Mineral Resources

Gold prices rose on Thursday as the Middle East tensions boosted demand for safe-haven assets. However, the cautious U.S. Federal Reserve stance regarding future rate reductions kept gains in check. As of 0215 GMT, spot gold rose 0.2% to $3,376.48 per ounce. U.S. Gold Futures fell 0.4% to $3393.70. Gold has seen a modest rise as we wait for the next step in the Israel-Iran dispute. "If the U.S. decides to directly get involved in the conflict, this could increase the geopolitical risks," KCM Trade's Chief Market Analyst Tim Waterer stated. As geopolitical tensions increased, U.S. president Donald Trump refused...

Nippon Steel's CEO stated on Thursday that the U.S. Government's ownership in a golden stake in U.S. Steel would not prevent it from taking management actions as it sees fit. Eiji Hashimoto spoke at a Tokyo press conference a day after Japan’s top steelmaker completed its $14.9 billion purchase of U.S. Steel. The companies confirmed they agreed to grant the U.S. Government unusual powers, which helped to end Nippon Steel’s 18-month struggle for a deal. The agreement on national security signed with the Trump Administration gives the government an economic golden share, and the president has the power to name...

Rio Tinto has agreed to pay $138.75m to settle a lawsuit in which investors accused the Anglo Australian mining giant of fraud by hiding problems with the $7 billion underground expansion at the Oyu Tolgoi Copper and Gold Mine in Mongolia. The preliminary settlement for the proposed class-action was filed with the U.S. District Court of Manhattan late on Wednesday, and it requires the judge's approval. The lawsuit was filed on behalf of Montreal-based Turquoise Hill Resources shareholders between July 2018 and the end of July 2019 when Rio Tinto owned the majority of that company. Investors led by Chicago-based...

Gold Reserve's subsidiary Dalinar Energy Corporation submitted a better bid on Wednesday for the parent company of Venezuelan-owned refiner Citgo Petroleum, as part of an auction organized by a U.S. federal court. The mining company announced this in a press release. The deadline to improve the bid of Contrarian Funds affiliate Red Tree Investments for Citgo Holding's parent company PDV Holding was set by a federal judge in Delaware on June 18. This bid, worth $3.7 billion, had been selected earlier in the year as the opening bid. The court wants to reach a settlement to compensate companies for expropriations...

Metal industry sources reported that premiums for customers buying aluminum on the physical market of the United States dropped by more than 7% Wednesday, as traders speculated on possible reductions in U.S. tariffs on Canadian shipments. Mark Carney, the Canadian Prime Minister, said that he and President Donald Trump agreed that they should work together to conclude a new security and economic deal within 30 day. The price of aluminium sold on the physical market is the same as the London Metal Exchange, plus a premium for the physical market that covers freight and taxes. Trump doubled the aluminium import...

The gold price was little changed Wednesday, as investors waited to hear the Federal Reserve's decision on policy and Jerome Powell's comments. Platinum surged at a four-year high. By 1013 am EDT (1413 GMT), spot gold had fallen 0.1%, to $3386.10 per ounce. U.S. Gold Futures dropped 0.1% to $3.403.50. Marex analyst Edward Meir stated that the markets are currently trading sideways as everyone awaits the Fed's decision, and developments in the Middle East. Iran's Supreme leader Ayatollah Alyatollah Khamenei has rejected the demand of U.S. president Donald Trump for unconditional surrender. Iranians are jamming the highways to flee from...

The companies confirmed that Nippon Steel completed its $14.9 billion purchase of U.S. Steel on Wednesday. This confirms the unusual power of the Trump administration, after 18 months of struggle by the Japanese company to complete the acquisition. Nippon purchased 100% of U.S. Steel's shares for $55 each, just as it had stated in its initial offer to buy the well-known, struggling steelmaker back in December 2023. The filing reveals details of an agreement signed with the Trump Administration, giving President Donald Trump authority to name board members and a non-economic share. Eiji Hashimoto thanked Trump and said that Nippon...

Mitsubishi Motors announced on Tuesday that it would be increasing the prices of U.S. cars by an average 2.1%. This is the latest automaker who has passed on cost increases to the consumers due to the Trump Administration's tariffs. In April, President Donald Trump imposed tariffs of 25% on imports of cars from Japan and almost all other countries. This prompted Mitsubishi to suspend its deliveries to U.S. dealerships. The Japanese automaker said that it resumed these deliveries last week. Mitsubishi explained that the 2.1% increase in average weighted prices, effective on Wednesday, "is a result of our ongoing and...

The U.S. factory output barely increased in May, as a surge of motor vehicle and plane production was partly offset by weakness elsewhere. And the outlook for manufacturing is still clouded by trade tariffs. The Federal Reserve announced on Tuesday that manufacturing output increased by 0.1% in May after a 0.5% drop in April which had been downwardly revised. The Federal Reserve said on Tuesday that economists polled had predicted a rebound of 0.2% in production after an earlier reported drop of 0.4%. In May, the production at factories rose 0.5% year-over-year. The President Donald Trump’s changing tariffs policy is...

Gold prices were unchanged on Tuesday, as investors assessed the conflict between Israel & Iran and looked forward to this week's U.S. Federal Reserve policy meeting. As of 0851 GMT, spot gold was unchanged at $3,383.01 per ounce. U.S. Gold Futures dropped 0.5% to $3401.30. Israel and Iran traded attacks for the fifth day in a row on Tuesday. Donald Trump, the president of the United States, has called for an evacuation of Iran’s capital Tehran. He also cut short his trip from Canada to Canada's G7 summit. Separately, a report stated that he asked his National Security Council in...

Investors were cautious after reports of an Israel-Iran possible ceasefire. This led to a decline in Australian shares on Tuesday. As of 0035 GMT, the S&P/ASX 200 was unchanged at 8,547.50. The benchmark closed Monday with little change. Reports late on Monday indicated that Iran had asked its regional allies, including the United States President Donald Trump, to exert pressure on Israel to bring about an immediate ceasefire. This raised hopes for a possible Middle East ceasefire. Market participants are trying to gauge how much of an impact the conflict between Israel and Iran could have on asset prices, said...

Mark Carney, the Canadian Prime Minister, announced on Monday that he and U.S. president Donald Trump had agreed to try to conclude a new security and economic deal between their two countries within 30 days. The announcement was made only a few short hours after Canadian officials had said that both sides still needed to work hard before they could sign the agreement. Carney, who was elected in April on the promise that he would fight Trump's tariffs and is now pushing for a "new economic and security relationship" with the United States. Trump had reaffirmed his love of tariffs...

On Friday, the most traded copper contracts on the Shanghai Futures Exchange (SFE) and London Metals Exchange (LME) were in a range as the market sentiment was mixed due to the ongoing uncertainty surrounding the Israel-Iran dispute. Israel bombed Iranian nuclear targets on Thursday, and Iran fired missiles or drones towards Israel after it hit an Israeli hospital over night. U.S. president Donald Trump said he would make a decision in the next two week on whether he will get involved with Israel. Metals analysts at a Shanghai futures firm said that a number of issues are affecting the metals...

Four sources familiar with plans say that European Union leaders are planning to use their summit with China in the coming month to push for better access to Chinese minerals and rare earths. The two sides will also be tackling a range of tariff issues. China has held a near-monopoly in rare earth production for years. After the announcement of tariffs by U.S. president Donald Trump on April 2, China increased its export controls for the minerals in response to demand from automakers and the defence industry, as well as producers of renewable energies. China has also complained to the...

China's imports of iron ore are expected to be their highest month in this year in June, a sign of resilience not mirrored by the steel industry's sluggishness. According to analysts LSEG & Kpler, China is expected to import nearly 110 million metric tonnes of this key raw material for steel. Kpler estimates that 109.56 millions tons of cargo will arrive in June, while LSEG predicts 109.1million. It would be an increase of about 11% over May's official imported 98.13 millions tons, and the best month since December's 112,49 million tons which was the second highest on record. Why are...

The price of iron ore futures eased on Thursday for a sixth consecutive session, as the protracted property crisis in China continued to weigh down on demand prospects. As of 0300 GMT, the most traded September iron ore contract at China's Dalian Commodity Exchange was trading 0.36% lower. It was priced at 692.5 Yuan ($96.32), per metric ton. The benchmark July ore traded on the Singapore Exchange at $92.35 per ton. Hexun Futures, a broker, stated in a report that the Chinese downstream demand has entered its off-season and inventories are continuing to build. Steelhome data shows that the total...

The copper price remained stable on Wednesday, due to the softer dollar in anticipation of the Federal Reserve's decision on U.S. Interest Rates. However, the escalating conflict in the Middle East with its impact on demand and growth dominated the mood. At 1001 GMT, the benchmark copper price on London Metal Exchange was up by 0.2% to $9,691 per metric tonne. Traders said that metals activity is low as the Federal Reserve will announce its interest rate decision in a few hours and the U.S. market closed for Juneteenth on Thursday. The oil prices have risen in the last few...

London copper prices rose on Wednesday due to a weaker dollar. However, heightened tensions across the Middle East dampened risk appetite globally and held down metal prices. As of 0712 GMT, the London Metal Exchange reported that three-month copper was up by 0.46%, at $9,713 a metric ton. LME aluminium fell 0.02% to 2,550 per ton. Zinc climbed 0.55% to $2653, while lead grew 0.18% at $1979.5, and nickel climbed 0.24% to $14,960. Tin rose 1.11% to $30,625. The U.S. Dollar fluctuated against the majority of major currencies on Wednesday. Dollar-denominated investments are more affordable for holders of currencies other...

Iron ore futures declined on Wednesday, and were on course for a fifth consecutive session of declines. This was due to a slowdown in demand for steelmaking materials from China, the top consumer. The day-traded price of the most traded September iron ore contract at China's Dalian Commodity Exchange was 695.5 Yuan ($96.79). As of 0702 GMT, the benchmark July Iron Ore traded on Singapore Exchange fell 0.41% to $82.4 per ton. "Iron ore price fell below $93 per ton, as China's demand continues to slow." The demand from China will likely remain weak due to the ongoing slowdown of...

Honda announced in a surprising announcement that it had successfully launched and landed its prototype reusable space rocket on Tuesday. This marks a major milestone in the company's goal to achieve suborbital flight by 2029. Honda R&D's research arm, which is the second largest carmaker in Japan, has successfully landed a 6.3-metre (20.06-foot) experimental launch vehicle that was reusable after reaching a height of 271 metres (880.9 feet) at the company's test facility located in the northern Japanese space town Taiki. Honda said that "no decision has been made about commercialization of these rocket technology, but it will continue to...

Hindustan Zinc (India's largest producer of refined metal) has approved a 120 billion rupees (1,39 billion dollars) project to increase capacity. The miner announced this on Tuesday. The company plans to build a 250-kilo-tonne (KT) metals complex in Rajasthan, a state in northern India where it operates a zinc smelter. This (project) is only the beginning of a larger plan. We will release more parts within a month or so," said CEO Arun misra, adding that the company aims to double its production from 1.02 MT to 2 MT per year. The company has said that it will use its...

Dalian iron ore prices were little changed Tuesday, as traders assessed mixed macroeconomic indicators and the resilient steel demand of top consumer China. The day-trade price of the most traded September iron ore contract at China's Dalian Commodity Exchange was 699 yuan per metric ton. As of 0704 GMT, the benchmark July iron ore traded on Singapore Exchange had fallen 1.24% to $92 per ton. Analysts at ANZ say that iron ore prices fell after data revealed that China's steel output dropped in May. The National Bureau of Statistics reported on Monday that China's crude-steel output fell 6.9% in May...

Iron ore prices fell on Tuesday, as traders assessed mixed macroeconomic reports from China's top consumer. However, resilient steel mill profit lent some support. As of 0255 GMT, the most traded September iron ore contract at China's Dalian Commodity Exchange was trading 0.43% lower. It was priced at 696.5 Yuan ($97.00) per metric ton. The benchmark July Iron Ore price on the Singapore Exchange dropped 1.03%, to $93.1 per ton. The National Bureau of Statistics reported on Monday that China's crude-steel output fell 6.9% in May from a similar period a year ago to 86.55 millions tons. Official data released...

The Metals Co, a deep-sea miner, announced on Monday that South Korean refiner Korea Zinc would invest $85.2 millions. This will give the company a boost in its plans to supply vital minerals for the U.S. Energy Transition. The deal includes warrants that allow Korea Zinc to purchase more shares. TMC shares rose 7% during pre-market trading. TMC is seeking a U.S. license to harvest commercially polymetallic nodules on the seafloor. These nodules contain nickel, cobalt, copper and manganese, metals that are used in electric cars, grid infrastructure, and defense. Gerard Barron is the CEO of TMC. He said that...