Mining

Gold prices increased 1% on Friday as traders sought out the safe-haven asset amid continued tariff uncertainty as President Donald Trump's deadline of August 1, to conclude negotiations, approaches. As of 855 a.m., spot gold rose 1% to $3,308.07 an ounce. ET (12:55 GMT). U.S. Gold Futures rose 0.3% to $3.306,10. We've seen a rise in trade uncertainty, as we near the August 1st tariff deadline... a slight revival of safe haven bids," said Peter Grant. The midpoint is around $3,312/oz. We tested this level today. I would probably be more optimistic if the week's highs were to surpass those...

The gold price increased by more than 1% Thursday, moving from the low of one month it reached in the previous session. A pullback in dollar value and new U.S. Tariff announcements boosted demand for this safe-haven investment. As of 0612 GMT, spot gold was up 1.1%, at $3,312,03 per ounce. On Wednesday, the bullion reached its lowest level since 30th June at $3267.79. U.S. Gold Futures rose 0.4% to $3.309. Gold became less expensive for holders of other currencies as the dollar dropped from its two-month low. Gold prices dropped sharply yesterday, around the time of the FOMC's statement...

Donald Trump, the U.S. president, imposed a 50% tariff Wednesday on Brazilian goods in response to what he called a witch hunt against former President Jairbolsonaro. However, he softened his blow by exempting sectors like aircraft, energy, and orange juice from higher levies. This came as a welcome relief to many in Brasilia who, since Trump announced his tariff earlier in the month, had been calling for protections for major Brazilian exporters caught up in the crossfire. The shares of Embraer, a plane manufacturer, and Suzano, a pulp maker rose. The Brazilian Treasury Secretary Rogerio Ceron said to reporters that...

Albemarle is the largest lithium producer in the world. Its shares rose over 7% on Wednesday after the bell, thanks to the sustained demand for this metal. Fastmarkets, a consultancy, says that lithium's use for electric vehicles, large battery storage, and other electronic uses has increased rapidly. Demand was up by 24% in the past year, and is expected to increase by 12% per annum over the next decade. Albemarle reported that its April-June net sales were $1.33 billion. This is 7% less than the previous year, but still higher than analysts' expectations, which was $1.22 billion. Data compiled by...

Donald Trump announced on Wednesday that the United States would impose a tariff of 50% on copper pipes, wires, and other copper products. However, the details of this levy were not as comprehensive as expected, and did not include copper input materials like ores, concentrates, and cathodes. U.S. Comex Copper Futures fell 19.5% following the announcement. This quickly unwinded a premium that had been growing over the London benchmark in recent weeks, as traders assumed U.S. mines would benefit financially from the tariff. Trump teased his tariff for the first time in early July. He implied that the tariff would...

The U.S. imposed sanctions Wednesday on a Brazilian Supreme Court judge overseeing the trial for former President Jairbolsonaro. They accused the judge of authorizing arbitrarily pre-trial arrests and suppressing free expression. Justice Alexandre de Moraes presided over Bolsonaro's criminal case. Bolsonaro is accused of plotting to overturn Brazil’s presidential election in 2022. On Wednesday, U.S. president Donald Trump also signed an executive ordering imposing a tariff of 50% on Brazilian goods. He said that this was to stop the witch hunt against his right-wing allie Bolsonaro. Moraes received a sanction under the Global Magnitsky Act. This act allows the U.S....

Raul Jacob, CFO of Grupo Mexico’s Southern Copper, said that the U.S. - China trade war would affect the global economy and the copper sector. He made this statement on a conference call with analysts to discuss the company’s quarterly results on Wednesday. He said: "We think that an intense trade war between the U.S.A. and China could affect economic growth around the world." Jacob, the Chief Financial Officer, said that he expects the industry to remain resilient over the long term. He said, "We continue to maintain a positive outlook for the long-term future of copper." Jacob said that...

Gold prices fell on Wednesday, as strong U.S. data confirmed expectations that the Federal Reserve would hold interest rates at their upcoming meeting. This also increased the likelihood that any rate cuts for the rest of the year could be delayed. As of 9:34 am ET, spot gold was down by 0.6%, at $3,306,57 per ounce. ET (1334 GMT). U.S. Gold futures dropped 0.6% to $3.303.40. The recent economic releases are quite encouraging. The surprise was the GDP. The same goes for the addition to the labor market. Both indicate that the Fed may continue to delay cutting rates", said...

Gold prices rose on Wednesday as investors waited for the Federal Reserve to announce its policy and make comments that might provide more clues about the timing of their next moves. As of 1056 GMT, spot gold was up by 0.1%, at $3,328.15 an ounce. U.S. Gold Futures rose 0.1% to $3,325.10. Gold became less expensive to holders of other currencies after the dollar index fell by 0.1%. "There is a combination of factors that are holding gold prices back." "From a geopolitical perspective, we seem to be making some progress in the tariff negotiation but no one is willing...

Grupo Mexico, a mining and transportation conglomerate, reported a net profit for the second quarter that increased by 10%. This was despite a decline in revenues and copper production. According to a late-Monday filing, the net profit of the group, a leading copper producer, was $1.23 billion on revenues that fell 4% to $4.24 Billion. This is above the $4.22 Billion estimate by analysts polled at LSEG. EBITDA (earnings before interest, taxes, depreciation and amortization) was $2.36 billion for the three-month period ending June. LSEG polled analysts who expected EBITDA at $2.22 billion. Grupo Mexico is controlled by German Larrea....

Building materials manufacturer CRH announced on Tuesday that it had agreed to purchase Eco Material Technologies, a provider of supplementary cementitious material, for $2.1 Billion to expand its North American presence. CRH, based in Dublin, Ireland, operates two regional divisions: Americas and International. According to its most recent annual report, the Americas business generates 65% of the company's revenues. This includes production of asphalt, concrete, ready-mixed, and cement used in construction. The industry is making the transition to low-carbon alternatives through joint ventures, mergers, and investments. CRH has acquired the Utah-based Eco Material near-zero-carbon cement manufacturer, as well as its...

South Africa may need to find alternative markets for its vital minerals exports if tariffs are imposed by the United States, said the Mines Minister of Africa's largest economy on Tuesday. South Africa is the world's largest producer of platinum group minerals (PGM), used in automotive catalytic convertors. They are also amongst critical minerals that are subject to a U.S. investigation, which could lead to new import duties. Washington initiated that investigation in part to put pressure on Beijing. China is the top producer in the world of 30 minerals deemed critical by the U.S. Geological Survey, and has curtailed...

TVS Motors, India's largest electric two-wheeler manufacturer by sales, beat its quarterly profit expectations on Thursday due to strong local sales and exports. It also said that it would seek alternatives for rare-earth magnetic materials in light of China’s export ban. The company that also produces three-wheelers had previously flagged challenges with securing magnets which are crucial for electric motors. China, which is the largest producer of rare earth magnets in the world, implemented export restrictions in April. Some shipments have resumed to the U.S., Europe and other countries. However, Indian companies are still waiting for Beijing's approval. TVS will...

Iron ore is the best performing commodity this year, with a price of over $100 per metric ton. This is despite signs that China's steel industry has been slowing down. The Singapore Exchange's most traded iron ore contract ended Wednesday at $101.71 per ton, down from $102.74 at its previous close. The rolling front-month contracts have traded within a narrow range this year. A high of $107.81 per ton was reached on February 12, and a low $93.35 per ton was achieved on July 1. This stability is due to the fact that China imports 75% of all seaborne volumes....

The price of iron ore futures fell for the second session in a row on Thursday as weaker than expected factory activity data from China, the top consumer, raised concerns about demand. As of 0230 GMT, the most traded September iron ore contract at China's Dalian Commodity Exchange was trading 1.44% lower. It was trading at 786.5 Yuan per metric ton. As of 0220 GMT, the benchmark September iron ore traded on Singapore Exchange was down 0.75% at $100.95 per ton. An official survey released on Thursday showed that China's manufacturing activity declined for the fourth consecutive month in July....

A senior executive of Grupo Mexico, the world's largest copper producer, said in a Wednesday call that the company is planning to invest in projects within the United States over the next three to five year period. This comes as Washington prepares tariffs for some copper products. After an order by President Trump, the price of U.S. Copper plunged on Tuesday. The shortfall Copper input materials like ores, concentrates, and cathodes were not included in the expected sweeping restrictions. Grupo Mexico said earlier that it saw the proposed tariffs for Mexico as an Investing in the future is a great...

U.S. Steel announced on Wednesday that it has appointed three American board members to its company. This comes more than a week after Nippon Steel completed its $14.9 billion acquisition of U.S. Steel. The company is now a Nippon Steel subsidiary and its board has seven members, of which four are U.S. Citizens, including three independent U.S. Directors. John Donovan is a former CEO of Lockheed Martin and Robert Stevens was formerly a member of U.S. National Security Telecommunications Advisory Committee. Timothy Keating was named as a member of the board. He is a retired admiral of the U.S. Navy...

Iron ore futures prices rose on Wednesday amid hopes for a longer-term extension of the tariff truce, but caution before a high level meeting in China, the top consumer, limited gains. As of 0211 GMT, the most traded September iron ore contract at China's Dalian Commodity Exchange was trading 0.69% higher. It was 798 yuan (US$111.23) per metric ton. As of 0205 GMT, the benchmark September iron ore traded on Singapore Exchange was trading at $102.9 per ton. U.S. officials and Chinese officials have agreed to extend their 90-day trade truce after two days of constructive talks between both parties...

The Indonesian coal producers find themselves in a difficult situation, as their exports are falling and the demand for fuel from nickel smelters is at an all-time high. This creates a conundrum of growth. Indonesia's largest export is coal, which will generate $30.49 billion by 2024. A decline in revenues would have an adverse effect on Southeast Asia's largest economy, which is heavily dependent on commodities. Lower profit margins and falling share prices point to coal's future woes, which include a reduction in workforce, a slowdown in production, and less money going into government coffers, at a time that President...

The price of iron ore futures held above the psychologically important level of $100 per metric ton, as investors watched closely for any signs of progress in the Sino-US trade negotiations. As of 0700 GMT, the benchmark September iron ore contract on Singapore Exchange rose 1.9% to $100.70 a metric ton. The contract for September iron ore on China's Dalian Commodity Exchange erased its morning loss and ended daytime trading 0.63% higher, at 798 Yuan ($111.17). The talks between U.S. officials and Chinese officials who met in Stockholm on Monday are expected to continue Tuesday. They will be aimed at...

On Monday, gold fell to a three-week-low as a U.S. - European Union trade agreement lifted the dollar and risk-sentiment. Investors awaited new cues about rate policy at this week's Federal Reserve Meeting. As of 10:10 am, spot gold dropped 1% to $3304.87 an ounce. ET (1410 GMT), reaching its lowest level since the 9th of July. U.S. Gold Futures fell 0.6% to $3,320.20 an ounce. The U.S. Dollar Index rose to its highest level in a week, increasing the price of bullion for foreign buyers. "I believe the more trade news we receive, the higher the dollar will rise."...

The top U.S. economic officials and Chinese representatives will resume their talks on Monday in Stockholm to address long-standing economic disputes that are at the heart of a trade conflict between the two largest economies. They hope to extend the truce for three months while preventing tariff increases. China faces an August 12 deadline for a lasting tariff agreement with the Trump administration. Beijing and Washington had reached preliminary agreements in May and early June to end weeks' worth of escalating tariffs, and to stop the cutoff of rare-earth minerals. If there is no agreement, the global supply chain could...

On Monday, gold prices dropped to their lowest levels in almost two weeks as the framework trade agreement reached between the United States of America and the European Union prior to the deadline for tariffs on August 1, boosted the appetite for risky assets. As of 0208 GMT spot gold was down by 0.1%, at $3,332.18 an ounce. It had reached its lowest level since 17 July. U.S. Gold Futures slipped 0.1% to $3,331.60. The U.S. and the European Union reached a framework agreement on trade on Sunday. It imposed a 15% tariff on the majority of EU goods, half...

According to a filing made on Thursday by the Shanghai Stock Exchange, six university students drowned while visiting a copper-molybdenum mine owned by Zhongjin Gold Corp. in northern China. After protective grates collapsed, students from Northeastern University of Shenyang fell in a flotation chamber - mining equipment that uses liquid to extract copper from crushed ore. According to Zhongjin Gold's filing, which is a subsidiary owned by the state-owned China National Gold Group Co., an injured teacher also suffered injuries in the accident. The company reported that it had activated a plan of emergency and notified the local authorities about...