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Copper futures up 5%

ByVictoria

U.S. copper futures rallied nearly 5% on Wednesday, rising more than other global benchmarks, after President Trump said imports of the metal would be subject to a 25% tariff; the front-month May Comex contract (HG1:COM) currently +4.6% at $4.76/lb.

Trump’s comments in last night’s speech to Congress sparked a surge in Comex copper prices in Asian hours, as traders reacted to the possibility that copper tariffs could be larger than expected.

“A 25% tariff was clearly not what the market was expecting before those comments, and now traders are scrambling to price in the correct level, whatever that might end up being,” Saxo Bank’s Ole Hansen said. “Whatever the final tariff is, the disruption to global trade flows is very real.”

Source – Seeking Alpha

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    ZiJin Mining boosting gold and copper

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    The China-based miner, which has a market capitalization of approximately $60 billion, is targeting 1.5 million tons of copper and 3.2 million ounces of gold by 2028

    “Our stated goal is to become a green, high-tech, leading global company,”

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    “We are targeting producing 3.2 million ounces of gold by 2028, with an annual growth rate of 7 to 8%,” Shen said.

    Source – Kitco NEWS

    ZiJin Mining – is a Shanghai stock exchange and Hong Kong stock exchange engaged in prospecting, exploration and mining of gold, copper and other mineral resources in 11 countries.

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    Copper mine collapse, 1 killed 5 trapped

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    A collapse at a copper mine in Chile killed one worker and left five trapped underground, authorities said on Friday, forcing Chile’s state mining company to suspend operations in the affected area of the world’s largest underground copper deposit.

    Nine other mine workers suffered injuries, said Chile’s National Copper Corporation, known as Codelco, describing the incident as the result of “a seismic event.”

    The U.S. Geological Survey reported a magnitude 5 earthquake in an area of central Chile where Codelco’s El Teniente mine is located, at 5:34 p.m. local time on Thursday. Authorities said they’re still investigating whether it was a naturally occurring earthquake or whether mining activity at El Teniente caused the quake.

    “We are making every effort to try to rescue these five miners,” said Andrés Music, general manager of El Teniente. “The next 48 hours are crucial.”

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    Praying for these people to be rescued. -Victoria

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    Freeport McMoRan may get approval from Indonesian government

    ByVictoria
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    Indonesia’s government may allow Freeport McMoRan (NYSE:FCX) to export ~1M tons of copper concentrate, Energy and Mineral Resources Minister Bahlil Lahadalia said Friday.

    Freeport Indonesia (FCX) has been seeking permission to export copper concentrate after it was forced to stop copper cathode production at its new smelter in Gresik after a fire broke out at its gas cleaning unit in October.

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    Investment banks raise gold forecasts

    ByVictoria
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    UBS and Commerzbank raised their gold price forecasts on Friday, joining other investment banks as investors drive the safe-haven metal to record highs amid the economic uncertainty sparked by U.S. President Donald Trump’s trade policies.

    Trump’s tariffs have roiled financial markets, stoking fears of inflation and a global recession. While he has paused most duties, he has hiked those on China to 145%, prompting Beijing to lift its tariffs on U.S. goods to 125%.

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    “Incredible demand for physical gold” in New York Markets

    ByVictoria
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    “There is incredible demand for physical gold in New York markets,” said Peter Spina, president and founder of gold news and information provider GoldSeek.com., referring to it as a “physical gold rush.”

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    ByVictoria
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    The silver market has seen a lot of noise at the $33 level, as it is a major resistance level from what I can see. At this point, you need to understand that the silver market is not just a precious metal, but an industrial one.

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