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Lundin Mining Corp(LUN-T)

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Futures Collapse on Higher Resource Prices

Baystreet - Tue Oct 3, 2023
Futures tracking Canada's main stock index retreated on Tuesday after oil and gold prices came under pressure from a stronger dollar as investors bet U.S. interest rates will stay elevated for a prolonged period.

The TSX Composite tumbled 364.09, or 1.9%, to close Monday at 19,177.18.

December futures slumped 0.4% Tuesday.

The Canadian dollar faltered 0.22 cents to 72.89 cents U.S.

In corporate news, Canadian investment firm Brookfield is buying the renewable energy division of Banks Group.

Lundin Mining Chief Executive Officer Peter Rockandel is slated to step down on Dec. 31.


The TSX Venture Exchange dropped 13.43 points, or 2.4%, Monday to 545.45.


Stock futures turned down on Tuesday as traders kept an eye on rising Treasury yields, which hit a 16-year high.

Futures for the Dow Jones Industrials withered 155 points, or 0.5%, to 33,483.

Futures for the S&P 500 weakened 24 points, or 0.6%, at 4,300.25.

Futures for the NASDAQ subtracted 102.75 points, or 0.7%, to 14,882.

The 10-year Treasury yield traded at 4.735%, climbing to its highest level since Aug. 15, 2007. The benchmark yield has surged in the past month, as traders assess the possibility of tighter Federal Reserve for longer.

Investors have been fretting recently over the potential of higher interest Federal Reserve for longer, fearing that tighter monetary policy could tip the economy into a recession. This has pushed Treasury yields to levels not seen in more than a decade.

On the economic data front, investors will be watching the Job Openings and Labor Turnover Survey for August, due Tuesday morning.
Economists polled by Dow Jones anticipate 8.8 million job openings.

In Japan, the Nikkei 225 faltered 1.6% Tuesday, while in Hong Kong, the Hang Seng returned to trading with a loss of 2.7%.

Oil prices fell 41 cents to $88.41 U.S. a barrel.

Gold prices sank $5.50 to $1,842.10 U.S. an ounce.

Provided Content: Content provided by Baystreet. The Globe and Mail was not involved, and material was not reviewed prior to publication.