SHANGHAI, Mar 7 (SMM) – This is a roundup of global macro-economic news last night and what is expected today.Last nightMarkets were rattled following the resignation of White House economic advisor Gary Cohn. The US dollar declined and hovered at 89.4.Base metals saw mixed trading. SHFE tin edged down while nickel rose over 1%. LME nickel jumped close to 2%, copper rose almost 1% while...Read More
SHANGHAI, Mar 7 (SMM) – China’s banking regulator plans to cut the amount of funds that banks are required to set aside to cover loan losses in a bid to provide more liquidity to the market.In a circular released by China Banking Regulatory Commission (CBRC) last week, commercial banks are required to reduce the provision coverage ratio to 120-150% and loan provision ratio to 1.5-2.5%...Read More
SHANGHAI, Mar 7 (SMM) –Copper: The support at the 40-day moving average, or 52,000 yuan/mt, remained for SHFE copper, while destocking in China helped the bullish sentiment somewhat. We expect copper prices to go up further with SHFE 1805 at 52,500-53,000 yuan/mt today and LME copper at $6,960-7,020/mt. Spot discounts are expected to be smaller as sellers continued to hold on to their cargoe...Read More
With 2016 being a year of rock bottom-of-cycle prices, many expected it to also be a good year for mining mergers and acquisitions (M&A).But while the number of deals made last year increased by a third from the year prior, to 477 deals in 2016, it's the low value of the M&A that stands out in EY's latest report, "Mergers, acquisitions and capital raisings in mining and metals - 2016 trends, 2017...Read More
In a case that appears to turn the logic of citizen actions against mine owners on its head, a group of Minnesota residents is suing the state and the Governor over a decision to revoke mineral leases.While disgruntled residents opposed to mines usually go to court to try to stop the mine, the legal case in the Midwestern state centres around whether the state government and Minnesota Gov. Mark...Read More
The head of China's second-largest copper refiner is sounding a bearish note on the red metal, even as the country is targetting higher economic growth.Interviewed by Bloomberg on Sunday, Jiangxi Copper Co. Chairman Li Baomin predicted copper will average 45,000 (US$6,524) to 46,000 (US$6,673) Chinese yuan per ton in 2017, down from an average 47,513 yuan (US$6,892), year to date. Chairman Li ci...Read More
Figure 1: Pure (99.9 %) cobalt chips, electrolytically refined. Source: Wikipedia image commonsBy Sam BroomYou've probably given little thought to a perennially overlooked metal called cobalt, even though chances are you're reading this very article on a device powered by a battery containing a significant proportion of the metal.I'm going to spend most of this article outlining an emerging narrat...Read More
Canada has decided to extend the Mineral Exploration Tax Credit, which was ending on March 31, for a full extra year, the country's natural resources minister announced Sunday evening.Speaking to media attending the 85th version of the Prospectors & Developers Association of Canada's (PDAC) International Convention in Toronto, minister Jim Carr said the 15% mineral exploration tax credit is inten...Read More
Investing.com - Gold prices were higher during European morning hours on Monday, starting the week off with gains as demand for safe-haven assets was boosted amid news of North Korea's firing of four ballistic missiles.Comex gold futures tacked on $6.95, or about 0.6%, to $1,233.45 a troy ounce by 3:15AM ET (08:15GMT). The precious metal fell to $1,223.00 on Friday, the lowest since February 15.Sp...Read More
SHANGHAI, Mar 6 (SMM) – This is a roundup of global macro-economic news last night and what is expected today.Last nightWith the US dollar hovering around the 90 level as the trade war simmers, base metals saw mixed trading. SHFE aluminium inched up, LME copper and tin rose slightly, while both SHFE and LME zinc dropped some 2% due to the jump in inventories.The Sentix investor confidence in...Read More
SHANGHAI, Mar 6 (SMM) –Copper: We see an upward room in copper prices as downstream consumption continues to recover and sellers are keen to destock. LME copper is expected to trade at $6,890-6,970 mt with SHFE at 52,000-52,700 yuan/mt today.Aluminium: LME aluminium is facing increasing downward pressure but support was seen at the five-day moving average. We expect it to trade at $2,135-2,1...Read More
A prospective copper-gold mine in south-central British Columbia has been handed a setback by local First Nations who oppose the project.An environmental review panel led by the Stk'eml??psemc te Secw?(C)pemc and the Tk'emlups had been deliberating the pros and cons of the controversial $1.3-billion mine, located on the outskirts of Kamloops, for the past few months. On Saturday, in a 200-per...Read More
The Prospectors & Developers Association of Canada's (PDAC) International Convention, one of the world's leading minerals and mining events, kicked off Sunday amid increased optimism in the global industry.Now in its 85th year, this annual event brings together the industry from around the world to downtown Toronto. More than 22,000 attendees from 125 countries were represented in 2016, with simi...Read More
Investing.com - Gold prices fell on Friday and posted the largest weekly loss of 2017 so far amid growing expectations that the Federal Reserve will raise interest rates later this month.Gold for April delivery settled down 0.52% at $1,225.5 on the Comex division of the New York Mercantile Exchange, having touched its lowest since February 15 at $1,222.9 earlier. Gold finished the week down 2.5%.G...Read More
SHANGHAI, Mar 5 (SMM) – SMM assessed spot imported copper concentrate treatment charges (TCs) $4/mt lower to $70-78/mt on Friday March 2 due to higher demand and possible lower output.While some small and medium-sized smelters stocked up before the Chinese New Year holiday, traders actively sourced copper concentrate in anticipation of tighter supply. Lingbao Gold’s additiona...Read More
SHANGHAI, Mar 5 (SMM) – This is a roundup of global macro-economic news over the weekend and what is expected today.Last Friday nightThe US dollar slid following the country’s plan to impose sweeping tariffs on steel and aluminium imports. LME zinc dropped over 1% and tin edged down slightly, while SHFE tin inched up.Germany’s retail sales in January dropped 0.7% month on month a...Read More
SHANGHAI, Mar 5 (SMM) - Copper: As SHFE copper stayed firm with support at the 52,000 yuan/mt level, we expect the 1805 contract to trade at 52,000-52,600 yuan/mt today, with LME copper at $6,880-6,950/mt. Spot discounts are seen slightly smaller at 180-130 yuan/mt today with the recovery of downstream consumption.Aluminium: With the US dollar index falling below the 90 level, LME aluminium i...Read More