
The charges tend to fall when ore supply declines and rise when more concentrate is available.
Uncertainty regarding the never-ending euro crisis and weak data from China sent gold and markets lower.
The S&P/TSX Composite Index is off 1.88% and the S&P/TSX Venture Composite Index is down 1.93%.
Yesterday, gold broke through $1,700 mark but is now back trading at $1,680.
Some of the biggest decliners are Hecla Mining Company (NYSE:HL) which is down 5.61% and Stillwater Mining Company (NYSE:SWC) that has so far lost 5.29%.
A bond sale by Germany failed to raise as much funds as planned, worrying investors that the European financial crisis is spreading to even the countries once thought as being unassailable.
Chinese manufacturing data, as tracked by the HSBC China Manufacturing Purchasing Managers Index, declined to a level indicating that economic output may be contracting.
Over night the S&P/ASX 200 lost 1.98% and the Hang Seng Index lost 2.12%.
