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Copper trade up to $US10,046.50 a ton

ByVictoria

Copper traded on the London Metal Exchange has jumped 14 per cent this year and reached $US10,046.50 a tonne on Thursday, the highest since October.

“Traders are redirecting the metal from Asia to take advantage of the price premium and skirt any potential tariffs on the metal,” said ANZ senior commodity strategist Daniel Hynes.

“The US copper rush could leave the rest of the world tight on copper if demand picks up more quickly than expected,” said ING commodity strategist Ewa Manthey.

Source – Financial Review

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    Indonesia trade ministry supports extending Freeport’s copper export permit

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    Freeport’s last export permit expired at the end of 2024, but the company has requested it can continue selling copper concentrate abroad because its local copper smelter was in repair after a fire in October last year.

    “The trade ministry supports a plan to relax the export policy after weighing the cost and benefit analysis … while also observing the sustainability of the government’s natural resource downstreaming policy,” deputy minister Dyah Roro Esti said in a statement.

    Freeport Indonesia said that it’s currently negotiating with the government over the export permit and believed the government “would accommodate” it.

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    Silver falls but don’t worry

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    The silver market has plunged during trading on Friday in the early hours, but it looks like the $35.50 region is in fact going to continue to offer support, as it was previous resistance, so you would anticipate a little bit of market memory here.

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    Donald Trump May Implement Copper Tariffs

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    US tariffs on copper imports may be coming within weeks, months earlier than Donald Trump’s original deadline for a decision, according to people familiar. He’s previously threatened a duty of 25% on one of the world’s most important metals—and it’s hurting American factories already. The price of copper traded in New York jumped to a record high. Keep on top of the latest with our tariff tracker.

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    Gold dips, Silver up .1%

    ByVictoria
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    Gold prices dipped for a second straight session on Monday as U.S.-China trade tensions eased, and the market awaited data due this week.

    Spot gold was down 0.6% at $3,297.10 an ounce as of 09:27 a.m. ET (1327 GMT). U.S. gold futures rose 0.3% to $3,307.80.

    “The broader gold forecast and price direction remains constructive, even with some of its haven appeal diminishing,” said Fawad Razaqzada, market analyst at City Index and FOREX.com.

    “Until we witness clear patterns of lower highs, lower lows, and firm trade agreements rather than more political bluster from the Trump administration, the prospect of fresh highs for gold cannot be dismissed.”

    Spot silver eased 0.1% to $33.04, platinum gained 1.8% to $988.90 and palladium added 0.8% to $956.35.

    Source – Reuters