|

LME copper spreads surge to premium on short covering

ByVictoria

The spread between the cash LME copper contract and benchmark three-month futures spiked to a premium for the first time in 19 months on Friday.

It rocketed to $249 a metric ton, the highest since November 2021, compared to a discount, or contango, of $119 two days ago.

Copper prices on COMEX have surged as investors seek to price in potential tariffs, with the premium of COMEX over LME at $1,050 a ton on Friday, down from a record peak of $1,153 a day earlier.

Source – Mining.com

Similar Posts

  • /

    Futures rise after turbulent week, gold stocks surge

    ByVictoria
    0 Comments

    Paul Williams, managing director of Solomon Global, said about the rise in gold prices that it was a “direct response to escalating trade tensions and the growing economic uncertainty that this brings.”

    Source – Reuters

    Futures – are contracts to buy or sell a specific underlying asset at a future date. In this case we are talking about gold.

  • Gold toilet thief and accomplice convicted!

    ByVictoria
    0 Comments

    “This was an audacious raid which had been carefully planned and executed,” prosecutor Shan Saunders said. “But those responsible were not careful enough, leaving a trail of evidence in the form of forensics, CCTV footage and phone data.”

    The purloined potty was stolen just days after its installation. It has never been recovered but is believed to have been cut up and sold.

    Jones, 39, was convicted of burglary in Oxford Crown Court.

    The theft was planned by James Sheen, 40, who previously pleaded guilty to burglary, conspiracy and transferring criminal property.

    Doe, 36, also known as Frederick Sines, was convicted of conspiracy to transfer criminal property.

    A fourth man charged in the conspiracy, Bora Guccuk, 41, was acquitted by jurors.

    Source – CBS News

    WOW! Looks like justice was served. I will continue to follow up on jail time. Stealing a gold toilet from Winston Churchills house is bold to say the least. I wonder if the art will be made again after this. We’ll see! – V.

  • /

    Ghana gold output to increase

    ByVictoria
    0 Comments

    Ghana’s gold production could increase by around 6.25% to approximately 5.1 million ounces in 2025, up from last year’s record output of 4.8 million ounces, the Chamber of Mines in Africa’s top gold-producing nation said on Friday.

    “We project gold output to range between 4.4 and 5.1 million ounces, buoyed by increased contributions from Newmont’s Ahafo South Mine and Shandong’s Namdini Mine,” Chamber of Mines President Michael Akafia said at an annual gathering in the capital Accra.

    “We’re looking at about 30% to 40% more production than the previous year,” the general secretary of the group, Godwin Armah, told Reuters.

    Source – Reuters

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

    ByVictoria
    0 Comments

    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

  • /

    Gold price predictions

    ByVictoria
    0 Comments

    Gold prices are expected to continue being volatile in the near future on the back of uncertainties regarding US President Donald Trump’s tariff policies, the approaching July 9 deadline, possible trade deals, and the fresh threat of additional 10% tariffs on BRICS countries that align with ‘anti-American policies’.

    Source – The Times of India