SHANGHAI, Feb 13 (SMM) –Copper: Copper prices rebounded following the global stock market rally and further upward room remains. We see SHFE copper trading at 51,300-51,900 yuan/mt with LME copper at $6,850-6,900/mt today. In the physical market, thin trading liquidity may see spot discounts widen to 300-250 yuan/mt.Aluminium: The increase in LME aluminium inventory reflected growing Chinese...Read More
Investing.com - Gold prices steadied on Friday, but remained below the week's three-month highs as the dollar pared back some of the gains made in the wake of U.S. President Donald Trump's promise of a major tax announcement.Gold for February delivery settled down 0.15% at $1,235.0 on the Comex division of the New York Mercantile Exchange. The precious metal was still 1.3% higher for the week.On W...Read More
SHANGHAI, Feb 12 (SMM) – Only SHFE aluminium resisted a drop among nonferrous metals today with a rise of close to 1%. SHFE tin lost 1.5% while zinc was down over 1%.In the ferrous complex, coking coal and rebar edged up when iron ore was down around 1% and coke was down 0.73%. Hot-rolled coil also slipped.Copper: The SHFE 1804 copper contract was trading below all moving averages as the mar...Read More
SHANGHAI, Feb 12 (SMM) –Copper: As investors grew cautious against the backdrop of falling global stock market and sluggish physical demand ahead of Chinese New Year, we see copper prices staying weak in the short term. However, we also see limited downward room with support level at 50,500-51,000 yuan/mt for SHFE copper. LME copper is expected to trade at $6,710-6,780/mt today.Aluminium: Ch...Read More
A leaked White House memo, which outlines the suspension of a portion of the Dodd-Frank rule on conflict minerals', will exacerbate already high levels of violence in DR Congo. US President Donald Trump is expected to sign an executive order that will relieve companies for at least the next two years from demonstrating to US authorities that the minerals they use have been sourced ethically. The m...Read More
In New York on Friday copper for delivery in March jumped by more than 4% to $2.7710 per pound or $6,100 a tonne after BHP Billiton declared force majeure at its Escondida mine in Chile.Copper is now trading at its highest level since late May 2015 with year-to-date gains of just under 10%. BHP confirmed on Friday it could no longer meet contractual obligations on metals shipments from the mi...Read More
In the latest chapter on the saga "Quebec versus junior miner Copper One" (TSX-V:CUO), the province's Ministry of Energy and Natural Resources (MERN) suspended this week all exploration permits for the company's Riviere Dore copper-nickel project.According to the Toronto-based firm, the authority's decision is clearly "abusive" and it evidences "an excess of jurisdiction," reason why Copper One w...Read More
Investing.com - Gold prices tumbled on Friday, as the U.S. dollar remained broadly supported following recent comments by U.S. President Donald Trump on tax reform and an upbeat jobless claims report added to optimism over the strength of the U.S. economy.On the Comex division of the New York Mercantile Exchange, gold futures for April delivery were down 1.12% at $1,223.00, the lowest since Februa...Read More
(Adds futures, company news item)Feb 10 (Reuters) - Britain's FTSE 100 .FTSE index is seen opening up 23 points at 7,252 on Friday, according to financial bookmakers, with futures FFIc1 up 0.3 percent ahead of the cash market open.* The UK blue chip index was up 0.6 percent at 7,229.50 points at the market close, underperforming the pan-European STOXX 600 .STOXX index on Thursday, as insurance and...Read More
Feb 10 (Reuters) - Britain's FTSE 100 .FTSE index is seen opening up 23 points at 7,252 on Friday, according to financial bookmakers.* The UK blue chip index was up 0.6 percent at 7,229.50 points at the market close, underperforming the pan-European STOXX 600 .STOXX index on Thursday, as insurance and banking stocks picked up pace, while miners weighed. LLOYDS: Lloyds Banking Group LLOY.L is the l...Read More
In New York on Thursday copper for delivery in March declined 1% at $2.6410 per pound or $5,822 a tonne despite news of strikes at three mines responsible for some 10% of total global output. Last week copper touched its highest level since June 2015 above $2.72 a pound.Protesting workers settled in for the long haul, equipped with stockpiles of gas cylinders, portable cookers and tents to wea...Read More
Mining giant BHP Billiton (ASX, NYSE:BHP) (LON:BLT) approved Thursday a $2.2 billion investment to expand its Mad Dog deep-water oilfield in the Gulf of Mexico.Expansion has the potential to increase production to 140,000 barrels of oil per day from the about 80,000 barrels it currently generates.The expansion of the project, operated by BP (LON:BP.A) (NYSE:BP), has the potential to increase produ...Read More
* Zambia scraps import tax plan* Vedanta expands in South Africa, Namibia, ZambiaBy Barbara LewisCAPE TOWN, Feb 9 (Reuters) - Indian mining company Vedanta Resources VED.L is urgently trying to overcome technical issues at its Zambian copper operations that it says have the potential to produce the metal for another 50 years.The mining industry as a whole has been frustrated by a lack of availab...Read More
Investing.com - Gold prices rose modestly in European morning trade on Thursday, holding near the prior session's three-month high amid growing concerns over political risks in Europe and economic uncertainty in the U.S.Gold for April delivery on the Comex division of the New York Mercantile Exchange inched up $2.10, or about 0.2%, to $1,241.60 a troy ounce by 3:10AM ET (08:10GMT), after rising $3...Read More
SHANGHAI, Feb 9 (SMM) – Nonferrous metals futures fell across the board today with SHFE tin and nickel down 2%. While copper slid over 1%, SHFE zinc, aluminium and lead all edged down.The performance of the ferrous complex was no different from its base metals peers. Coke dropped nearly 2% while hot-rolled coil was down 1.5%. Rebar fell 1% as coking coal and iron ore slipped. Copper: T...Read More
SHANGHAI, Feb 9 (SMM) – LME copper inventory added over 40,000 mt over the past two days to 336,225 mt as of Friday February 9, highest level seen since May 2017. The ratio of cancelled warrants also dropped to 12.9% amid weak demand. For editorial queries, please contact Daisy Tseng at daisy@smm.cn For more information on how to access our research reports, please email ser...Read More
World number four gold producer Goldcorp (NYSE:GG) announced on Wednesday it's acquiring New Gold's (NYSE:NGD) 4% gold stream on its El Morro project in Chile for $65 million in cash.El Morro is part of a joint venture between Goldcorp and Teck Resources. The Vancouver-based companies merged the El Morro and Relincho deposits in 2015 to create NuevaUnion in the Atacama region of Chile. Goldcor...Read More
Image: Grupo MexicoSouthern Copper Corp (NYSE:SCCO), the world's fifth largest copper producer in terms of output, has plans to increase copper production by two-thirds in just six years thanks to a raft of projects coming on stream towards the latter part of the decade.Last year the company, controlled by diversified resource and infrastructure giant Grupo Mexico, produced 906,000 tonnes of the r...Read More