“We’re going to need to see continued progress on inflation in order to bring back those interest rate cut expectations,” said Phillip Streible, chief market strategist at Blue Line Futures.
“People are a little bit nervous, and they want to be cautious going into CPI tomorrow,” he added.
Source – Reuters
AngloGold Ashanti (AU.N), is boosting payouts to investors, it said on Wednesday, after its profit surged to $954 million last year from a loss of $46 million in the prior year, buoyed by the precious metal’s rally to record highs.
Shares in the company however fell as much as 7.4% in early trading in New York.
CEO Alberto Calderon said the gold price rally had given AngloGold the strongest balance sheet position in more than a decade, and it is “able to pass on those benefits to shareholders in a more generous dividend policy”.
Source – Reuters
Source – MSN
Copper prices have been on a stellar run, boosted by President Donald Trump’s proposed tariffs. But Wall Street sees headwinds for the metal, with two miners catching downgrades.
Freeport stock lost 3.2%, closing at $44.12, while the S&P 500 and Dow Jones Industrial Average dropped 0.4% and 1%, respectively.
Southern Copper shares fell 2.4% to $97.54.
As for demand, Citi analyst Tom Mulqueen noted in a Tuesday report that tariffs and policy changes will be a headwind in the second half of 2025.
“We also see sustained sluggish manufacturing activity and solar frontloading weighing on copper end-use consumption in the months ahead,” wrote Mulqueen.
Source – Barron’s
“The next phase of getting (Zonia) into production is a bankable feasibility study so you can fund it. A bankable feasibility study is going to cost $5 million to $7 million, and we don’t have that right now,” Neal said.
“The plan is to get it there, but we’re going to need partners to help us get it there. So that’s why (we’re doing) the strategic review, and it looks like we’ll have an announcement in the next few weeks on one of these opportunities.”
Source – Investing News Network (full interview video with CEO Gord Neal)
Unusually large shipments of copper to the United States are unlikely to abate as long as the threat of tariffs hangs over the market and price premiums for the metal on U.S.-based COMEX make deals profitable for traders and producers, analysts said.
COMEX copper hit a record high at $11,633 a metric ton on March 26, creating a premium of more than $1,570 a ton against the benchmark contract on the London Metal Exchange.
“We expect 250,000-300,000 tons of extra copper will be shipped to the U.S. over March-May because of the spread and amid the uncertainties regarding the tariff,” said Sharon Ding, head of China basic materials at UBS Investment Research.
“It’s possible we’ll see more atypical cargos in the second half of May,” Kpler analyst Ben Ayre said. “While the COMEX price continues to run at a premium to the LME there’s a strong incentive to land refined copper in the United States.”
Source – Reuters
Gold
Gold tests resistance at $2930 – $2940 as traders bet that demand from central banks will stay strong in the upcoming months.
Silver
Silver gains ground as traders react to the strong performance of gold markets. RSI is in the moderate territory, and there is enough room to gain momentum in the near term.
Platinum
Platinum is stuck near the $1000 level as traders wait for additional catalysts.
Source – FXEMPIRE
