Mineral Resources

The U.S. president Donald Trump blasted on Tuesday the decision of an appeals court to temporarily block federal officials' ability to complete a land transfer required for Rio Tinto to and BHP's Resolution Copper Project in Arizona. The 9th U.S. Circuit Court of Appeals, based in San Francisco, has ruled that the transfer - which was scheduled for Tuesday - should be halted while the court weighs a request from San Carlos Apache tribe to block this project due to religious and cultural reasons. The 9th U.S. Circuit Court of Appeals, based in San Francisco, ruled Monday that the transfer...

The U.S. Commerce Department announced on Tuesday that it will increase steel and aluminum tariffs for more than 400 products, including mobile cranes and bulldozers as well as other heavy equipment. Railcars, furniture, and hundreds of products are also affected. The Department of Finance announced that 407 new product categories will be added to the list "derivatives" of steel and aluminium products subject to sectoral tariffs. These products are subjected a 50% tariff for any steel or aluminum content. Added to the new tariffs are imported automotive exhaust systems, and electrical steel required for electric vehicles. The department was urged...

Gold prices fell on Tuesday, as the U.S. Dollar strengthened. Investors remained tense in anticipation of Federal Reserve Chair Jerome Powell’s speech to be delivered at Jackson Hole this week. By 11:40 am, spot gold had fallen 0.1% per ounce to $3325.74. ET (1535 GMT). Earlier in the session, the contract reached its lowest level since 1 August. U.S. Gold Futures for December Delivery fell by 0.3% to $3369.60. The benchmark 10-year yields fell, but the dollar index pared its losses and remained steady. Jim Wyckoff is a senior analyst with Kitco Metals. He said that "generally, (traders) are positioning...

Vulcan Elements is a North Carolina rare earth magnet manufacturer that has agreed to purchase a supply from ReElement Technologies of critical minerals that will be sourced out of China. The two companies, which are both privately owned, refused to provide financial details but stated that the price was "significantly lower" than the $110 per kilogram floor that the U.S. Department of Defense had guaranteed MP Materials for the two most common rare earths last month. Vulcan reported that the contract was signed by mid-July. Rare earth oxides can be used to produce metal, which is then turned into magnets...

UBS raised its target price of gold for the end of March 2026 from $3,600 to $3,600 as U.S. macroeconomic risk, de-dollarization and strong demand, especially by exchange-traded fund (ETF) and central banks, are expected to push gold prices higher. UBS has also raised its forecast for the end of June 2026 by $200, to $3700 per ounce. It introduced a new target for the end of September 2026 at this level. The bank believes that a combination of sticky U.S. Inflation, a below-trend U.S. Federal Reserve, continued dollar weakness, and a likely easing in policy will support gold prices....

Gold prices were mostly unchanged on Monday as investors focused their attention on U.S. president Donald Trump's meetings with Ukrainian and European officials, and on the Federal Reserve's symposium this week in Jackson Hole. At 01:42 pm, spot gold was slightly lower at $3333.32 an ounce. ET (1742 GMT), having hit its lowest level since 1 August earlier in the session. U.S. gold futures for December delivery settled 0.1% lower at $3,378. The U.S. Dollar gained 0.3% making the greenback price of bullion higher for other currency holders. Trump said that the U.S. will "help out" Europe to provide security...

Gold prices were mostly unchanged on Monday as investors focused their attention on U.S. president Donald Trump's later-in-the day meeting with Ukrainian leaders and European leaders, and on the Federal Reserve's symposium this week in Jackson Hole. At 11:56 am, spot gold was unchanged at $3334.81 an ounce. ET (1556 GMT), having hit its lowest level in the previous session since August 1. U.S. Gold futures for delivery in December fell by 0.1%, to $3.379.70. The U.S. Dollar gained 0.3% making bullion priced in greenbacks more expensive for holders of other currencies. Investors will be watching closely the White House...

The copper price fell on Monday, due to the stronger dollar. There was also uncertainty about a key event that will affect U.S. interest rate forecasts and a meeting of U.S. president Donald Trump with his Ukrainian counterpart Volodymyr Zelenskiy. By 1002 GMT, the price of three-month copper at the London Metal Exchange had fallen by 0.3% to $9.742.50 per metric ton. EwaManthey, commodities analyst at ING, said: "The week began with a cautious note for base metals. The markets are awaiting the Trump-Zelenskiy meetings as well as any interest rates signals from the Fed Jackson Hole Meetings." Trump will...

BlueScope Steel, an Australian company, reported on Monday a 90% drop in its annual profit, citing a charge for impairment at its coated product business and sluggish performance at its North America operation. Its shares fell 7% as a result. As of 0018 GMT the shares of BlueScope Australia's largest steel producer were at A$22.55. This was their lowest level in over seven weeks. The benchmark ASX 200 index was down by 0.2%. BlueScope Steel’s North American Division's coated product business reported a loss due to lower volumes and operational difficulties. This led to an impairment charge of A$438.9 ($285.90)...

The U.S. factory output was unchanged in the month of July, suggesting that manufacturing activity is stalling while businesses deal with higher import tariff costs. The Federal Reserve reported a flat reading for manufacturing output on Friday, following a 0.3% rise in June that was upwardly revised. The economists polled had predicted that production in the sector, which represents 10.2% of GDP, would decline by 0.1%, following a 0.1% increase reported previously in June. In July, the production at factories increased by 1.4% compared to last year. The output of motor vehicles and parts fell by 0.3% in July after...

The African Union (AU) has endorsed a campaign to stop governments and international organizations from using the 16th century Mercator world map in favor of one which more accurately depicts Africa's size. The projection was created by Gerardus Mercator to aid navigation. It distorts the sizes of continents, enlarging the areas near poles such as North America and Greenland, while shrinking Africa, and South America. Selma Haddadi, deputy chairperson of the AU Commission, said that the Mercator map gave the false impression that Africa is "marginal" despite the fact it's the second largest continent in the world by area and...

Next week, the South African government will publish the preliminary results of its review on steel tariffs. This is a major step towards protecting the local industry against increased imports. In March, the International Trade Administration Commission initiated a review in response to a directive from the minister. South Africa's Steel Industry faces many challenges. One of them is the influx low-cost imports from China due to its overcapacity. The tariffs imposed by Donald Trump in the United States have disrupted trade this year. In South Africa, a depressed demand as well as energy and logistical challenges have exacerbated the...

Metal traders reported that copper prices fell on Wednesday, to their lowest level in almost two weeks, as funds sold. Consumers and producers were also sidelined, awaiting the speech of U.S. Federal Reserve Chairman Jerome Powell, scheduled for later this week. The dollar could be undermined by Powell's Friday speech, as the markets are looking for hints as to whether U.S. rates will be cut 25 basis points at the Fed meeting on September 16-17. A weaker dollar could boost the demand for metals priced in dollars. Funds use this relationship to trade on a daily basis using numerical models...

Aluminum prices fell on Wednesday, reaching their lowest levels in over two weeks as the United States increased the import tariff by 50% to metal-made products. However, the hope of a seasonal improvement in demand in the top consumer China helped limit losses. The Shanghai Futures Exchange's most traded aluminium contract closed the daytime trading 0.1% lower, at 20,570 Yuan ($2,864.38) a metric ton. In the early part of the session it reached the lowest level since 4 August at 20,430 yuan. The benchmark three-month aluminum on the London Metal Exchange rose 0.1%, to $2,566 per ton at 0741 GMT,...

China's rare earth magnet exports have recovered and reached a six-month peak in July. This shows that trade flows for the minerals essential to electric vehicles are back to their pre-export curb levels. The General Administration of Customs reported on Wednesday that exports of the world's biggest rare earth magnet supplier increased by nearly 75% in June, reaching the highest monthly total since January with 5,577 tons. The volume in July, which was in line analysts' expectations was also 5.7% more than the 5,278 tonnes shipped in the same period last year. Exports continued to recover after Beijing signed a...

After the United States increased the import tariff of 50% on aluminum and its products, the price of aluminium fell to its lowest level for more than two weeks on Wednesday. As of 0202 GMT, the most traded aluminium contract at the Shanghai Futures Exchange fell 0.44% to 20500 yuan a metric ton. It had touched its lowest level since August 4, at 20,430 Yuan, earlier in the session. The benchmark three-month aluminum on the London Metal Exchange fell 0.16%, to $2,559.5 per ton. This is the lowest price since August 5. The U.S. Commerce Department announced on Tuesday that...

Aluminum prices in Shanghai, London and other major cities fell on Monday as the United States imported more derivatives of the metal under the 50% import tax, which distorted the outlook for demand. The Shanghai Futures Exchange's most traded aluminium contract closed the daytime trading 0.68% lower, at 20,600 Yuan ($2,869) a metric ton. In the early part of the session, the contract reached 20,550 yuan. This was its lowest level since 6 August. The benchmark three-month aluminum on the London Metal Exchange fell 0.65%, to $2,590 per ton, as of 8am GMT, after reaching its lowest level since August...

Japanese steel lobby groups have demanded early measures to stop the evasion and avoidance of anti-dumping duties aimed at protecting the domestic industry from unfair imports. This move coincides with record steel exports by China, the largest producer in the world, which have sparked protectionist reactions around the globe. Since January of last year, almost 40 countries have launched anti-dumping investigations. The Japan Iron and Steel Federation and other four industry groups have said that swift action is required as countries like China try to avoid antidumping tariffs by routing their exports through a third country or performing minimal processing...

Investors waited for U.S. president Donald Trump to meet with Ukrainian President Volodymyr Zelenskiy and European Leaders in order to discuss a possible peace agreement with Russia. As of 1:56 GMT, spot gold rose 0.3% to $3,345.64 an ounce after reaching its lowest level since August. U.S. Gold Futures for December Delivery rose by 0.3% to $3391.80. "Gold started the day on the backfoot, but...was able to reverse its course as buyers moved up to the $3,330 area in a value-play. U.S. Treasury yields have given up some Friday gains, which has also made life easier for gold prices," said...

Aluminum prices in Shanghai, London and other major cities fell on Monday as the United States added more derivatives of the metal to the import tax of 50%. As of 1300 GMT, the most actively traded aluminium contract at the Shanghai Futures Exchange was underperforming its peers. It fell by 0.82% to 20570 yuan (2,864.06 dollars) per metric tonne. The contract reached 20,560 Yuan, its lowest since August 6 earlier in the session. The benchmark three-month aluminum on the London Metal Exchange fell 0.4% to 2,596.5 per ton. The Trump administration expanded the scope of its tariffs of 50% on...

A top official of the Chinese nickel producer Tsingshan Holding Group said that it plans to invest $800,000,000 in its steel factory in central Zimbabwe via its unit Dinson Iron and Steel Company. This was revealed during a company media tour held on Friday. Tsingshan is one of the largest nickel producers in the world and has made substantial investments in Zimbabwe. Tsingshan has also invested in ferrochrome mining, coking coal, and lithium mining in Zimbabwe. Wilfred Motti, project director at the company, said that the funds will be used to build a new blast furnace to increase the capacity...

Dalian iron ore contracts fell on Friday, posting a loss for the week as a result of weaker property demand and lower outdoor construction activity. The January contract for iron ore most traded on China's Dalian Commodity Exchange closed 1.08% down at 776 Yuan ($108.03). This contract fell 0.96% in the past week. As of 0706 GMT, the benchmark September iron ore price on Singapore Exchange was down 0.04% at $102,05 per ton. The contract has fallen 0.05% this week. China's crude output of steel fell to a low for seven months in July. It was down 4% compared to...

The price of iron ore futures fell on Friday. They are on course to lose money for the week as China's property market weakened. As of Friday, 0328 GMT, the most traded January iron ore contract at China's Dalian Commodity Exchange was trading 1.27% lower. It was trading at 774.5 Yuan ($107.83), per metric ton. This contract has fallen 1.34% this week. On the Singapore Exchange, September benchmark iron ore was $101.95 per ton lower. The contract has fallen 0.2% this week. China's crude output of steel fell to a low for seven months in July. This is a 4%...

Rusal announced a net loss for the first half of its financial year on Friday as higher costs, increased interest expenses, and fluctuations in foreign exchange rates weighed down on Rusal's earnings. The Hong Kong listed company, which is the largest aluminum manufacturer outside China, suffered a net loss for the six months ended June 30 from a profit last year of $565 millions. Rusal is under constant pressure from Western sanctions against Russia for the conflict in Ukraine. This has been going on for over three years. Although the company was not sanctioned directly, some Western buyers have avoided...