Base metal miners were weaker
On November 1, the stocks related to base metals were weaker, while precious metal miners moved higher. The PowerShares DB Base Metals (DBB) remained unchanged and the SPDR S&P Metals & Mining ETF (XME) fell 0.2%. The SPDR Gold Shares (GLD) rose 0.65%.
Glencore will restart the Integra coal mine
Glencore (GLNCY), the commodity mining and trading giant, announced its plan to restart its Australian coal asset. The Integra mine is located in the southeastern part of Australia. The operations at the coking coal mine have been closed since July 2014. Glencore plans to restart the operations due to improved coal prices. It’s targeting to produce 1.3 million metric tons of semi-hard coal from the Integra mine and maintain the operations until 2018. Since the beginning of 2016, Glencore rose ~127%. On November 1, it fell 1.6% to $5.96.