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Standoff continues for Congo copper mines

ByVictoria

The $1.4 billion bid made by the Chinese defence and industrial giant in June stalled after Congo state miner Gecamines submitted its own unsolicited bid for the Chemaf assets, deepening a standoff that has been complicated by U.S. officials lobbying against China’s grip on the mineral-rich central African Copperbelt.

Norinco has now proposed that the Democratic Republic of the Congo increase its interest in Chemaf’s Mutoshi and Etoile mines to as much as 15% from 5% currently – at no additional cost – subject to negotiations, said the sources, who asked to remain anonymous.

Source – Reuters

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Norinco – also known as China North Industries Corporation. Within China it is known as China Ordnance Industries Group Corporation Limited

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Silver Price Forecast

ByVictoria
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Silver price (XAG/USD) continues its upward momentum for the third consecutive session, hovering around $33.30 per troy ounce during Asian trading hours on Thursday. 

Demand for dollar-denominated Silver could rise as the US Dollar (USD) remains under pressure due to cooling inflation. A weaker Greenback makes commodities more affordable for foreign buyers

Source – FXSTREET

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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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Copper climbs, tariff concerns continue

ByVictoria
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Benchmark LME copper futures are more than 9% higher so far this year, and Comex copper is 16% higher YTD, with the Comex now trading at a 10%-12% premium over LME, and Morgan Stanley analysts see more room for growth.

“We stay constructive on copper, our preferred base metal,” Morgan Stanley wrote. “Fundamentals and price signals are positive, and inventories are tightening as metal gets pulled to the U.S. Tariffs may bring demand concerns in the future, but for now physical markets continue to tighten.”

Source – Seeking Alpha

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Gold down 1.2%

ByVictoria
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Spot gold was down 1.2% at $2,882.49 an ounce as of 09:42 a.m. ET (1442 GMT), after hitting its lowest level since February 12 earlier in the session. Prices hit a record high of $2,956.15 on Monday, driven by safe-haven flows.

“The direction of gold is very evident, and these short-term bumps and some profit taking is just a normal part of the cycle,” said Alex Ebkarian, chief operating officer at Allegiance Gold.

Spot silver retreated 0.5% to $31.67 an ounce, platinum fell 0.9% to $957.10 and palladium dropped 0.9% to $917.96.

Source – Reuters

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Aya Gold & Silver down

ByVictoria
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Shares of Aya Gold & Silver were down Friday after the company reported lower silver production than analysts expected in the fourth quarter.

The stock retreated 15% to 10.85 Canadian dollars ($7.58).

Silver production in the fourth quarter totaled 491,310 ounces, compared with 450,046 ounces in the same period a earlier.

Source – Market Watch