Mining

Two sources involved in the price talks confirmed that some Japanese aluminium buyers agreed to pay global producers a premium of $395 per ton over benchmark prices for July-September shipments. This is an increase of 12-13% compared to the previous quarter. The talks with other buyers continue. Initially, producers had demanded higher premiums. The agreement, which is a 3rd consecutive quarterly rise, and the highest premium since January-March 2015 when it reached $425 per tonne, represents a $350-$353 increase per ton in April-June. Japan is one of the major Asian importers of light metals. The premiums that it pays for...

Gold ?rose more than 2% ?on Thursday, extending gains after ?weaker-than-expected U.S. ?non-farm payrolls data reduced expectations of Federal Reserve interest rate hikes this year. As of 1:20 pm EDT (1720 GMT), spot gold was up by 2.2% to $4,116.54 an ounce. U.S. Gold Futures closed 1.1% higher, at $4.125.7. Dollar-priced materials are now cheaper for holders of other currencies, as the U.S. index fell by 0.5%. The lower than expected jobs number indicates that rate hikes are less likely to occur later in the year. Gold tends to do better when interest rates are lower, said David Meger, director...

Gold prices rose on Thursday, as weaker-than-expected U.S. Jobs data and lower oil price eased inflation worries, while investors awaited nonfarm payrolls to get clues about the Federal Reserve policy. Gold spot rose by 0.9%, to $4,065.51 an ounce as of 0425 GMT. It had reached its highest level since the 23rd of June in the previous session. U.S. gold futures for August delivered fell 0.1% to $4,078.20. The bullion recovered from a more-than-seven month low to close higher on Wednesday at $4,029.89 after data showed that U.S. employment increased by 98,000 jobs in June, which was below the economists'...

The U.S. construction sector grew in May, despite the fact that mortgage rates were higher due to the Middle East conflict. Census Bureau of the Commerce Department?said that construction spending increased 0.1% on Wednesday after a downwardly-revised 0.3% rise in April. Economists surveyed by predicted construction spending would gain 0.1% following a previously reported increase of 0.4% in April. In May, construction spending declined 1.5% compared to the same month last year. The amount spent on private construction projects remained unchanged in May after increasing by 0.3% the previous month. Residential construction investment increased by 0.3% due to renovations. The...

Gold prices rose more ?than 2% on Wednesday after ?softer-than-expected jobs data and comments ?from Federal ?Reserve Chair Kevin Warsh that suggested inflation risks have eased. Gold spot rose 2.1%, to $4.089.49 an ounce at 0955 ET (1355 GMT), after falling to its lowest level since last November during the previous session. The yellow metal posted a quarterly loss Tuesday. U.S. gold futures for August delivery rose 1.6% to $4103.10. Gold is seeing a nice rebound this morning. A lower-than expected ADP 'print set the scene and Fed chair Warsh’s comments about inflation coming down have pushed 'yields' lower and...

Gold prices were stable on Wednesday, but remained near the seven-month low they hit the previous session as the Federal Reserve raised interest rates and Treasury yields rose. As of 1109 GMT spot gold was unchanged at $4,010.11 an ounce, having touched its lowest level in November last year of $3,942.99 during the previous session. U.S. Gold?futures?for August delivery fell 0.4% to $4.023.80/oz. The yellow metal suffered its first quarterly decline since 2024. U.S. Treasury rates rose for the third consecutive session. The stronger U.S. Dollar also increased pressure, as it made bullion more expensive for overseas buyers. UBS analyst...

South32, an Australian company, announced on Wednesday that it had agreed to sell the'majority' of its aluminium assets for up to $5.6 billion. Alcoa acquired the individual interests of the diversified mining company in Australia's Worsley Alumina, South Africa’s Hillside Aluminium and Brazil's MRN Bauxite Mine, Brazil Alumina Refinery, and Brazil Aluminium Smelter. South32 said that the U.S. aluminium giant will also assume rehabilitation provisions of around $1.2 billion. Matthew Daley, the new CEO, said that "our business will be simpler, with a portfolio of upstream operations with higher margins, reduced complexity, and greater resilience." This will allow for a...

The European Commission announced quotas for the new system to limit duty-free imports of steel into the EU. This move was aimed at protecting the steel industry in the bloc and increasing its capacity utilization. The new rules reduce the annual EU tariff-free import quotas by 47%, to 18,3 million metric tonnes, and introduce a 50% duty for steel products that are imported outside of the quota. The Commission stated that the rules will come into force on Wednesday and aim to increase the steel capacity utilization within the EU to 80%. Eurofer, the European steel association, says that the...

Ferrari and BMW have introduced new models with lightweight, cost-effective aluminum wiring. This is accelerating the shift away from copper as the dominant material for electric wiring ever since the invention two centuries ago of the electric batteries. JPMorgan predicts that the decisions will affect around 2% global copper demand in this year. Tesla and Chinese EV makers have also made similar moves. The structural increase in copper prices could lead to even more copper being switched over to aluminium. This is due to the increased demand for data centres and green energy, as well as the shortage of copper....

Martin Marietta Materials announced on Monday that it will merge with Lhoist North America, a limestone supplier in North America, through a cash and stock deal valued at $13.5 billion. The building materials firm is looking to tap into the growing demand for lime-based products. The shares of the Raleigh, North Carolina based company fell about 3% during premarket trading. The company stated that Martin Marietta would?use a combination of $7 billion cash and $6.5 billion worth of shares to fund the deal. The company expects to achieve annual cost synergies of about $85,000,000. Martin Marietta CEO Ward Nye stated...

Gold fell on Monday, as recent hostilities in the Gulf increased inflation fears that fueled expectations of a rate hike by the U.S. Federal Reserve. This pushed the non-yielding material down. As of 857 GMT, spot gold was down by 0.9% to $4,049.90 an ounce. U.S. Gold Futures for August Delivery lost 0.8%, to $4.063.50/oz. Bullion experienced a weekly drop of 1.7% on Friday, and was on course for a monthly decline of over 10%. A U.S. official announced on Sunday that Iran and the United States had agreed to cease recent hostilities and resume talks about their dispute over...

The Mexican silver miner Sinda raised $213 million in its U.S. initial public offering. Shares of the company fell 10% on their debut at the New York Stock Exchange. Stocks of the San Miguel de Allende, Mexico based company opened at $10.80 each, lower than the $12 offered price. Sinda sold 17,75 million shares within the marketed price range of $11.25 - $13.25 per share. In recent months, a growing number of mining firms have turned to the capital markets to fund their capital-intensive operations and capitalize on the high metal prices. Pricing of the IPO below the middle of...

Aluminum prices edged higher on Thursday as signs of strength in the manufacturing industry supported their rise. Benchmark?aluminium for three months on the London Metal Exchange rose 0.59% to $3,094 per metric ton by 0300 GMT. The most-traded aluminum contract at the Shanghai Futures Exchange increased 0.09%, to 22,505 Yuan ($3,316.83). The manufacturing strength was evident in the prices of light metals used for transport, packaging, and construction. China, Europe, and the U.S. released data on Wednesday that showed manufacturing strength, despite higher input prices. The price of aluminium has dropped in the past two weeks due to the peace...

Sources in the industry said that China's state buyer of iron ore has asked some domestic steel mills to not accept certain portside products of iron ore from Fortescue. This is the latest Australian miner to be snared by Beijing's efforts to 'increase' control over the market. Five sources familiar with the matter said that China Mineral Resources Group (CMRG), notified mills verbally on July 15th, they should not accept portside cargoes containing Fortescue’s Super Special Fines or Fortune Fines. These are both lower-grade products of iron ore. The move is part of CMRG’s campaign to assert its control over...

Aluminum prices fell to their lowest level in four months Wednesday, and copper also lost ground as funds liquidated bullish 'positions due to concerns over rising?U.S. Interest rates and uncertainty about negotiations to end the Iran conflict. The benchmark three-month aluminum on the London Metal Exchange fell 0.9%, to $3,058 per metric ton, by 0930 GMT. It had previously reached its lowest level since February 19, at $3,045.50. Tuesday, metals used for transport, packaging, and construction saw their biggest quarterly and month-to-month declines in years. Ole Hansen is the head of commodity strategy for Saxo Bank, a Copenhagen-based bank. The...

Aluminum prices fell on Monday due to a easing in fears that the weekend tit for tat strikes between Iran and the U.S. would escalate and cause a larger conflict and disrupt Middle East shipments, traders reported. The benchmark aluminium price on the??London Metal Exchange was down 0.2% at $3,164 per metric ton. The Strait of Hormuz is a major shipping channel. On Tuesday, Washington and Tehran will resume their talks. Britannia Global Markets stated in a report that "the situation is fluid, and any new disruption could quickly tighten the?availability of... aluminum". The suspension of the trade through the...

Aluminum?prices fell on Monday, as traders reported that fears had diminished about the possibility of a wider conflict arising from the weekend's?tit for tat strikes between Iran and the U.S. Benchmark 'aluminum' on the London Metal Exchange fell 0.5% to $3,163 per metric ton as of 0954 GMT. On Tuesday, talks will resume in Qatar regarding the dispute between Washington and Tehran over the Strait of Hormuz. This is a major shipping route. Britannia Global Markets stated in a report that "the situation is still fluid, and any new disruption could quickly tighten the availability of... aluminum." The suspension of...

Sources say that China plans to launch the first sulphur contracts this year in an effort to hedge against price fluctuations?and to increase its pricing strength in the global market for a key material used in agriculture and mining. Two sources who are familiar with the issue said that the Dalian Commodity Exchange may?list? the sulphur contracts in the fourth-quarter of this year. However, the timeframe has not been finalised, and there are still more approvals needed. The Dalian exchange has not responded to multiple requests for comment. The China Securities Regulatory Commission (CSR), which usually approves?exchanges to launch futures...

Copper fell on Friday, and was 'on track for its steepest week-to-week drop in more than three months. A selloff in technology equities spilled over into the metal. Benchmark 'three-month' copper on the London Metal Exchange was down by 0.3% to $13,236 per metric ton at 0920 GMT. Metal, considered to be a bellwether of global economic health, is on track to end the weekend down 2.6%. This would mark the biggest weekly drop since the week ended March 20. Apple's price increases fueled concerns about the inflationary impact of tech giants' spending. Robert Montefusco, senior broker at Sucden Financial,...

The price of iron ore rose on Friday, erasing earlier losses. It was set to be the first weekly gain for seven weeks as traders covered their short positions amid resilient consumer demand in China. The iron ore contract most traded on China's Dalian Commodity Exchange closed daytime trading up 0.81% to 748 yuan (109.98 dollars) per metric ton. This was a 0.3% weekly gain. As of 0825 GMT, the benchmark July Iron Ore was trading at $99 per ton on the Singapore Exchange. It has gained 0.2% this week. The morning trade saw both benchmarks fall as the sentiment...

The London Metal Exchange saw copper prices fall on Friday and were on course to report a loss for the week as macroeconomic headwinds overpowered dip buying. Benchmark three-month copper on the LME fell 0.78%, to $13,167 per metric ton by 0700 GMT. The Shanghai Futures Exchange's most traded copper contract was boosted by bargain-buying. It rose 0.21%, to 101,560 Yuan ($14.930.24) per ton. The red metal is expected to finish the week with a loss of more than 3% in the LME and just under 3% in the SHFE. In a note, Chinese broker Jinrui Futures - a subsidiary...

Hong Kong Census and Statistics Department data released on Thursday showed that China's net imports of gold via Hong Kong dropped by 38% from April to May. China is the largest consumer of gold in the world. Its purchasing behaviour can have a global impact on gold markets. Hong Kong's data might not be a complete view of Chinese gold purchases, as it is also imported through Shanghai and Beijing. China's total imports of gold via Hong Kong fell by 34% in May to 65.562 tonnes, compared with April's 90.327 tons. Giovanni Staunovo, an analyst at UBS, said that direct...

Aluminum traded at a level similar to that of the pre-Middle?East War levels for the second trading day as the market priced in its conflict risk premium. Benchmark?aluminium for three months on the 'London Metal Exchange' edged up by?0.14%?to $3,127 per metric ton at 0701 GMT. This marks a 8% decline since the beginning of the week. The Shanghai Futures Exchange's most traded aluminium contract closed daytime trading down by 2.58% at 22,865 Yuan ($3,360.82). It fell earlier in the session to 22,665 Yuan per ton ($3,360.82), its lowest level since 2026. Analysts at Sucden Financial noted that the decline...

Chinese coking 'prices' pared gains earlier to trade lower?Thursday, as concerns about demand prospects for steelmaking ingredients were fueled by a slump in steel consumption. Data from the consultancy Mysteel revealed that apparent consumption of five major steel products sank 6.5% on a week-on week basis as of Thursday. This compares to a gain of 3.1% during the previous week. Steel prices and feedstocks were under pressure due to the deteriorating market sentiment. The Dalian Commodity Exchange's (DCE) most traded coking coal contract closed the daytime trading 0.88% lower, at 1,238.5 Yuan ($181.99) a metric ton. The most actively traded...