Copper

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President Trump said he will impose tariffs on aluminum and copper

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“We have to bring production back to our country,” he said.

“In the US, manufacturers will have little choice but to pass on higher costs from imports to consumers until the downstream industry (refining/smelting) has undergone suitable investment,” said Natalie Scott-Gray, senior metals analyst at StoneX.

“If Trump imposes tariffs, it will have an adverse impact particularly on aluminum because Europe is already on path to impose a carbon tax and the UK might do it too,” said B.K. Bhatia, additional secretary general at the Federation of Indian Mineral Industries.

Source – Mining.com

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Copper miner Freeport-McMoRan reports better than expected profit

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Phoenix-based Freeport also boosted its budget for the year by roughly 5% to $4.4 billion and forecast an increase for next year as well, surprising investors.

On an adjusted basis, the company earned 31 cents per share in the quarter, compared with the analysts’ average estimate of 20 cents per share, according to data compiled by LSEG.

Source – Reuters

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Zambia says Saudi’s Manara interested in its copper assets

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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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Codelco boots copper 2024 but strains workers, delays maintenance

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An internal document seen by Reuters showed Codelco’s production reached 1.328 million tons in 2024, at the low end of its target range and just about 3,500 tons higher than the quarter-century low in 2023.

The worker, who asked not to be identified because they were not authorized to talk about internal operations, said Codelco has yet to fix bottlenecks in transporting minerals in the mine.

Cristian Cifuentes, an analyst at the Center for Copper Studies (CESCO), said that the Ministro Hales mine is still at reduced capacity and the ramp up of Chuquicamata Underground has been “slower than we all thought.”

Source – Reuters

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Gold hits one-month high

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Gold prices surged to a one-month peak on Thursday, nearing $2,700 per ounce, as softer U.S. inflation data fueled hopes of lower interest rates in 2025. Spot gold rose to $2,697.45 an ounce, while February gold futures climbed 0.4% to $2,728. Lower rates enhance gold’s appeal by reducing the opportunity cost of holding non-yielding assets.

Other precious metals saw mixed movement: platinum futures dipped 0.1% to $948.15 an ounce, while silver edged up 0.3% to $31.622.

Copper prices steadied after recent gains, with London futures rising 0.3% to $9,192.50 per ton.

Source – Econo Times

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Sterling Metals Maiden Exploration Program Delivers Multiple New Drill-Ready Copper Targets Following Successful 3D IP Survey at Copper Road

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This survey covered an expansive 5km by 3km area in the center of the Project, successfully pinpointing multiple high-priority, drill-ready targets. These findings are significant, highlighting both the potential of the near surface target zones as well as the Project’s capacity to host a large-scale copper porphyry mineral system at depth

Jeremy Niemi, SVP Exploration and Evaluation, commented, “We are very happy with how our maiden exploration season has advanced at the Copper Road Project. We took a very purposeful approach to develop geologically rich evidence for a large-scale copper porphyry mineral system and to identify targets that have the potential to host significant volumes of copper and molybdenum. In just eight months, we have achieved this and set the stage for drilling very exciting targets.”

The primary objective of the survey was to identify sizeable chargeable anomalies within the priority area of the Project.

Source – ACCESSWIRE / Yahoo Finance

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Copper’s early-year rally leaves investors unimpressed

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The London Metal Exchange three-month price has risen every day in January and is now up 4.0% from the start of the month, making copper the early outperformer of the LME base metals pack.

Dwindling stocks and China’s rising import appetite have rekindled optimism that the country is finally turning an economic corner.

Fund managers are unconvinced, with investors’ long positions only marginally ahead of bearish bets on both the CME and LME copper contracts.

The Yangshan copper premium , a closely-watched gauge of China’s import demand, is currently at a one-year high of $75 per ton, indicating China is still hungry for metal.

Source – Reuters