Gold bullion edged 0.2% lower

Looking for another sign of how nervous investors are about tariffs? Copper prices plummeted 7% Friday to about $4.50 a pound in New York. Copper has plunged nearly 15% since hitting a 2025 peak price of about $5.25 in late March. But copper is still up about 13% this year. That may not last much longer.

Source – Barrons

Indonesia has restricted raw material exports to pressure companies to refine minerals locally and add value to its exports. Freeport has local refining capacity, but is seeking to keep exporting concentrate due to a fire last October at its Manyar smelterin East Java.

Should exports resume, it will relieve, although not reverse, a shortage of copper concentrate that has hit the profits of smelters.

Source – Reuters

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copper producer, is targeting production of 1.391 million metric tons of the red metal this year, according to an unpublished government decree approving its 2025 budget reviewed by Reuters.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