Closing Bell: ASX leaps as traders pile into miners; copper price boosted after Peru incident
The ASX crept higher as Trump hinted at easing China tariffs, copper got a boost after a mine incident in Peru.
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ASX edges up as Trump de-escalates China tariffs
Copper jumps on Peru mine drama
ResMed soars, GDG sinks, oil slips
The ASX had a bit of a spring in its step on the last trading day of the week, leaping higher by 0.6% as the mining big guns helped steady the ship.
For the week, the ASX 200 index was up well over 2.5%.
Investors were still trying to make sense of a whirlwind week of global headlines, and at the heart of it all, as usual, was Donald Trump.
Speaking to press overnight, Trump tossed up the idea of walking back some of those stiff tariffs on China. And that hint alone was enough to give markets a lift, even if no one’s quite sure whether he’ll stick to it.
There’s talk that he might cut those China import taxes down to somewhere between 50 and 65%.
In Asia today, stock markets opened higher but gave back some gains after US Treasury Scott Bessent threw cold water on hopes of a quick fix, saying there was no official deal on the table with China just yet.
On the ASX, gold miners got a nice kick as bullion bounced back after a rough session yesterday.
Newmont Corporation (ASX:NEM) climbed 3.5% after reporting 1.5Moz of gold and 35,000t copper production in the March quarter at AISC of US$1651/oz, generating free cash flow of US$1.2bn, and Emerald Resources (ASX:EMR) shot up almost 4%.
Over in the iron ore camp, prices topped US$100 a tonne, helping BHP (ASX:BHP) and Fortescue (ASX:FMG) rise about 1% each.
It wasn’t all good news though as oil stocks took a knock.
Woodside Energy Group (ASX:WDS) lost a chunky 2% as crude prices lingered near two-week lows amid whispers that OPEC+ might crank up supply again.
Meanwhile, copper was another hot topic today.
Capstone Copper Corp (ASX:CSC) lit up the boards, jumping 8% amid some concern out of Peru which gave copper prices an extra nudge.
There was a deadly accident at the massive Antamina copper and zinc mine. A senior manager was killed, another worker injured, and the whole operation has been shut down while they sort it out.
The place is run by a heavyweight crew of BHP, Glencore, and Teck, and with the mine punching out over 400,000 tonnes last year, experts say any long pause could squeeze global copper supply.
ASX SMALL CAP LEADERS
Today’s best performing small cap stocks:
Security Description Last % Volume MktCap 1TT Thrive Tribe Tech 0.002 100% 20,505,789 $2,031,723 TKL Traka Resources 0.002 100% 848,136 $2,125,790 NES Nelson Resources. 0.003 50% 333,333 $4,343,855 RLG Roolife Group Ltd 0.006 50% 2,482,142 $5,984,125 AVR Anteris Technologies 7.800 39% 46,724 $86,519,608 GMN Gold Mountain Ltd 0.002 33% 423,044 $7,193,970 BGE Bridgesaaslimited 0.023 28% 23,000 $3,597,466 RLL Rapid Lithium Ltd 0.003 25% 2,000,000 $2,489,889 SRK Strike Resources 0.039 22% 674,551 $9,080,000 AUR Auris Minerals Ltd 0.006 20% 13,287,422 $2,383,130 AZL Arizona Lithium Ltd 0.006 20% 15,726,874 $22,809,073 SHP South Harz Potash 0.006 20% 250,000 $5,412,894 VHL Vitasora Health Ltd 0.039 18% 5,062,350 $51,984,148 M24 Mamba Exploration 0.013 18% 989,941 $3,246,822 PLC Premier1 Lithium Ltd 0.013 18% 3,989,235 $4,048,666 TNC True North Copper 0.230 18% 697,076 $24,538,608 CYM Cyprium Metals Ltd 0.020 18% 519,710 $35,083,353 PUR Pursuit Minerals 0.045 17% 153,680 $3,789,891 DTR Dateline Resources 0.007 17% 11,752,092 $16,593,412 GES Genesis Resources 0.007 17% 100,000 $4,697,048 HHR Hartshead Resources 0.007 17% 3,434,472 $16,852,093 JAV Javelin Minerals Ltd 0.004 17% 1,562,175 $18,138,447 ODE Odessa Minerals Ltd 0.007 17% 3,832 $9,597,195 REZ Resourc & En Grp Ltd 0.028 17% 227,271 $16,119,339
Gold Mountain (ASX:GMN) has been poking around its Ararenda Project in northeast Brazil, and reckons it’s onto something big. Early test results from stream sediment samples show some chunky copper-gold anomalies stretching across 20 kilometres, which line up with a known mineralised zone nearby. It’s sniffing out signs of a large IOCG-style system and with more results on the way, the company said it’s keen to drill.
Pursuit Minerals (ASX:PUR) released its quarterlies today. The company said during the quarter, it’s been busy at its Rio Grande Sur lithium project over in Argentina, which is starting to hit some solid milestones. The company fired up its lithium carbonate pilot plant in Salta and produced its first batch from synthetic brine. Pursuit is also rolling out a staged production plan aiming for over 15,000 tonnes a year, and the numbers from its recent resource upgrade are feeding straight into the feasibility study due out in the first half of 2025.
ASX SMALL CAP LAGGARDS
Today’s worst performing small cap stocks:
| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| ADD | Adavale Resource Ltd | 0.001 | -50% | 2,799 | $4,574,558 |
| EEL | Enrg Elements Ltd | 0.001 | -50% | 931,095 | $6,507,557 |
| ASR | Asra Minerals Ltd | 0.002 | -33% | 5,708,984 | $7,119,380 |
| CR9 | Corellares | 0.002 | -33% | 2,994,561 | $1,904,722 |
| EDE | Eden Inv Ltd | 0.001 | -33% | 308,650 | $6,164,822 |
| CRR | Critical Resources | 0.003 | -25% | 1,126,789 | $9,856,885 |
| MMR | Mec Resources | 0.003 | -25% | 116,714 | $7,399,063 |
| SVY | Stavely Minerals Ltd | 0.012 | -20% | 796,098 | $8,160,631 |
| ERL | Empire Resources | 0.004 | -20% | 1,011,777 | $7,419,566 |
| MTB | Mount Burgess Mining | 0.004 | -20% | 25,000 | $1,758,513 |
| RGL | Riversgold | 0.004 | -20% | 750,100 | $8,418,563 |
| LYK | Lykosmetalslimited | 0.013 | -19% | 534,615 | $3,767,111 |
| WMG | Western Mines | 0.125 | -17% | 224,769 | $13,553,002 |
| PIL | Peppermint Inv Ltd | 0.003 | -17% | 2,172,069 | $6,712,918 |
| OLY | Olympio Metals Ltd | 0.045 | -15% | 101,431 | $4,667,567 |
| SCN | Scorpion Minerals | 0.017 | -15% | 2,053,761 | $10,244,124 |
| GDG | Generation Dev Group | 4.140 | -15% | 6,045,810 | $1,875,886,254 |
| QXR | Qx Resources Limited | 0.003 | -14% | 450,000 | $4,586,151 |
| GT1 | Greentechnology | 0.033 | -13% | 1,909,119 | $14,772,580 |
| CDR | Codrus Minerals Ltd | 0.020 | -13% | 200,000 | $3,803,913 |
| OLH | Oldfields Holdings | 0.040 | -13% | 130,972 | $9,800,720 |
| AAU | Antilles Gold Ltd | 0.004 | -13% | 1,526,666 | $8,505,471 |
| DTI | DTI Group Ltd | 0.007 | -13% | 356 | $3,588,411 |
| ID8 | Identitii Limited | 0.007 | -13% | 476,467 | $6,224,108 |
Despite reporting a ripper of a March quarter, where Sofdra Gel sales more than doubled from Feb to March, Botanix Pharmaceuticals (ASX:BOT) still still slid by 2% today.
Sofdra is Botanix’s new prescription gel for people with excessive underarm sweating. More than 2,000 new patients a month are jumping on board, and over 1,500 doctors have already been handing out scripts, said Botanix.
IN CASE YOU MISSED IT
Perpetual Resources (ASX:PEC)has confirmed the presence of high-grade lithium and caesium at its Igrejinha project in Brazil, with samples returning grades above lab detection limits and extending the mineralised pegmatite zone to over 15m thick. The results strengthen confidence in the project ahead of a planned maiden drill campaign starting in early June.
Golden Mile Resources (ASX:688)has received all necessary permits to begin its first-ever drilling program at the Pearl copper project in Arizona, targeting the Odyssey and Ford prospects. The 1800m reverse circulation drill effort is set to kick off shortly after site mobilisation starts on April 28.
Gascoyne explorerMiramar Resources (ASX:M2R)has secured up to $250,000 in WA Government co-funding to carry out a detailed magnetic and electromagnetic survey at its Bangemall nickel-copper-PGE project. The survey will test newly acquired tenements and follows encouraging signs of Norilsk-style mineralisation from earlier drilling.
Renascor Resources (ASX:RNU) has completed major electrical upgrades at the Cleve substation, including a new 33kV transformer and powerline enhancements, to support phase one of its Siviour graphite mine in South Australia. These works reduce project risk, lower operating costs, and help power the mine with a cleaner energy mix as RNU advances toward full-scale production and downstream processing.
Hillgrove Resources (ASX:HGO) has mobilised contractors, equipment, and labour to fast-track development of the Nugent decline at its Kanmantoo site, with first ore on track for processing in the December 2025 quarter. This milestone marks the start of Stage 1 in the company’s 12-month production ramp-up strategy.
EU-funded geophysical exploration has kicked off at Latitude 66 (ASX:LAT) flagship KSB Project in Finland’s Kuusamo Schist Belt, as part of the €5 million UNDERCOVER initiative led by the Geological Survey of Finland (GTK). Backed by Horizon Europe, the three-year project aims to advance deep exploration for critical raw materials using innovative and environmentally friendly techniques.
TRADING HALTS
- Western Gold Resources (ASX:WGR) - cap raise
- Power Minerals (ASX:PNN) - cap raise
- Tempest Minerals (ASX:TEM) - cap raise
- Lodestar Minerals (ASX:LSR) - exploration results
At Stockhead, we tell it like it is. While Pursuit Minerals, Perpetual Resources, Golden Mile Resources, Miramar Resources, Renascor Resources, Hillgrove Resources and Latitude 66 are Stockhead advertisers, they did not sponsor this article.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
Originally published as Closing Bell: ASX leaps as traders pile into miners; copper price boosted after Peru incident
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