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Copper futures up, copper market awaits investigation

ByVictoria

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

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    Gold prices fall, trade deal soon

    ByVictoria
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    Gold prices fell on Thursday, reversing earlier gains, as U.S. President Donald Trump hinted at a potential trade deal with Britain, easing trade tensions and reducing the precious metal’s appeal as a safe-haven investment.

    Spot gold was down 0.7% to $3,342.22 an ounce, as of 1157 GMT. U.S. gold futures slipped 1.3% to $3,347.90.

    “As it becomes confirmed that there is some sort of trade deal in the wings that could help to firm up the dollar a bit and take some of the steam off of gold,” said Nitesh Shah, commodities strategist at WisdomTree.

    Spot silver eased 0.2% to $32.40 an ounce, platinum gained 0.6% to $979.91 and palladium fell 0.2% to $970.91.

    Source – Reuters

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    Newmont gold miner shares in the green

    ByVictoria
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    Shares in the gold miner are currently swapping hands at $76.60 apiece, more than 2% higher from the open as investors process the numbers.

    2024 was a transformational year for Newmont, as we focused on the integration of the Newcrest portfolio, divestment of our non-core assets, and transitioning the business onto a stable operating and investment platform.

    We have deliberately streamlined Newmont into the world’s best collection of Tier 1 gold assets, with a strong foundation of operational and financial performance. Our record fourth quarter gave a glimpse into the promising potential of the business and allowed Newmont to deliver record operating cash flows.

    Source – The Motley Fool

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    Customer wait times on mint coins addressed

    ByVictoria
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    In less than five hours June 13, collectors and the public at large placed sufficient orders to exhaust the maximum authorized mintage of 100,000 Proof 2025-W American Eagle, 250th Anniversary United States Army privy-marked 1-ounce silver dollars,  launched for sale at $105 per coin.

    The remaining 90,000 available for the June 13 sales launch were sold within five hours.

    “Almost immediately, we became aware of concerns regarding the wait times customers in the waiting room were receiving, with some customers initially receiving estimates of 8 hours to ‘more than a day.’ We also encountered issues with payment processing, which were exacerbated by bots and people trying to avoid the household order limits.

    For the waiting room, the Mint is looking for ways we can improve this customer experience. The waiting room looks at current traffic trends when calculating wait times.

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  • Barrick gold seeks arbitration to settle disagreement with Mali

    ByVictoria
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    Barrick is a sector leading gold and copper production. One of the biggest in the world and comes in at 2nd in gold mining.

    “The miner this week threatened to suspend operations in Mali over deteriorating mine conditions. Jefferies analysts wrote in a note this week that closure of the mine would reduce Barrick’s earnings before interest, taxes, and amortization by 11% next year.”

    “Mali, under interim President Assimi Goita, has increased pressure on western miners in a bid to raise its revenue share from gold mines. In the last two months, the junta has detained senior executives of western miners, including employees of these companies for alleged non-payment of mining taxes.” Source – https://www.msn.com/en-ca/money/economy/barrick-gold-seeks-arbitration-over-mali-gold-mine-dispute/ar-AA1w6s2W?ocid=socialshare

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    Gold, Silver and Platinum move above level

    ByVictoria
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    Gold tests historic highs as the strong rally continues.

    A move above the $2850 level will open the way to the test of the $2900 level.

    In case silver stays above the $32.00 level, it will head towards the next resistance at $32.75 – $33.00.

    In case platinum settles back above the $1000 level, it will move towards the resistance level at $1025 – $1030.

    Source – FXEMPIRE

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    Gold futures up

    ByVictoria
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    Gold futures tick higher on tariff uncertainty and short-term monetary policy outlook. Futures are up 0.2% at $3,233.60 a troy ounce, near Friday’s record high of $3,263/oz.

    The uncertainty both boosted gold’s safe-haven demand and weakened the U.S. dollar as an alternative safe asset, further enhancing gold’s appeal, Commerzbank says.

    Source – Wall Street Journal