Mining

MP Materials, a rare earths company, said that its loss in the third quarter widened due to a suspension of sales to Chinese clients as part an agreement with U.S. authorities. However, results exceeded Wall Street's expectations. After-hours trading saw shares drop to $51.86. The company has shifted its focus from relying on foreign sales, to becoming a major U.S. miner of rare earths. It also focuses on manufacturing magnets from these materials that are widely used in the automotive and electronics industries. MP is the owner of the only U.S. mine for rare earths and has plans to build...

Under a deal that will be announced on Thursday by the Trump Administration, Cove Capital Mining Investments and the JSC Tau-Ken Samruk state mining company will jointly develop a large deposit of tungsten in Kazakhstan. The agreement is one of several announced deals between Washington and Astana aimed at strengthening economic ties between the two countries. According to a document obtained by, Cove Capital would control 70% of the joint venture, and the sales of metal. Tau-Ken Samruk would hold the remaining 30%. The cost of developing the Northern Katpar project and Upper Kairakty project in the east is estimated...

Canada's main index of stocks remained mostly unchanged on Thursday as higher commodity prices countered broader market caution, and disappointing earnings following the benchmark's best session in three week. At 9:57 am. After closing Wednesday's trading day 1.1% higher, the S&P/TSX Composite index in Toronto was down by 0.1% to 30,075.80. This is its largest single-day increase since October 14. The rally was backed by positive economic data from the United States, where services sector activity rose to an eight-month peak in October and private pay exceeded expectations. The data eased investor concerns following top Wall Street banks' warnings of...

Donald Trump, the U.S. president, will host five leaders from Central Asian countries at the White House this Thursday. The U.S. is seeking to gain influence in the region that has been dominated for decades by Russia but increasingly courted and influenced by China. The talks are taking place as the competition for Central Asia’s mineral resources intensifies. Western nations want to diversify their supply chains and move away from Moscow or Beijing. The U.S., in particular, is seeking new partnerships to secure vital minerals, energy supplies and overland trading routes that circumvent geopolitical competitors. The C5+1 platform, which was...

Freshworks, a software company that uses artificial intelligence to power its tools, forecast revenue for the fourth quarter of 2018 above Wall Street expectations on Wednesday. According to LSEG, the company anticipates revenue in the fourth quarter of between $217 and $220 million. This midpoint is higher than analysts' average estimates of $216.5 millions. AI-driven solutions are being adopted by businesses to automate and manage IT services, and to reduce costs. Freshworks provides cloud-based software including Freshdesk and Freshservice, which include AI capabilities for functions such as customer relationship management (CRM) and IT support. It competes against other cloud-based providers...

The dollar reached three-month highs as traders awaited U.S. data to determine the Federal Reserve's policy. As of 2:15 pm EST (1915 GMT), spot gold was down by 1.5% at $3,940.75. U.S. Gold Futures for December Delivery fell 1.3% and settled at $3,960.50. Gold is more expensive for holders of other currencies as the dollar index has reached three-month highs. David Meger is the director of metals at High Ridge Futures. He said, "We're seeing the dollar reaching new highs and that it has a weight in the market. Fed Chair Jerome Powell said that the Fed's interest rate cut...

The dollar reached three-month highs as traders awaited U.S. data to determine the Federal Reserve's policy. As of 10:54 am EST (1554 GMT), spot gold was down by 1.1% at $3,959.56. U.S. Gold Futures for December Delivery fell 1.1% to $3968.10. Dollar index trades at three-month highs. This makes gold more expensive to other currency holders. David Meger is director of metals at High Ridge Futures. "With the dollar reaching new highs, it's affecting the gold price. Fed Chair Jerome Powell said that although the U.S. Central Bank cut interest rates in the past week, the rate reduction could be...

Vulcan Elements and the U.S. Government have formed a partnership to increase domestic production of rare earth magnets. This is the latest attempt to reduce reliance on China and secure the supply of vital minerals. Vulcan, a North Carolina-based company, said that it would build and run a 10,000-metric ton magnet facility in the U.S. in exchange for an equity stake. The Pentagon will invest $50 million and the Department of Commerce will invest $25 million under the Chips Act. The Pentagon's Office of Strategic Capital will provide a direct loan of $620 million, and private capital of $550 million....

Investors hunkered in for the U.S. payroll data that is due this week, to gauge the likelihood of another U.S. Federal Reserve rate cut. By 1:32 pm, spot gold had not changed much from $4,002.35 per ounce. ET (1832 GMT). U.S. gold futures for December delivery settled 0.4% higher at $4,014. Edward Meir, Marex analyst, said: "Gold is carving out a range of trading. It could be in the high 3,000s to mid-4,000s. This is expected consolidation following such a large move." Metal, which gained 53% in this year, is down over 8% since the record high reached on October...

TechMet, a U.S. investment vehicle, is looking at portfolio additions. This includes bidding on a Ukraine Lithium deposit. However, the CEO is concerned that Europe is falling behind in developing a vital minerals sector, which will help to counteract Chinese dominance. Brian Menell, CEO of TechMet, said that the company, which is privately held, has stakes in ten companies, from Brazilian Nickel to South Africa’s Rainbow Rare Earths. He hopes to add to this number within 12 months. In an interview, he stated that "this short-term period market weakness due to the supply of nickel, lithium, cobalt, and rare earth...

Investors hunkered in for the U.S. payroll data that is due this week, to gauge the likelihood of another U.S. Federal Reserve rate cut. By 11:14 am, spot gold had risen 0.1% to $4,004.23 per ounce. ET (1614 GMT). U.S. Gold Futures for December Delivery rose by 0.5% to $4015.30. Edward Meir, Marex analyst, said: "Gold is carving out a range of trading. It could be in the high 3000s up to the mid-4000s. This is expected consolidation following such a large move." Metal, which gained 53% in this year, is down over 8% since the record high reached on...

Canada's main index of stocks fell on Monday, as investors analyzed local economic data. However, an increase in gold and technology shares kept losses under control. 10:08 am The S&P/TSX Composite Index in Toronto was down 0.17% to 30,273.68 at 10:08 a.m. ET. The manufacturing sector's downturn in Canada eased slightly in October, as new orders and output, which had been hampered by trade uncertainty declined at a lower pace, according to Manufacturing PMI data. Later this week, we will receive new data on the employment situation. In the U.S. manufacturing shrank for an eighth consecutive month in October, as...

The market was expected to post a weekly decline on Friday as it pared gains that had been over-extended in the last few weeks, which were backed by concerns about supply. During the morning of trading, investors were searching for direction in the absence of macroeconomic and fundamental data. As of 0301 GMT the most traded copper contract at the Shanghai Futures Exchange rose 0.01% to 85,980 Yuan ($12,070.76) a metric ton, and was set for a weekly decline of 1.41%. The benchmark three-month price of copper at the London Metal Exchange rose 0.34% to $10,719 per ton. It is...

The price of iron ore futures fell on Friday, and was set to fall for the week as a result of a weakening steel market and production cuts in China. By 0202 GMT, the most traded January iron ore contract at China's Dalian Commodity Exchange fell 1.16%. It was 766 Yuan ($107.54) per metric ton. The contract was expected to finish the week at a loss of 3.95%. On Friday, the benchmark December iron ore at the Singapore Exchange fell 1.79% to $102,05 per ton. The contract has fallen 3.9% this week. Analysts from ANZ said that in order to...

The U.S. rare-earths company MP Materials reported on Thursday that its third-quarter losses widened due to the suspension of sales to Chinese clients as part an agreement with the U.S. Government, even though the results exceeded Wall Street's expectations. After-hours, shares fell 7.4% to $48,40. The company has shifted its focus from relying on foreign sales, to becoming a major U.S. miner of rare earths. It also focuses on manufacturing magnets from these materials that are widely used in the automotive and electronics industries. MP is the owner of the only U.S. mine for rare earths and has plans to...

Donald Trump, the U.S. president, will host five leaders from Central Asian countries at the White House this Thursday. The U.S. is seeking to gain influence in the region that has been dominated for decades by Russia but increasingly courted and influenced by China. The talks are taking place as the competition for Central Asia’s mineral resources intensifies. Western nations want to diversify their supply chains and move away from Moscow or Beijing. The U.S., in particular, is seeking new partnerships to secure vital minerals, energy supplies and overland trading routes that circumvent geopolitical competitors. The C5+1 platform, which was...

Aluminum prices rose Thursday on the back of prospects for improved demand, and limited production growth in China, which is the world's biggest producer. By 1109 GMT, benchmark aluminium at the London Metal Exchange had risen 0.7% to $2 869 per metric tonne. On Monday, the metal reached $2.920 for its highest level since May 2022. Britannia Global Markets' head of metals, Neil Welsh, said that the price of aluminum is around its highs for this year, as tight supply and strong demand are supporting prices. The Chinese market has become tighter. Over the past few months, fund money has...

Dalian iron ore prices ended higher on Thursday, ending a losing streak of four sessions. This was due to a drop in global shipments. However, lingering worries about oversupply slowed gains. The January contract for iron ore on China's Dalian Commodity Exchange traded 0.65% higher, at 777.5 Yuan ($109.15). As of 0721 GMT, the benchmark December iron ore traded on Singapore Exchange increased by 0.37% to $100.39 per ton. Everbright Futures, a Chinese broker, reported that shipments from Australia and Brazil, two of the top producers, declined simultaneously. This led to a drop in global shipments. Atilla WIDNEL, Navigate Commodities'...

Dalian iron ore prices held steady after a four-day decline, but lingering fears about an oversupply weighed on the market sentiment. As of 0318 GMT, the most-traded contract for January iron ore on China's Dalian Commodity Exchange was trading 0.39% higher. It was 775.5 Yuan ($108.87). The benchmark December Iron Ore at the Singapore Exchange fell 0.16% to $103.35 per ton. Atilla WIDNEL, Navigate Commodities' managing director in Singapore, says that the rally and optimism following the Fourth Plenum are now diminishing. The markets have few concrete details about "anti-involutionary" measures or long term steel capacity reforms. The anti-involution campaign...

Shanghai copper prices fell for the fourth consecutive session on Wednesday. Futures hit a record low of more than a week, despite a downward revision in Codelco’s output target for 2025, which still indicated a higher supply next season. The market was also affected by a weakening Chinese demand, and the strong dollar. As of 0250 GMT, the most active copper contract at the Shanghai Futures Exchange had fallen 1.25%, to 85,350 Yuan ($11,982.31) a metric ton. Shanghai copper fell as low as 84.900 yuan per ton in the first session of this week, marking a two-week high since October...

Dalian iron ore prices fell for the fourth consecutive session on Wednesday due to concerns over demand in China, the top consumer. This is because of a persistently low manufacturing sector. By 0258 GMT, the most traded January iron ore contract at China's Dalian Commodity Exchange(DCE) had fallen 0.9% to 771 Yuan ($108.24) per metric ton. The benchmark December Iron Ore at the Singapore Exchange fell 0.43% to $103.15 per ton. A private sector survey revealed on Monday that China's factory activities in October expanded at slower pace due to a decline in new orders and production as a result...

On Monday, a Chinese state bank shut down retail gold accounts for new investors. This comes two days after Beijing changed a longstanding tax exemption on the metal which is expected to impact retail demand in the largest consumer market of the world. China Construction Bank, a state-owned bank, announced on Monday that it will no longer accept applications to open a gold buying account without stating a valid reason. ICBC, another major bank, also limited new applicants. However they reversed their decision hours later. Beijing has made decisions Announcement Two days earlier, the government announced that the 13% exemption...

Metal traders reported that copper prices were stable on Monday, as a weaker dollar and slowing manufacturing in China's top consumer weighed on sentiment. Meanwhile, mounting supply concerns helped to support the price. By 1127 GMT, the benchmark copper price on London Metal Exchange had not changed much. It was $10,880 per metric ton. Last week, fears about shortages drove it to an all-time high of $11,200. The traders said the easing of trade tensions between China and the United States was a positive. A private sector survey conducted after Trump threatened to impose tariffs of 100% on Chinese products...

Shanghai copper reversed early losses by the close of Monday's trade, despite weak Chinese factory data that weighed on sentiment. The Shanghai Futures Exchange's most active copper contract closed the daytime trading at 87300 yuan for metric tons, a 0.10% increase. Shanghai copper fell as much as 0.56 percent earlier in the day. However, dip-buying helped the red metal return to a modest increase, traders reported. As of 0920 GMT, the benchmark three-month price for copper had risen by 0.09%. It was now $10,897 per ton. The data released on Monday and the end of last year showed that factory...