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  • Copper prices edge up in thin trade after past week’s tumble

    ByVictoria
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    Three-month copper on the London Metal Exchange (LME) rose 0.1% to $8,949.5 a metric ton in official open-outcry trading.

    Adding further pressure, the International Copper Study Group said on Friday that the global refined copper market was in a 287,000 metric ton surplus for the first 10 months of 2024.

    With a mean reversion strategy in play, copper is likely to strengthen back above the crucial $9,000 mark, Sucden Financial analysts said.

    Source – ZAWYA

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    Congressional gold medal reintroduced to honor James Earl Jones

    ByVictoria
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    “James Earl Jones was a national treasure — an artist whose voice and presence have left his mark on American culture. He broke barriers, inspired generations, and served our country with honor. As a proud constituent of New York’s 17th District, it is only fitting that he posthumously receives one of our nation’s highest honors,” said Congressman Mike Lawler (R-New York).

    Source – Coin World

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    Freeport-McMoRan shares up 1.6%

    ByVictoria
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    Miner Freeport-McMoRan (FCX.N), beat Wall Street estimates for second-quarter profit on Wednesday, as higher copper and gold prices helped offset lower production.

    The company’s shares rose 1.6% to $40.54 in pre-market trade.

    Freeport could be a big beneficiary, seeing as much as $1.6-billion boost to annual profit, given its position as the largest U.S. producer with more expansion options than rivals.

    Freeport, which supplies about 70% of U.S. refined copper, said it expects to sell 1.3 billion pounds from its domestic mines in 2025.

    Source – Reuters

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    Gold eyes milestone, bear case being planted

    ByVictoria
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    “What we have seen is the change in the motive for safe-haven buying – from being driven by the Middle East uncertainty to the threat and realisation of tariffs,” said Philip Newman, managing director at consultancy Metals Focus.

    “Strikingly, gold was rallying as inflation eased, and it looked as though all of our understanding of how gold prices behaved was being challenged,” said independent analyst Ross Norman.

    Nicky Shiels, head of metals strategy at MKS PAMP SA, said that while prices could break out towards $3,200, resolution of physical gold dislocations attributed to tariffs and potential structural changes including reduced risk appetite, reduced participation and reduced liquidity are increasingly bearish.

    Source – Reuters

    More info!

    Bear (in finance) – is an investor who believes that a particular security or the broader market is headed downward and my attempt to profit from a decline in stock prices. Bears are typically pessimistic towards a state of any given market or underlying economy.

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    HSBC on gold prices

    ByVictoria
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    HSBC raised its 2025 average gold price forecast to $3,215 an ounce from $3,015 and its 2026 forecast to $3,125 from $2,915, citing elevated risks and government debt.

    “We anticipate a wide and volatile trading range of $3,600-3,100/oz for the rest of the year and year-end prices of $3,175/oz for 2025 and $3,025/oz for 2026,” the bank said in a note on Tuesday.

    Source – Reuters

    HSBC – is a British universal bank and financial services group headquartered in London, England.