Mining

The price of copper reached a new record on Friday after Citi raised its outlook for the metal. Supply concerns and the expectation that the U.S. Federal Reserve will cut interest rates next week are driving the market. After hitting a record high of 92.910 yuan per ton during the day, the most active copper contract at the Shanghai Futures Exchange ended the trading session 2.19% higher, closing the daytime trades at 92.780 yuan. Shanghai copper recorded a weekly gain of 4.99%. The benchmark three-month Copper on the London Metal Exchange surged as well, rising 1.90% at $11,667.60 per ton...

Gold prices remained largely unchanged Thursday as rising U.S. Treasury rates offset the support provided by a weaker US dollar. Meanwhile, markets were waiting for Friday's U.S. Inflation data to get clues about Federal Reserve policy ahead of their December meeting. By 1833 GMT, spot gold had risen 0.1% to $4210.49 an ounce. U.S. Gold Futures for February closed 0.2% higher, at $4243.00 per ounce. Edward Meir, Marex analyst, said: "Higher yields keep a little cap on gold's upside. The general dollar index provides some support." The benchmark 10-year U.S. Treasury rates rose while the U.S. Dollar Index hit a...

Gold prices fell on Thursday, as investors focused on the Federal Reserve meeting next week and U.S. economic data that could influence interest rate outlooks. As of 1252 GMT, spot gold was down 0.4% at $4,191.26 an ounce. U.S. Gold Futures for February Delivery were down 0.3% to $4,221 an ounce. Gold bulls are on the sidelines awaiting tomorrow's PCE figures. "This, along with a rise in risk appetite on equity markets, limits the upside of gold prices," ActivTrades Analyst Ricardo Evangelista stated. Global shares rose on Thursday as investors hoped that the U.S. will cut rates next week to...

Gold prices fell on Thursday, as the gains made in Asian and European equities markets weighed down on demand for safe-haven assets. Investors turned their attention towards next week's U.S. Federal Reserve Meeting and to upcoming U.S. economic data that may influence interest rate outlooks. As of 1141 GMT, spot gold was down 0.2% at $4,199.06 an ounce. U.S. Gold Futures for February Delivery were down by 0.1% to $4,229 an ounce. Gold bulls are on the sidelines awaiting tomorrow's PCE figures. "This, along with an increase in risk appetite on equity markets, limits the upside of gold prices," ActivTrades...

Donald Trump, the U.S. president, will meet with leaders of the Democratic Republic of Congo (DRC) and Rwanda in Washington to sign new agreements aimed at stabilizing war-torn region and attracting Western investment. The Rwandan president Paul Kagame, and the Democratic Republic of Congo president Felix Tshisekedi will be expected to declare their commitment to a economic integration compact that has already been agreed. Last month, As well as an U.S.-brokered peace deal Reached in June, but not yet implemented Analysts claim that U.S. diplomatic efforts have halted the escalation in fighting in eastern Congo, but failed to resolve fundamental...

Gold prices fell on Thursday, as investors took profits and became cautious in advance of the U.S. Federal Reserve's meeting next week. They are awaiting data to get a better idea about interest rates. As of 0617 GMT, spot gold was down 0.5% to $4,179.71 an ounce. U.S. Gold Futures for December Delivery were down 0.5% to $4,210.20 an ounce. Soni Kumari, ANZ's commodity strategist, said that "with investors a little cautious ahead of the FOMC meeting (Federal Open Market Committee), the market is pricing in a Fed cut by 25 basis point... The market now needs a new trigger...

Gold prices fell on Thursday, as investors took profits and awaited the Federal Reserve's meeting next week. They also waited for upcoming data to provide more clarity on interest rate policy. As of 0446 GMT, spot gold was down by 0.2%, at $4,196.96 an ounce. U.S. Gold Futures for December Delivery were down 0.2%, at $4225.90 an ounce. Soni Kumari is a commodity strategist with ANZ. She said: "The market has priced in a Fed cut of 25 basis points. What is needed now is a new trigger to push (gold) higher." Kumari said that a decline to $4,000 could...

Chevron announced on Wednesday that its capital expenditures for 2026 would be between $18 and $19 billion. The oil major is focusing on investments in Guyana and production in the U.S. The range falls at the lower end of the previous guidance, which put annual investments between $18 billion to $21 billion until 2030. Last month, the second-largest U.S. producer of oil outlined a strategy to reduce costs, increase efficiency and boost returns to investors by the end decade. In a recent statement, Chevron CEO Mike Wirth stated that the 2026 capital program would focus on opportunities with the highest...

The gold price held steady Wednesday, buoyed up by the weak payroll data, which reinforced expectations for a U.S. rate cut next Monday. Silver also hit a new record high. By 2:03 pm, spot gold had not changed much from $4,202.06 per ounce. ET (1903 GMT), the session high was $4,241.29. U.S. Gold Futures for February Delivery settled 0.3% higher, at $4,232.50. Silver remained steady after reaching a session high of 58.98 dollars earlier. Bob Haberkorn, senior market strategist at RJO Futures, says that the silver price hitting a record high overnight, coupled with this morning's missed ADP data is...

Ivanhoe Mines said that its recovery plan is progressing and it expects the copper production at its Kamoa/Kakula complex to reach between 380,000-420,000 tons of copper in 2026, and 500,000-540,000 tonnes in 2027. It will update its life-of-mine plans towards the end the first quarter next year. In its report on production guidance, Ivanhoe said that copper sales are expected to exceed output in 2026 as it clears 20,000 tons concentrate stock once its new smelter, Africa's biggest, starts up in December and shifts production to copper anodes. Robert Friedland, Ivanhoe's co-chairman, said that the company was "on the brink...

The European Commission announced plans Wednesday to strengthen the European Union's resilience to threats like a shortage of rare earths by enhancing existing trade measures, and utilizing new defenses to boost economic security. The EU executive has outlined what it calls an "economic security policy" for the bloc of 27 nations, which are battling U.S. tariffs and Chinese regulations that have stifled supplies of rare earths and chips. The bloc is keen to maintain its position as a global leader in manufacturing, but it risks falling behind China and the United States when it comes to new technologies such as...

The gold price remained stable on Wednesday, as traders awaited U.S. Economic indicators to gauge Federal Reserve policy direction. Silver prices also declined from their record highs. After losing over 1% the previous session, spot gold dropped 0.1% at 1128 GMT to $4203.58 per ounce. U.S. Gold Futures for February Delivery were up 0.3% to $4,234.60. Ole Hansen is the head of commodity strategy for Saxo Bank. He said, "Pay attention to key U.S. statistics that could cement expectations about a rate cut in December which would be supportive of metals." Investors await the U.S. ADP November employment figures at...

The turnout for Sunday's legislative elections in Hong Kong is expected to low, as political campaigns are subdued. This comes amid the aftermath of the city's worst fire in decades which has so far killed 159. On Friday, volunteers handed out flyers to residents and hung up banners at busy intersections and subway stations. However, they were mostly ignored by the locals. Following the fire last week, campaigning was suspended for a couple of days. C.K. said: "This accident can, of course influence the attendance at the elections... (Hong Kongers), don't have interest or the desire to elect people." Lau,...

The price of copper reached a new record on Friday after Citi raised its outlook for the metal. Supply concerns and the expectation that the U.S. Federal Reserve will cut interest rates next week are driving the market. As of 0330 GMT the most active copper contract at the Shanghai Futures Exchange had risen 1.18%, to 91.860 yuan (12,992.56) a metric ton, after reaching an all-time peak of 92,000 dollars a ton during the session. Shanghai copper will end the week at a 5.3% higher price. The benchmark copper for three months on the London Metal Exchange gained 0.95%, to...

Dalian iron-ore futures prices fell on Friday, and are on course for weekly losses as a result of rising seaborne shipments at year's end and tepid Chinese interest. As of 0320 GMT, the most-traded contract for January iron ore on China's Dalian Commodity Exchange was trading 1.01% lower. It was 785.5 Yuan ($111.11), per metric ton. The contract will end the week at a loss of 0.88%. The benchmark January Iron Ore at the Singapore Exchange fell 1.02% to $103.2 per ton. However, it is still on track to finish the week with a 1.43% increase. Iron ore shipments are...

The price of copper fell slightly on Thursday, as traders reported that the panic caused by tight supplies this week has begun to subside. As of 1030 GMT, the benchmark three-month copper price on London Metal Exchange had fallen 0.7% to $11,402.50 a metric tonne. It reached $11,529 in the early part of the session. This was just a few cents away from the high of $11,540 that it achieved on Wednesday. LME data showed that on Thursday, 7,775 new warrants were cancelled in South Korea (0#MCUSTXLOC>), following a previous day's cancellation of more than 50 725 tons in Asia....

Shanghai copper reached a record-high on Thursday. This was boosted by the sharp increase in London Metal Exchange cancellations, which signaled a tightening of supply outside of the United States. Also, bets increased that Federal Reserve rates would drop this month. As of 0240 GMT the most active copper contract at the Shanghai Futures Exchange had risen 2.45% to 91150 yuan (12,893.96) per kilogram, after reaching an all-time-high of 91400 yuan during the morning. The rally was triggered by the record-breaking high reached on Wednesday for LME three-month copper benchmark. London copper rose 0.08% to $11,497 per tonne on Thursday....

The European Commission announced plans on Wednesday to increase EU resilience against threats such as rare earth shortages through strengthening trade measures and adding economic security tools. These plans are the culmination of Europe slowly realising that it needs to act quickly and across all sectors in order to stop its years-long dependence on a single point of origin for goods or energy. The plans come after several painful shocks, including the COVID epidemic, Russia's conflict in Ukraine and U.S. Tariffs. The EU executive has outlined what it calls an "economic security policy" for the 27 nation bloc. This is...

As part of its efforts to ensure critical raw materials for electric cars, windmills and semiconductors, the European Commission intends to restrict exports from 2026 of rare earth scrap and battery scraps that can be recycled. This proposal is one of the first responses to China's decision to limit exports to many industries that rely on rare earth magnets. The REsourceEU plan of the Commission aims to speed up the Critical Raw Materials Act that will be passed by 2023. The EU wants its supply chains to be developed faster so that it does not rely on a single country...

India's JSW Steel is selling the steel business from its Bhushan Power and Steel unit to a joint venture of equal stakes with Japan's JFE Steel, for 244.83 Billion Rupees ($2.72 Billion), in order to fund its growth. After the announcement made on Wednesday, shares of JSW Steel, India's largest steelmaker in terms of market capitalization, fell. The shares closed 1.6% down, making them among the biggest percentage losers in the Nifty Metal Index. In September, India's top court approved JSW's acquisition of Bhushan Power and Steel. This decision capped months of legal battles that saw the court reverse its...

The price of iron ore rose on Wednesday, as the optimism about higher steel prices overshadowed concerns about a slowdown in hot metal production. As of 0322 GMT, the most-traded contract for January iron ore on China's Dalian Commodity Exchange was trading 0.06% higher. It was 801.5 yuan (113.44 dollars) per metric ton. The benchmark January Iron Ore at the Singapore Exchange rose by 0.1% to $104 per ton. In his latest monthly outlook, Wang Jianhua, chief analyst at consultancy Mysteel, predicted that Chinese steel prices would increase in December due to the improvement in macroeconomic conditions and the recovery...

The market has now been focused on the Federal Reserve's upcoming rate announcement next week. As of 0245 GMT, the most traded copper contract at the Shanghai Futures Exchange was 0.22% lower, trading at 88 890 yuan per metric tonne ($12 581.21). Shanghai copper fell on Tuesday after the London benchmark copper for three-months, which had also weakened from its all-time-high on account of a lower risk appetite and profit taking. On Wednesday, the London copper price was up 0.46% to $11,196.50 per ton. Copper prices are on the rise as supply worries have fueled overall optimism. Now, traders are...

The gold price fell by 1% on Monday, mainly due to rising U.S. Treasury rates and profit booking after a six-week-high was reached in the previous session. Silver prices also declined from their record high. After falling more than 1% earlier, spot gold fell 0.7%, to $4,204.50 an ounce, by 1215 GMT. U.S. Gold Futures for February Delivery were down 0.9%, at $4,235.50 an ounce. The combination of a strong dollar, higher Treasury rates and profit-taking has conspired to reduce the shine of gold," said Ross Norman, an independent analyst. The U.S. Dollar rebounded from a two-week high in the...

The copper prices fell on Tuesday due to the stronger dollar and a lower risk appetite. Investors also locked in profits after a rally that reached a record-high in the previous session. The benchmark three-month copper price on the London Metal Exchange fell 0.4% by 1015 GMT to $11,202 per metric ton, after hitting a record high of $11,334 Monday. LME copper is up 27% this year so far, mostly due to fears about possible shortages. Ole Hansen is the head of commodity strategy for Saxo Bank, Copenhagen. He said: "We are pausing today as we have seen the dollar...