copperinvesting
The first quarter of 2024 began with copper prices remaining steadfast, staying within the US$8,000 to US$8,500 per metric ton (MT) range. However, the end of the quarter saw the red metal gain momentum on the LME and surge to a quarterly high of US$8,973 on March 18 before moving to set a two-year high on the London Metal Exchange of US$9,869 on April 30. The dramatic gains came on the back of tightening concentrate supply to Chinese smelters, who cut supply as competition between upgraders caused treatment charges to fall to their lowest point since 2010. While supply for refined copper was ...
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Coming off a volatile 2023, copper started the new year trading in the US$8,000 to US$8,500 range in January and February. However, the red metal saw significant gains starting at the end of February and through March as news of production cuts from Chinese smelters began to make headlines. The cuts came as supply for concentrates became tight, sending treatment charges to their lowest point since 2010. The results of the cuts pushed the price of copper on the London Metal Exchange to a quarterly high of US$8,973 per metric ton (MT) on March 20. The price has continued to see gains and reached...
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The gold price corrected this week, even falling briefly below US$2,300 per ounce. While that's down from levels of over US$2,400 earlier this month, most experts aren't concerned about the yellow metal's price activity. I asked Craig Hemke of TFMetalsReport.com about the recent pullback, and he said that it's completely normal — he noted that nothing ever goes straight up, and emphasized that a "two steps forward, one step back" pattern is healthy. With that said, Hemke does see strong upside potential for the precious metal in 2024. He said there are a lot of technical targets that line up w...
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London-based Anglo American (LSE:AAL,OTCQX:AAUKF) has rejected mining behemoth BHP's (ASX:BHP,LSE:BHP,NYSE:BHP) US$38.8 billion bid to acquire the company. "The BHP proposal is opportunistic and fails to value Anglo American's prospects, while significantly diluting the relative value upside participation of Anglo American's shareholders relative to BHP's shareholders," said Anglo Chairman Stuart Chambers in a Friday (April 26) statement. BHP's offer for the company was made public on Thursday (April 25). The proposal, whose aim is to create the world's largest copper miner while divesting Ang...
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First Quantum Minerals (TSX:FM,OTC Pink:FQVLF) reported its Q1 results on Tuesday (April 23), revealing a net loss of US$159 million (US$0.21 per share) and an adjusted loss of US$154 million (US$0.20 per share). The company's gross profit came in at US$156 million, with EBITDA at US$180 million, both lower than last year. These downturns have been attributed to disruptions at First Quantum's Cobre Panama mine, which led to it being taken offline and placed in a preservation and safe management phase in November 2023. With those circumstances in mind, First Quantum emphasized its commitment to...
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Copper prices on the London Metal Exchange (LME) saw upward momentum in the first quarter of the year on the back of tightening supply and increasing demand from the energy transition. After bottoming out at US$7,800 per metric ton (MT) in the fall of 2023, copper prices bounced back to start 2024 in higher territory, but elevated supply kept the red metal trading in the US$8,000 to US$8,500 range until mid-March. Since then, copper has seen strong gains, reaching a quarterly high of US$8,973 on March 18. With increasing market volatility since the start of April, prices continued trending up ...
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Major diversified miner Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) weathered both operational challenges and a tragic loss to deliver a resilient performance in the first quarter of 2024. Despite grappling with the aftermath of a devastating plane crash that claimed six lives, including four Diavik diamond mine employees, the company has emerged with stable operational results. “We delivered stable operating results in the first quarter, including improvements at our bauxite and aluminum businesses, as we navigated seasonal challenges across our global operations. Our full year guidance is unchanged...
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Prices for several metals jumped this week as the London Metal Exchange (LME) banned metal produced in Russia from its system. The moratorium applies to material produced on or after April 13 of this year. The restrictions apply to copper, nickel and aluminum, and were passed down by the US Department of the Treasury and the British government on April 12. They are also in place for the Chicago Mercantile Exchange (CME). This move aims to curb financial flows that fuel Russia's military activities in Ukraine, which began in February 2022. According to Bloomberg, aluminum soared as much as 9.4 ...
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The S&P/TSX Venture Composite Index (INDEXTSI:JX) gained 3.38 points last week to close at 587.71. The Bank of Canada announced on Wednesday (April 10) that it will hold its benchmark lending rate at 5 percent. It has now maintained that level for six consecutive meetings as it works to bring inflation down to its 2 percent target. The bank's statement indicates that it believes inflation is moving in the right direction and is confident that it will be able to lower rates this year; this echoes language used by the US Federal Reserve at its March meeting. The Bank of Canada had been expected ...
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