Despite the losses of the last few days, the Copper price on the Comex is up a good 25 percent since the beginning of the year, almost on a par with tin. But on the LME, too, Copper is trading around 10 percent higher than at the beginning of the year, Commerzbank’s commodity analyst Barbara Lambrecht notes.
Source – FX Street
Spot gold shed 0.4% to $2,927.95 an ounce by 1204 GMT. Bullion has gained around 1.6% this week after rising to a record $2,954.69 on Thursday.
“The non-stop rally since December remains unchallenged unless prices drop to around $2,850,” said Ole Hansen, head of commodity strategy at Saxo Bank.
“Gold has been displaying resilience with short-lived retracements, as lingering U.S. trade uncertainties reinforce its appeal as a hedge,” IG market strategist Yeap Jun Rong said.
Spot silver was flat at $32.92 an ounce, and palladium dipped 0.3% to $974.75. Both metals were headed for weekly gains.
Platinum shed 0.2% to $976.80 and eyed a weekly decline.
Source – Reuters
In a powerful and timely interview, Francis Hunt of The Market Sniper sat down with Jp Cortez, Executive Director of the Sound Money Defense League, to discuss the accelerating legislative efforts to restore gold and silver as constitutional money across the United States.
Source – Money Metals – Video Interview
Zinc, the biggest loser in the LME complex, is currently trading 4.8% lower than at the start of the year.
Meanwhile, tin prices have increased by 13.5% in the first few weeks of the year, making it the biggest winner.
Copper refining grew as expected at 4.2%, but mine production surprised at 2.3%, 0.5% higher than the ICSG September forecast.
The supply of refined copper is under threat due to mine production, which has put downward pressure on processing fees in copper smelters, according to Commerzbank.
The lead market experienced a minor oversupply due to a substantial increase in mine production.
This increase, just under 2%, was fueled by significantly higher supply in the US, Australia, Peru, and Mexico.
Source – Invezz
Glencore owns the Mutanda copper cobalt mine and has 75% stake in Kamoto Copper Company leaving the mines value at $6.8 billion dollars.
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Gold rose after President Donald Trump delivered on threats to hit Canada and Mexico with sweeping tariffs and doubled a charge on China, spurring swift reprisals.
Bullion climbed above $2,915 an ounce as Beijing announced 15% duties on some American farm goods, including cotton. Geopolitics was also in the spotlight after the US paused all military aid to Ukraine.
Spot gold rose 0.8% to $2,914.45 an ounce at 10:45 a.m. in London. The Bloomberg Dollar Spot Index fell 0.2%. Silver and palladium gained, while platinum was little changed.
Source – Bloomberg
“Given the current scenario, central banks are likely to continue diversifying their reserves with gold for financial and strategic reasons,” ICICI Securities stated in its report.
Pankaj Pandey, Head of Research at ICICI Securities, noted, “We anticipate fresh investment demand for gold in 2025 as investors seek a store of value amidst trade war anxieties.”
Silver is poised to outperform gold in 2025, supported by strong industrial demand from green energy applications, including photovoltaics and electric vehicle (EV) electrification, said ICICI.
Source – Live Mint