|

Copper and Aluminum drop

ByVictoria

Base metal prices plunged early Friday, with three-month benchmark copper on the London Metal Exchange recently -3.7% at $8,985.50/metric ton and three-month aluminum  -1.4% at $2,422.50/ton, as President Trump’s worse than expected tariffs trigger global growth slowdown fears, sparking a selloff in industrial metals and mining equities.

Copper and aluminum have dropped 8.7% and 7.7%, respectively, so far this week, as the tariffs drag down demand forecasts

Trump hit China with a 34% “reciprocal” tariff on top of existing duties, and China announced Friday that it will likewise impose 34% tariffs on all U.S. goods starting April 10.

“While we remain structurally bullish copper in the long run, weaker global GDP and copper demand growth risk delaying the deficit we expect to see in the market this year,” Goldman Sachs wrote.

Source – Seeking Alpha

Similar Posts

  • /

    Federal Judge pause Arizona Copper Line transfer

    ByVictoria
    0 Comments

    Attorneys representing the San Carlos Apache Tribe are asking the judge to grant an injunction pausing a land swap from the U.S. government to Resolution Copper

    During the hearing, attorneys representing the tribe asked a federal judge to grant a temporary injunction pausing an upcoming land swap from the U.S. government to mining giant Resolution Copper.

    Attorneys for the tribe argued May 7 that a pause is necessary as the Supreme Court considers whether to take up the case.

    Source – ABC 15 Arizona

  • /

    Antofagasta copper mining CEO expects copper to remain

    ByVictoria
    0 Comments

    The trade war stirred by U.S. tariffs raises a risk for metal demand, the head of Chile’s Antofagasta said, although he predicted AI and other technology could offset any loss of traditional consumption caused by economic weakness.

    He also said President Donald Trump’s policies could lead to a more favourable environment for investment in mining

    Antofagasta CEO Ivan Arriagada said he expected supplies of copper, needed for construction and the transition to a lower carbon economy, would remain in limited supply.

    “In the current environment, where there is a lot more support for mining investment, it should be easier and should happen,” Arriagada said

    Source – Reuters

  • / /

    Gold and Silver “Technical Scoop”

    ByVictoria
    0 Comments

    Another day, another record for gold. Gold is a go-to safe haven in times of economic uncertainty, geopolitical tensions, and loss of faith in governments. The result was a 3.0% gain for gold this past week and a close at the magical $3,000.

    Other precious metals rose this past week. Silver was up 4.9%, while platinum gained 4.8% and is back over $1,000. Near precious metals saw palladium up 1.9% and copper gaining 4.0% as it marches towards $5.00.

    Source – Silver Seek

  • /

    Franco – Nevada acquire 7.5% gross on gold mine

    ByVictoria
    0 Comments

    Franco-Nevada said Tuesday it agreed to acquire a royalty package consisting of a 7.5% gross margin royalty on the Côté gold mine in Ontario from a unnamed third party for $1.05B in cash.

    The company said the royalty package applies to mineral production from the Chester 1, 2 and 3 claims, which cover all of the mineral reserves and over 99.9% of current mineral resources on the Côté mine.

    Source – Seeking Alpha

    Franco-Nevada Corporation is a Canada based, gold-focused royalty, and streaming company with the most diversified portfolio of cashflow producing assests

  • /

    Silver prices close to $35 mark

    ByVictoria
    0 Comments

    Silver prices surged to $33 per ounce on Friday, hitting their highest since late October at $33.41, fueled by factors driving gold to record highs.

    London Bullion Market Association data revealed an 8.6% drop in silver inventories to 23,528 tons in January, the largest monthly decline since 2016.

    Despite bullish trends, analysts caution against silver’s volatility, noting its price movements often exceed gold’s by 2-2.5 times.

    Source – Econo Times