SHANGHAI, Jun 26 (SMM) – The boom of shanty town redevelopment in China may cool down after China Development Bank (CDB) took away the local approval authority on renovation projects.Share prices of Chinese real estate developers tumbled on Monday June 25 following market talk that Beijing planned to ban shanty town redevelopment altogether and that CDB would stop approving pledged supplemen...Read More
SHANGHAI, Jun 26 (SMM) –Copper: The SHFE 1808 contract opened below the 60-day moving average and touched a low of 51,370 yuan/mt overnight. LME copper broke the support at the $6,800/mt level overnight despite a strike threat at Codelco's Chuquicamata mine in Chile. In China, downstream demand remained sluggish amid slack season and cash woes towards the end of the first half despite th...Read More
SANTIAGO, June 25 (Reuters) - Workers at Codelco's Chuquicamata copper mine in Chile, the state miner's second largest by output, are threatening to walk off the job soon to protest plans to transform the century-old open pit into an underground mine, a union leader said on Monday.Four of the Chuquicamata's six workers' unions voted to go ahead with strikes, alleging the company's plans to overhau...Read More
The outlook for lithium continues to shine, with demand from companies that produce batteries to power electric cars, laptops and other high-tech devices, expected to increase more than thirtyfold by 2027, a new study shows.While the next nine years will drain less than 1% of the reserves in the ground, battery makers will need more lithium to support their production, which will boost demand fo...Read More
Acacia Mining (LON:ACA), Tanzania's No.1 gold producer, said Monday that parent company Barrick Gold (TSX, NYSE:ABX) has yet to reach an agreement with the East African nation's government to end a running dispute over taxes that has severely hit the miner's bottom line.Barrick, which has been negotiating on Acacia's behalf with the Tanzanian government for over a year, had said it would deliver...Read More
BHP's Escondida, the world's largest copper mine, has an uncertain future as the contract between the main miners' union and majority owner BHP is supposed to expire next month.The union demanded a bonus of around $34,000 and a 5% general wage increase for each worker. The two parties have been negotiating since last year. The higher copper prices, due to fears that Escondida workers would go on s...Read More
SHANGHAI, Jun 25 (SMM) – This is a roundup of global macroeconomic news last weekend and what is expected today.Last weekendThe US dollar index dipped and closed at 94.52 last Friday.LME metals saw mixed trading while SHFE metals rose across the board last Friday. LME nickel outperformed with a gain of close to 2%. LME lead increased 0.75%, copper nudged up while aluminium, tin and zinc dipp...Read More
Investing.com - Gold looks likely to remain vulnerable amid worries over higher U.S. interest rates boosting Treasury yields, after the yellow metal registered a second weekly decline last week, ending close to its lowest levels since December.Gold futures for August delivery tacked on 60 cents to settle at $1,271.10 on the Comex division of the New York Mercantile Exchange late Friday. For the we...Read More
SHANGHAI, Jun 25 (SMM) – Nonferrous metals futures saw mixed trading on Monday June 25 as the decision of China’s central bank to cut the required reserve ratio (RRR) by 0.5 percentage point provided only limited support. SHFE lead gained over 1.1%, nickel rose 0.72%, while zinc slumped over 1.8%. Other base metals inched down.In the ferrous market, iron ore jumped nearly 2%, coking co...Read More
SHANGHAI, Jun 25 (SMM) – Spot copper was mostly offered at a discount of 180-110 over the SHFE 1807 contract in the Shanghai market on Monday June 25. This compared with a discount of 160-110 yuan/mt on Friday June 22.The SHFE 1807 contract gained 360 yuan/mt to a high at 51,930 yuan/mt in the morning as China's central bank said it will cut the required reserve ratio by 0.5 percentage p...Read More
SHANGHAI, Jun 25 (SMM) – China's copper scrap imports in May declined 33.3% from a year ago to stand at 210,000 mt, data released by China Customs on Saturday June 23 showed. This compared with a year-on-year drop of 36.7% recorded in April, and brought copper scrap imports from January to May to 950,000 mt. China's stricter inspections of all US-imported scrap from Ma...Read More
SHANGHAI, Jun 25 (SMM) –Copper: LME copper continued to consolidate around the $6,800/mt level last Friday, while the SHFE 1808 contract hovered within a narrow range. The liquidity brought by China’s reserve requirement ratios (RRR) cut is likely to ease the pressure at the 51,500 yuan/mt level for SHFE copper price. The SHFE 1808 contract is likely to rebound in near term. Spot disco...Read More
CALGARY, Alberta, June 25, 2018 (GLOBE NEWSWIRE) -- Copper Fox Metals Inc. (“Copper Fox” or the “Company”) (TSX-V:CUU) (OTC:CPFXF) is pleased to provide highlights of an updated compilation of exploration results for its 100% owned Mineral Mountain copper project located near Florence, Arizona (see news release dated April 30, 2018). The Mineral Mountain area was...Read More
Arizona deal a sign of relaxed capital discipline?M&ASolGold set to shineSPONSOREDsolgold RESOURCEStocks: First drilling has just got underway at your El Fuego copper project (90% option), starting with the San Antonio then Valentina mining areas. Can you outline why you've described San Antonio as a "potential game changer" for Hot Chili?Christian Easterday: We have consolidated three high-g...Read More
Chile ?s Codelco, the world's top copper miner, said late on Friday evening that workers' unions at its small Salvador copper division had rejected an early wage deal from the company, pushing off further negotiations until later this year when its contract expires.The state-run miner said workers at its Potrerillos and Benito Tapia Tapia unions, both part of its Salvador Division, had voted again...Read More
By Chris MfulaLUSAKA, June 22 (Reuters) - Zambia's planned migration to cost-reflective electricity tariffs should be done on a case by case basis because production costs vary, the nation's largest supplier of power to mines said on Friday.Africa's No.2 copper producer plans to introduce electricity tariffs that reflect the cost of production by the end of 2018, a move that could increase costs f...Read More
* FTSE 100 up 1.7 pct* BP , Shell jump* Financials provide support (Adds closing prices; OPEC deal)By Danilo MasoniMILAN, June 22 (Reuters) - Britain's top share index rebounded on Friday to post a weekly gain as oil majors got a boost from an OPEC deal to modestly raise output, helping to soothe fears over a trade war and the revived prospect of an interest rate hike in August.The FTSE 100 .FTSE...Read More
Investing.com - Gold prices were modestly higher on Friday but remained at a six-month low as the dollar fell and trade tensions waned.Comex gold futures for August delivery were up 0.02% to $1,270.80 a troy ounce as of 10:31 AM ET (14:31 GMT).Tensions between the U.S. and its allies remained on the back of investors minds, as the European Union imposed tariffs on about $3.4 billion of U.S. import...Read More