Chile’s state-owned Codelco, the world’s largest copper producer, said on Wednesday it would supply copper concentrates to India’s Adani Group’s $1.2 billion smelter, the world’s biggest single-location plant of its type.
The supply will begin this year, said Codelco
Codelco also separately signed a preliminary agreement with Hindustan Copper to cooperate on exploring and processing minerals.
Source – Reuters
Gold prices rose for a third straight session on Wednesday and hit a one-week high, helped by a softer dollar and safe-haven demand amid economic and geopolitical uncertainty.
Spot gold was up 0.7% at $3,312.51 an ounce, as of 1153 ET (1553 GMT). U.S. gold futures climbed 0.9% to $3,315.60.
“We expect gold’s recent price dip will stimulate investment buying, as macroeconomic and geopolitical uncertainty linger,” said ANZ in a note.
Silver rose 1% to $33.40 an ounce.
Platinum was up 2.1% at $1,075.59 after hitting its highest since May 2024 earlier. Palladium added 1.8% to $1,031.05, an over six-month peak.
Source – Reuters
“Chinese authorities see a greater role for gold in the future international monetary system, or they wouldn’t continue buying such extraordinary amounts of gold. Via London alone, the PBoC has stockpiled 1,000 tonnes of gold since Russia’s foreign exchange assets were ‘frozen’ by the West in early 2022.” Nieuwenhuijs wrote
Source – Money Metals
The most active futures on gold are currently trading at $2745.10, up $27.30 or 1% from a day earlier. That level is just about 2% shy of its all-time settlement high of $2800.80 marked on Oct. 30. If the contract closes at current levels, it would be the highest close since last month, according to the Dow Jones Market Data.
“Gold remains the consummate hedge for investors worried about inflation or growth,” wrote Jared Woodard and the team from BofA securities on Tuesday. Gold was labeled as BofA’s “highest conviction investment ideas for 2025.”
Source – BARRON’S
BofA securities – Bank of America Inc., previously Bank of America Merrill Lynch (BAML) is an American multinational investment banking division under the auspices of Bank of America.
Silver prices hovered around the crucial $32.19 level on Monday, testing a significant Fibonacci retracement that may define short-term direction.
With the $32.19 level under test and $32.51 looming overhead, silver is well-positioned for an upside break if macro sentiment stays supportive and gold stabilizes above $3,100.
Source – FX EMPIRE
This survey covered an expansive 5km by 3km area in the center of the Project, successfully pinpointing multiple high-priority, drill-ready targets. These findings are significant, highlighting both the potential of the near surface target zones as well as the Project’s capacity to host a large-scale copper porphyry mineral system at depth
Jeremy Niemi, SVP Exploration and Evaluation, commented, “We are very happy with how our maiden exploration season has advanced at the Copper Road Project. We took a very purposeful approach to develop geologically rich evidence for a large-scale copper porphyry mineral system and to identify targets that have the potential to host significant volumes of copper and molybdenum. In just eight months, we have achieved this and set the stage for drilling very exciting targets.”
The primary objective of the survey was to identify sizeable chargeable anomalies within the priority area of the Project.
Source – ACCESSWIRE / Yahoo Finance
Silver price (XAG/USD) hits a fresh weekly high to near $33.20 during North American trading hours on Wednesday. The white metal strengthens as the US Dollar (USD) extends its downside on the United States (US) credit rating erosion in the wake of large debt levels and escalated fiscal imbalances.
Technically, a soft US Dollar makes the Silver price a value bet for investors. Additionally, concerns over US credit erosion improve the safe-haven demand of non-yielding assets, such as Silver.
Source – FX Street
