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S&P/ASX 200 rallies after lunch to finish higher for a second day

Oil prices fell today as data showed an increase in US oil inventories, raising the prospect of oversupply as a potential second wave of COVID-19 emerges.

Arafura Resources Ltd - S&P/ASX 200 rallies after lunch to finish higher for a second day
US Treasury yields fell as cautious tone from IMF and Fed halted a rally

S&P/ASX 200 (INDEXASX:XJO) closed up 0.83% to 5992 near its intra-day high after a choppy session that saw the index zig-zagging for much of the day.

Materials fell by 0.6% while all other sectors improved. Pilbara Minerals Ltd (ASX:PLS) dropped 5.36% while Fortescue Metals Group Limited (ASX:FMG) fell 1.75%.

Top gainers on the ASX today include Corazon Mining Ltd (ASX:CZN) (+50.00%), Greenland Minerals Ltd (ASX:GGG) (+8.33%), Argosy Minerals Limited (ASX:AGY) (+7.14%) and Medlab Clinical Ltd (ASX:MDC) (+12.90%).

COVID-19 update

The number of confirmed COVID-19 cases around the world has now topped 8 million.

The WHO has warned that while the virus has slowed in Europe it is gaining speed in other parts of the world, including parts of Asia, Africa and the Americas.

IMF Chief Economist Gita Gopinath cautioned that “the forthcoming June World Economic Outlook Update is expected to show negative growth rates even worse than previously estimated.”

Geopolitical tensions

Tensions escalated along the Korean peninsula Tuesday after North Korea destroyed a liaison office with the South.

Meanwhile, twenty Indian Army soldiers were killed in a violent face-off with Chinese troops Monday night in the disputed Himalayan Galwan Valley.

Proactive news headlines:

King River Resources continues to progress PFS for Speewah Specialty Metals Project

King River Resources Ltd (ASX:KRR) is making progress with an updated pre-feasibility study (PFS) at its Speewah Speciality Metals (SSM) Project in the East Kimberley region of Western Australia. KRR plans to initially scale the SSM project to produce high purity alumina (HPA), with vanadium, titanium, and iron as potential co-products at a later stage, but not included as part of the PFS.

Australian Potash advances along environmental approvals pathway for Lake Wells SOP Project

Australian Potash Ltd (ASX:APC) is progressing with the Environmental Review Document (ERD) for the development of its Lake Wells Sulphate of Potash project (LSOP) in Western Australia. The ERD has been accepted for final assessment by the Environmental Protection Authority (EPA) which has advised a timetable for completion of the assessment of the proposed development.

Arafura Resources progresses towards signing Native Title Agreement for Nolans Project

Arafura Resources Limited (ASX:ARU) is progressing towards executing the Native Title Agreement for its 100%-owned Nolans Neodymium-Praseodymium (NdPr) Project in the Northern Territory.

Animoca Brands to list its shares on PrimaryMarkets trading hub

Animoca Brands Corporation Limited has appointed PrimaryMarkets Limited to manage a private secondary share trading hub for its existing shares. Animoca’s trading hub will be available to trade existing shares starting on June 24, 2020.

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