U.S. President Donald Trump hasn’t yet imposed import tariffs on copper but the market is already pricing in the likelihood that the red metal will be next on the list after aluminium and steel.
The arbitrage between the CME and the London Metal Exchange (LME) contracts has blown wider in recent days, with the CME premium exceeding $1,000 per metric ton earlier this week.
Source – Reuters / Written by Andy Home / Opinion
Silver prices edged lower Tuesday, giving back some of Monday’s strong gains that saw the market break through key resistance at $33.70. The retreat reflects profit-taking as traders reassess short-term positioning, with rising attention on the U.S. dollar and gold’s technical posture.
At 12:34 GMT, XAGUSD is trading $34.29, down $0.46 or -1.34%.
Source – FX EMPIRE
The price of 24-carat gold surged by Rs 10 in early trade on Thursday, with ten grams of the precious metal trading at Rs 78,830 according to the GoodReturns website. The price of silver fell by Rs 100, with one kilogram of the precious metal selling at Rs 92,400.
The price of ten grams of 24-carat gold in Mumbai is in line with prices in Kolkata, Chennai, and Hyderabad at Rs 78,830.
Source – Business Standard
The threat of U.S. trade measures against China has weighed on industrial raw materials since the November election, with prices pressured earlier this week when Trump said he could impose a 10% levy on Chinese goods.
Source – Seeking Alpha
Glencore has suspended production and declared force majeure on copper shipments from its Altonorte smelter in Chile due to an issue affecting the plant’s furnace, Bloomberg reported Wednesday, in a setback that comes just as traders and producers race to ship more metal to the U.S. ahead of tariffs.
Much of the copper produced in Chile is shipped to the U.S., where Comex prices have surged to record highs on worries about shortages due to tariffs; the most active Comex copper contract (HG1:COM) for May delivery hit $5.374/lb, or $11,847/metric ton on Wednesday.
Source – Seeking Alpha
Attorneys representing the San Carlos Apache Tribe are asking the judge to grant an injunction pausing a land swap from the U.S. government to Resolution Copper
During the hearing, attorneys representing the tribe asked a federal judge to grant a temporary injunction pausing an upcoming land swap from the U.S. government to mining giant Resolution Copper.
Attorneys for the tribe argued May 7 that a pause is necessary as the Supreme Court considers whether to take up the case.
Source – ABC 15 Arizona
Pataz has become Peru’s largest gold-producing region, in no small part due to artisan or informal mines, which operate under temporary REINFO permits.
“Gold is a curse for Pataz,” the mayor of Pataz, Aldo Mariño, told Reuters.
He said that despite the area’s great mineral wealth, his community lives in poverty, without basic services and on deteriorating or unpaved roads.
“This has been going on for several years, with the difference that now everything has collapsed. It’s due to the absence of the State,” he said. “People continue to die.”
Poderosa has reported the deaths of 39 workers in recent years in attacks on its facilities or small mines that supply it with gold. And in the last four years, 15 of the company’s high-voltage towers have been destroyed with explosives.
Source – Reuters
