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JSW Group plans copper smelter by 2028-2029

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India’s steel-to-power conglomerate JSW Group plans to set up a 500,000 metric ton capacity copper smelter in the eastern state of Odisha by 2028/29 with feedstock of copper concentrate from Peru and Chile, a source directly aware of the matter told Reuters on Thursday.

JSW plans to feed its planned electric vehicle and battery manufacturing facilities with the copper produced at the smelter, the source added. Some of the concentrate supply will come from Hindustan Copper, the source said.

Source – Reuters

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Gold futures hold record high

ByVictoria
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Investors are increasingly seeking safe-haven in hard assets like gold, silver, copper and platinum, historically viewed as stores of value in times of financial uncertainty, Saxo Bank’s Ole Hansen says in a note.

Source – Wall Street Journal

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Futures (in finance) – Are contracts to buy or sell a specific underlying asset at a future date.

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Zambia says Saudi’s Manara interested in its copper assets

ByVictoria
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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

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Silver up 1.2%, dollar hits lowest in months

ByVictoria
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Silver gained as much as 1.2%, rising for a third day. A guage of the dollar hit the lowest in about three months, as the euro strengthened amid Germany’s plan to boost spending and loosen borrowing restrictions.

The “tidal wave” of silver risks pushing freely available silver in the London spot market below a critical threshold needed for the market to function, Daniel Ghali, a senior commodity strategist at TD Securities, recently wrote in a note.

Spot silver rose 0.9% to $32.262 an ounce as of 11:41 a.m. in London. The Bloomberg Dollar Spot Index fell 0.4%. Gold and palladium were little changed, while platinum advanced.

Source – Mining.com

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Gold set for seventh weekly gain

ByVictoria
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Gold prices rose on Friday and were on track for a seventh consecutive weekly gain as worries over a potential global trade war intensified after U.S. President Donald Trump’s push for reciprocal tariffs.

Spot gold was up 0.3% at $2,936.99 an ounce by 1104 GMT, taking its weekly advance to 2.6%. Bullion hit a record peak of $2,942.70 on Tuesday.

U.S. gold futures rose 0.6% to $2,961.30.

In other precious metals, spot silver gained nearly 3% to $33.30 an ounce and platinum added 1% to $1,004.57 while palladium dipped by 0.2% to $992.00.

Source – Reuters

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Citi predicts 25% copper-specific tariff

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Citi anticipates an eventual implementation of a 25% copper-specific tariff by the fourth quarter of 2025, following U.S. President Donald Trump’s executive order initiating an investigation into U.S. copper imports, the bank said in a note on Wednesday.

Source – Reuters

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