copper
The mining sector has experienced a downturn since May due to falling prices of industrial metals and critical minerals. The trajectory of mining stocks is often positively correlated with the price movements of their major products, with copper and iron ore being the primary outputs of these large miners. Over the past three months, major European mining stocks, including Rio Tinto, Glencore, Anglo American, and BHP, have all fallen by 13% to 18%, while copper and iron ore prices have slumped by 17% and 16%, respectively. China's sluggish demand, driven by its ongoing property market crisis, ...
Euronews (English)
Chile’s economy is showing signs of resilience as its current account deficit narrowed significantly to $1.8 billion in the second quarter of 2024, down from $3.5 billion in the same period last year. This improvement underscores the country’s good performance in key sectors, particularly copper exports, and reflects a broader trend of economic stabilization despite global challenges. Factors behind this improvementSeveral factors have contributed to this notable improvement in Chile’s current account. A significant decrease in the services deficit, which fell to $2.5 billion from $2.9 billion...
Invezz
Both spot gold and futures prices surged to a new record on Friday, amid growing expectations that central banks will commit to rate cuts for the remainder of the year. The spot gold price surpassed $2,500 (€2,264) per ounce for the first time in history, while gold futures climbed above $2,540 per ounce on the final trading day of last week. Prices have been hovering around similar levels during the Asian session on Monday. In contrast, base metals, such as copper, have remained weak due to economic concerns. The copper futures price plunged to a five-month low of $3.93 (3.56) per pound in ea...
Euronews (English)
Copper futures have dropped below the crucial $4 per pound mark in August, reaching a five-month low. This significant decline highlights a broader trend of risk aversion in financial markets, affecting various assets and commodities. The key drivers behind this sharp dip include growing concerns about a potential economic recession in the United States and slowing growth in China. Recent data reflecting a decline in demand for industrial items has intensified these concerns, creating a bearish sentiment in the market. Recent figures from the National Bureau of Statistics (NBS) and the Caixin ...
Invezz
Copper futures have fallen to $4.1 per pound, nearing the four-month low of $4.05 set on July 30th. This decline is primarily due to escalating concerns over Chinese demand. The Chinese government has chosen not to deploy stimulus measures to counter the significant downturn in the world’s largest manufacturing sector. Instead, they are focusing on transitioning the economy towards innovative technology and alternative energy sources. Market reaction and PBoC’s responseChina’s decision to withhold economic aid triggered a swift market reaction, leading to a sell-off of assets and base metals c...
Invezz
By Maxwell Radwin After years of delays, officials in Peru said they’re moving forward with the construction of a controversial copper mine despite concerns from local communities that the project could pollute rivers and destroy agriculture. The Tía María copper mine in Valle del Tambo, in southern Peru, will begin operations before the end of this year, President Dina Boluarte said during a national address, reversing her promise to protect tourism, small-scale farming and agriculture exports in the area. “The population of Valle del Tambo already has an economic activity that works and isn’...
Mongabay
By Daniel Shailer Protesters in the northwest Mexican state of Sonora are blocking the country’s largest mining company, Grupo México, from withdrawing water, in an ongoing standoff against the company and state police. Since June 2, residents of Bacoachi, a rural town 50 kilometers (30 miles) south of the U.S. border, have protested in shifts along Evans Canyon Road between the town’s thoroughfare and the Bacoachi River, a tributary of Sonora River. The blockade, which locals insist has remained nonviolent, was broken up once in July before being reinstated the following day. Only water truck...
Mongabay
Copper prices have experienced a decline on the London Metal Exchange (LME), falling by 0.7% to $9,045 per metric ton as of 11:06 GMT. This decrease represents an 18% drop from the record high reached in late May, underscoring the ongoing volatility in the metals market. The current dip in copper prices reflects a broader trend influenced by increased inventories and weak demand from major consumers. Copper inventories on the LME have surged, more than doubling to 239,100 tons since early June. This sharp increase in stockpiles highlights a significant supply surplus. The trend is mirrored on ...
Invezz
Copper price continued its downward trend this week, erasing some of the gains made earlier this year. It has dropped by almost 20% from its highest point in 2024, meaning that it is nearing moving into a bear market. Industrial output fallingCopper, an important metal used in wiring, piping, and batteries has crashed hard and is on track to have its worst weekly performance since 2022. The metal, often seen as a barometer of the global economy, has dropped sharply as concerns about a slowdown increase. Recent economic data shows that industrial output is falling. On Monday, a report by the Na...
Invezz
Copper futures plunged to $4.3 per pound, marking a three-month low in response to President Xi Jinping’s recent speech following the CCP’s Third Plenum. Xi’s speech, which lacked explicit references to stimulus measures aimed at bolstering domestic consumption, has sparked unease within China’s industrial sector, a pivotal consumer of this base metal. Despite a decline in China’s NBS manufacturing Purchasing Managers’ Index (PMI) for consecutive months, copper prices continued their downward trajectory throughout June. This economic slowdown has prompted Chinese smelters and manufacturers to ...
Invezz
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