The twelve key talks coming up in Chile that will keep copper enthusiasts on their toes. (Data: Chile's Gov't. | Graph: MINING.com.)Copper forecasters are keeping a close eye on Chile these days, as the top-producing country prepares for another busy six months of labour talks.From the 32 contracts set to expire in 2018 at the country's mines, there are still a dozen to be negotiated before year-e...Read More
Acacia Mining (LON:ACA), Tanzania's No.1 gold producer, said Friday production fell sharply again in the second quarter of the year as a long-dragged row with the East African nation's government over taxes continues to hit the miner's bottom line.The company, majority owned by Barrick Gold (TSX, NYSE:ABX), said gold production for the three months to June dropped 36% to 133,778 ounces as operat...Read More
SHANGHAI, Jul 6 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar fell to a three-week low ahead of the tariffs on $34 billion of Chinese imports, while the euro strengthened.Base metals mostly ceased their downward trend but remained weak. LME copper and aluminium lost over 1%, tin and zinc inched down, while lead rebounded...Read More
Investing.com - Gold prices remain near a one-week high on Thursday as the U.S. dollar weakened and traders looked ahead to meeting minutes from the Federal Reserve.Comex gold futures for August delivery increased 0.22% to $1,256.20 a troy ounce as of 10:11 AM ET (14:11 GMT).Gold was bolstered by a weaker U.S. dollar. Gold normally rises as the dollar falls, as the precious metal is denominated in...Read More
By Sai Sachin Ravikumar and Sudarshan VaradhanNEW DELHI, July 5 (Reuters) - India's environmental court did not allow Vedanta Ltd VDAN.NS to reopen its copper smelter in the southern Indian state of Tamil Nadu (NS:TNNP), a lawyer representing the state said on Thursday after a hearing on the matter.India's National Green Tribunal did not accept Vedanta's request to reopen the smelter on an interim...Read More
(Bloomberg) -- Commodity bull Goldman Sachs Group Inc (NYSE:GS). has poured cold water on the notion that a trade war between the U.S. and China represents a serious threat to raw materials, saying most of them aren’t likely to be significantly impacted, and after recent declines now’s the time to buy.The Wall Street lender said the economic impact from sanctions between the U.S. a...Read More
* MSCI Asia-Pacific index down 0.5 pct, Nikkei loses 1 pct* Spreadbetters expect European stocks to open little changed* Moves limited before Washington's July 6 tariffs deadline* Trade woes keep copper, zinc stuck near one-year lows* Crude slips after Trump demands OPEC "reduce pricing now"By Shinichi SaoshiroTOKYO, July 5 (Reuters) - Asian stocks fell for the fourth day and major currencies trad...Read More
* MSCI Asia-Pacific index down 0.1 pct, Nikkei down 0.15 pct* US markets closed on Weds, Asia lacks strong direction* Moves limited before Washington's July 6 tariffs deadline* Copper, zinc stuck near one-year lows amid trade woes* Crude slips after Trump demands OPEC "reduce pricing now"By Shinichi SaoshiroTOKYO, July 5 (Reuters) - Asian stocks were shaky while major currencies barely budged in e...Read More
SHANGHAI, Jul 6 (SMM) – SHFE base metals closed mixed on Friday July 6 after the US launched the opening salvo in the trade war with China at noon. Copper fell over 1%, nickel, lead and tin dipped while zinc and aluminium inched up.The ferrous complex rose across the board except for hot-rolled coil. Iron ore and coking coal rose over 0.7%, rebar and coke nudged up.Copper: The 1809 contract...Read More
SHANGHAI, Jul 6 (SMM) – This is a roundup of China’s base metals output in June. SMM surveyed major producers in the market to obtain first-hand information for calculation.CopperChina's output of refined copper in June dipped 3.3% on the month but rose 10.5% on the year and came in at 722,500 mt, SMM survey showed. Output during the first half of the year stood at 4.33 million mt,...Read More
SHANGHAI, Jul 6 (SMM) – Copper: Increasing short positions depressed LME copper to a low of $6,306.5/mt amid risk aversion sentiment as the US confirmed its tariffs on $34 billion of Chinese goods would be effective on Friday. The SHFE 1809 contract also slumped to a low of 49,270 yuan/mt with declining open interests. Its trading range is expected at 49,200-49,700 yuan/mt today with th...Read More
Arizona deal a sign of relaxed capital discipline?M&ASolGold set to shineSPONSOREDsolgoldIn February, the company agreed to pay Capstone Mining&nb...Read More
July 5 (Reuters) - Negotiations between workers and BHP Billiton Plc at the Escondida copper mine in Chile, the world's largest, are "far from reaching agreement" with less than three weeks to go before the negotiation deadline, a union official told Reuters on Thursday.The official, Carlos Allendes, said the union was preparing a $400,000 emergency fund to support workers if they opt to strike af...Read More
The price of copper suffered its seventh straight day of declines on Thursday, losing more than 3% in New York to $2.8205 or $6,220 a tonne on the Comex market, its lowest level since July last year.It was one of the busiest days of 2018 on commodity futures markets with with over 2.3m tonnes of September copper worth $14.6 billion exchanging hands by mid-afternoon. 2018 star performer nickel also...Read More
(Bloomberg) - Zambia agreed to give First Quantum Minerals Ltd. more time to complete its analysis of what the company might owe the southern African nation after it was slapped with a $7.9 billion tax bill, according to the finance minister.The Vancouver-based company is challenging the assessment from Zambia's revenue agency, which claims First Quantum incorrectly declared imports for one of its...Read More
World's second largest miner Rio Tinto (ASX, LON:RIO) said its recent decision to consolidate the sales and marketing teams in London and other European countries into one located in Frankfurt, Germany, had less to do with Brexit than with "synergies."In an interview with Australian Financial Review (subs. needed), chief executive Jean-S?(C)bastien Jacques said the plan was part of a wider reorga...Read More
SHANGHAI, Jul 5 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar inched down and hovered around 94.5 as markets remained wary over the China-US trade war ahead of tariffs implementation.Most LME and SHFE base metals dropped. LME zinc and lead fell over 2%, copper and nickel lost over 1%, tin inched down, while aluminium went...Read More
(Updates prices, writes through)* Graphic: World FX rates in 2018 http://tmsnrt.rs/2egbfVh* Trade worries weigh on MSCI AC World Index* Yuan steadies after Chinese central bank moves* Copper hits 9-month low* Dollar index unchanged, euro edges lower* European chipmaker stocks hitBy Ritvik CarvalhoLONDON, July 4 (Reuters) - World stocks were flat on Wednesday amid growing anxiety ahead of Washingto...Read More
Investing.com - Gold prices were at a one-week high on Wednesday as the U.S. dollar weakened.Comex gold futures for August delivery increased 0.36% to $1,258.00 a troy ounce as of 9:55 AM ET (13:55 GMT).Trading volumes are expected to remain thin throughout the day, as U.S. investors celebrate Independence Day.Gold was bolstered by a weaker U.S. dollar. Gold normally rises as the dollar falls, as...Read More