Copper Prices Jan 9,2025
Source – Money Metals
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Codelco targets 1.391 million tons of copper output
Chilean state miner Codelco, the world’s largest copper producer, is targeting production of 1.391 million metric tons of the red metal this year, according to an unpublished government decree approving its 2025 budget reviewed by Reuters.
In calculating its budget, Codelco forecast a copper price of $4.30 per pound and expects a cash cost of $1.98 per pound, the document showed.
Source – Reuters
Gold inches higher on trade war concerns
Gold prices edged higher on Thursday, as markets closely tracked developments in U.S. President Donald Trump’s tariff plans, which could ignite a global trade war, while investors awaited crucial U.S. data due later in the day.
Spot gold was up 0.2% at $2,908.50 per ounce, as of 0240 GMT. Bullion hit a record peak of $2,942.70 on Tuesday. U.S. gold futures firmed 0.3% to $2,936.50.
“Gold continues to serve as a key diversifier amid trade uncertainties, as market participants seek to mitigate portfolio volatility,” IG market strategist Yeap Jun Rong said.
Spot silver rose 0.2% to $32.29 per ounce, platinum gained 0.2% to $994.75 and palladium firmed 0.5% to $978.46.
Source – Reuters
Gold to remain stong, silver expected to rise
Gold prices firmed on Wednesday as investors stayed cautious amid lingering uncertainty over the U.S.-China trade truce and waited for key U.S. inflation data for clues on the Federal Reserve’s interest rate trajectory.
Spot gold XAU= was up 0.3% to $3,330.69 an ounce at 1122 GMT. U.S. gold futures GCcv1 were up 0.3% to $3,351.60.
“Gold should remain supported as long as global trade tensions risk escalating further, or even just staying elevated for longer.”
“We expect silver to reach $38/oz in the coming months. Market deficit considerations and a weaker USD hold the key for even higher prices – a test of $40/oz is possible,” UBS said.
Source – Reuters
Aya Gold & Silver down
Shares of Aya Gold & Silver were down Friday after the company reported lower silver production than analysts expected in the fourth quarter.
The stock retreated 15% to 10.85 Canadian dollars ($7.58).
Silver production in the fourth quarter totaled 491,310 ounces, compared with 450,046 ounces in the same period a earlier.
Source – Market Watch
Gold spot fell and investors waiting for data on Friday
Spot gold fell 0.7% to $2,894.55 an ounce as of 09:44 a.m. ET (1444 GMT). Bullion, a preferred hedge against uncertainty and inflation, hit a record high of $2,956.15 on Monday amid trade war concerns emerging from tariff threats.
“Bullish trend is still in place… We are not surprised by a period of consolidation ahead of some piece of important data,” said David Meger, director of metals trading at High Ridge Futures.
Spot silver was down 0.5% to $31.57, platinum eased 0.4% to $963 and palladium dropped 0.4% to $924.01.
Source – Reuters
Zambia says Saudi’s Manara interested in its copper assets
Saudi Arabia’s Manara Minerals is looking for critical minerals projects in Zambia to invest in, the southern African country’s mines minister Paul Kabuswe told Reuters on Thursday.
“They (Manara) are interested, but we do not know which ones yet,” he said on the sidelines of a mining conference in Riyadh, adding that an announcement on a potential mining deal between Zambia and Saudi Arabia is likely this year.
“We no longer want those agreements where we have 10% or 15%,” he said, adding that the government is also holding talks with Barrick Gold, Ivanhoe Mines and Chinese investors on their plans for new projects.
Source – Reuters