|

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

  • /

    Copper futures up, copper market awaits investigation

    ByVictoria
    0 Comments

    Copper, yet to be included in Donald Trump’s widening list of tariff-hit products, continues to rally on the assumption that it is just a matter of time, Saxo Bank said in a note, as it sees a sooner-than-expected tightening of the global market.

    Copper futures (HG1:COM) are up 2.8% so far this week, and 6.3% for the month. 

    The copper market is still awaiting the result of an investigation carried out under Section 232 of the Trade Expansion Act.

    “As such an investigation normally takes months to be completed, it has left the door wide open for a massive profitable arbitrage between international prices and those in the U.S. being reflected through the High Grade futures contract in New York.”

    Source – Seeking Alpha

  • /

    Gold Price levels hit record highs

    ByVictoria
    0 Comments

    The precious metal remains supported as concerns about an intensifying global trade war continue to place downward pressure on the dollar and Treasurys amid diminishing faith in the U.S. as a reliable trading partner. 

    Gold’s price, which soared 6% last week and trades 23% higher since the start of the year, seesawed Sunday evening as investors digested news that recently announced U.S. tariff exemptions on smartphones, computers, and semiconductors could be temporary, with the president later pledging a national security trade investigation into the chip sector.

    Source – Investopedia

  • “Richest shipwreck” gold coins confirmed

    ByVictoria
    0 Comments

    Experts have confirmed that dozens of gold coins scattered across the ocean floor off the coast of Colombia belonged to the San José, an ill-fated Spanish treasure galleon that sank over 300 years ago during a battle with British warships. The findings were published on June 10 in the journal Antiquity.

    The 64-gun, three-masted Spanish flagship alone carried as much as 200 tons of treasure with a modern value estimated as high as $17 billion by today’s standards.

    The key pieces of evidence were dozens of rough gold coins sitting on the ocean floor. The treasure had an average diameter of 1.3 inches and each weighed around one ounce.

    “Hand-struck, irregularly shaped coins—known as cobs in English and macuquinas in Spanish—served as the primary currency in the Americas for more than two centuries,” Daniela Vargas Ariza, a maritime archeologist and the study’s lead author said in a statement.

    Source – Popular Science

  • / /

    Gold – Silver ratio 2025

    ByVictoria
    0 Comments

    The gold-silver ratio was just over 103:1. That means it takes about 103 ounces of silver to buy an ounce of gold.

    This is slightly above the 1991 peak and not too far below the all-time high of 123:1 during the pandemic chaos in 2020.

    Source – Money Metals

  • /

    McEwen Copper requests major tax breaks for Los Azules copper mine in Argentina

    ByVictoria
    0 Comments

    Canadian miner McEwen Copper, a subsidiary of McEwen Mining, has submitted a request to join an Argentine government incentives program that would give it significant tax breaks for its Los Azules copper project in San Juan province, it said.

    Once the government gives McEwen the green light, its corporate tax rate for the Los Azules project will fall from 35% to 25%, and it will be exempt from value-added tax during construction and from export duties.

    Source – Reuters

  • /

    Gold prices fall as yield rises

    ByVictoria
    0 Comments

    Spot gold fell 0.2% to $2,634.52 per ounce by 2:27 a.m. ET (1927 GMT). U.S. gold futures settled 0.3% lower at $2,647.40.

    “Bond yields are back up again, placing pressure on gold,” said Nitesh Shah, commodity strategist at WisdomTree.

    “There’s speculation that Trump is going to pull back on tariffs … If (the prices of) commodities go up, inflation’s going to remain higher for longer,” Phillip Streible, chief market strategist at Blue Line Futures, said.

    Source – Reuters