World Copper Ltd. stock
Source – MSN
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Freeport-McMoRan hopes copper will be declared “critical mineral”
Freeport-McMoRan (FCX.N), opens new tab hopes U.S. President Donald Trump declares copper a critical mineral, a move that would unlock tax credits needed to boost American production of the red metal and offset global rivals, CEO Kathleen Quirk said on Monday.
“Having the incentives and clarity around those would be a big plus for the domestic copper industry,” said Quirk, who became CEO of Phoenix-based Freeport last year.
“People are understanding more what copper is used for and its importance in our economy. It’s just a matter of time before it’s classified as a critical mineral.”
“We’re not looking for handouts, but if the government is trying to incentivize domestic production, it’s important to recognize that the U.S. doesn’t have the same grades that we have internationally,” said Quirk.
Source – Reuters
Gold and yen bask in the limelight
A bevy of tariff headlines this week along with geopolitical worries has left investors wary and weary, taking stocks lower in Asian hours, gold to a record peak and the yen to its highest in over two months as sentiment remains fragile.
The risk-off mood meant the yen – already underpinned by rising odds of the Bank of Japan hiking rates again – was the main mover among currencies, hitting its highest level since early December and was last at 150.48 per dollar.
Both Citi and Goldman raised their target price on gold this month, predicting it to breach the $3,000 mark. A large part of the reason behind the bullishness is sustained demand from central banks. Perhaps in these uncertain times, gold is all that shines.
Source – Reuters
Gold reaching $3,000/oz in near-term, says Citi
“The gold bull market looks set to continue under Trump 2.0 with trade wars and geopolitical tensions reinforcing the reserve diversification/de-dollarization trend and supporting EM official sector gold demand, and with global growth concerns (tariff and cycle related) set to raise ETF and OTC investment demand,” Citi stated in a note.
“We expect gold to continue to rise as a hedge against growth and other risks, including actual and perceived rising growth risks, including trade wars, still-high interest rates weighing on growth, continued deterioration in the U.S. labor market, ex-U.S. currency devaluation risks, and potential U.S. equity drawdown risks,” the bank noted.
Source – Reuters
Gold Is Close to Revisiting Its Record High
The most active futures on gold are currently trading at $2745.10, up $27.30 or 1% from a day earlier. That level is just about 2% shy of its all-time settlement high of $2800.80 marked on Oct. 30. If the contract closes at current levels, it would be the highest close since last month, according to the Dow Jones Market Data.
“Gold remains the consummate hedge for investors worried about inflation or growth,” wrote Jared Woodard and the team from BofA securities on Tuesday. Gold was labeled as BofA’s “highest conviction investment ideas for 2025.”
Source – BARRON’S
BofA securities – Bank of America Inc., previously Bank of America Merrill Lynch (BAML) is an American multinational investment banking division under the auspices of Bank of America.
Copper sits at 10-week highs
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
