Mining

Four sources said that the top?global aluminum producers offered Japanese buyers a premium of $310-$325 per metric tonne for primary metal shipments in October and December, down by 18%-22% on the current quarter. Japan is the largest importer of light metals, and the premiums it agrees to each quarter for primary metal shipments over the London Metal Exchange cash price are the benchmarks in the region. Japanese buyers had agreed to pay a premium of $395 per ton for the period July-September The increase was between 12% and 13% compared to the previous quarter. A source from a Japanese trading...

Mark Carney, Prime Minister of Canada, told reporters that the U.S. must be serious and stop trying to be hard before negotiations on a potential trade agreement with Canada can resume. Canada withdrew from an agreement on August 21 to avoid additional U.S. Tariffs, saying that the American side made inacceptable last-minute requests. Since then, U.S. president Donald Trump has repeatedly claimed that Canada has been ripping off the U.S., called Canada's leaders "the worst" that he has ever dealt with, and renamed Lake Ontario Lake America. He also posted a meme created by AI showing Canadian geese sporting Trump's...

U.S. Construction spending fell unexpectedly in July. It reached the lowest level in almost three years, as mortgage rates increased. Census Bureau of the Commerce Department?said Tuesday that construction spending dropped by 0.5%, to $2.158 trillion. This is the lowest level since October 20, 2023. The June data was revised to reflect that construction spending remained unchanged, not falling 0.1% as reported previously. The economists surveyed by predicted that construction spending in July would remain unchanged. In July, construction spending fell 3.8% year-over-year. Private construction spending fell 0.5% in July after falling?0.1% a month earlier. Residential construction investment fell by...

EGC, the state-backed cobalt buyer in Congo, is looking to increase the market for traceable cobalt. This includes establishing closer ties with electric vehicle battery manufacturers. Congo is the largest producer of cobalt in the world, and small-scale suppliers are responsible for 15% to 25%. The government is stepping up its efforts to formalise this sector by introducing export quotas, and tightening oversight. Cobalt is a critical metal for the energy transition. Since Congo implemented the system in October last year, Entreprise Generale du Cobalt, established to channel artisanal supply chains into formal supply, has shipped 100 percent of its...

A senior executive at Congo's EGC, the state-backed cobalt buyer, said that it was aiming to expand the market of traceable artisanal artisanal. This includes e-car battery manufacturers. Congo is the largest producer of cobalt in the world, and small-scale suppliers are responsible for 15% to 25%. The government is stepping up its efforts to formalise this sector by introducing export quotas, and tightening oversight. Cobalt is a critical metal for the energy transition. Since Congo introduced the system in October last year, Entreprise 'Generale du Cobalt, established to channel artisanal supply chains into formal supply, has shipped 100 percent...

The gold price rose on Friday, as investors awaited the remarks of Federal Reserve Chair Kevin Warsh at the 'Jackson Hole Symposium' later that day. This will help gauge the direction the central bank is taking with its monetary policy. By 1032 GMT, spot gold had risen 0.1% to $4,606.73 an ounce. The price of gold reached a three-month-high of $4,696.18 after the U.S. Treasury announced support measures for bonds with long-term maturities. U.S. Gold Futures?were barely changed at $4.660.10. Kyle Rodda is a senior financial market analyst with Capital.com. He said, "I believe price action has been fairly constructive...

Radiant World, a commodity trader, is being scrutinized by counterparties who have stopped doing business after hearing that the authorities are investigating a report that it provided banks with invalid documents. Radiant called the claims "inaccurate" and "unsubstantiated", and said it conducts its business according to the highest legal and commercial standards. Here are some details about?Radiant World. What is RADIANT World? Radiant World was founded by Indian Pinkesh Nahar in the early 2000s. According to its website, with offices in Britain and China, India, Singapore Switzerland, the United States, and the United Arab Emirates it has become one of...

The gold price rose on Friday as investors awaited Federal Reserve Chair Kevin Warsh's speech at the Jackson Hole Symposium later that day in order to gauge the future monetary policies of the central bank. By 0839 GMT, spot gold had risen 0.1% to $4,607.47 an ounce. The price of gold reached a three-month-high of $4,696.18 after the U.S. Treasury announced support measures for bonds with long-term maturities. U.S. Gold Futures are little changed at $4,661.20. Kyle Rodda is a senior financial market analyst at Capital.com. He said, "I believe price action has been fairly constructive in recent months, and...

Argentina and Chile want to "unlock billions in mining investment" by advancing regulatory and legal frameworks which would allow companies to share infrastructure and resources throughout the Andes Mountains. The Mining Integration and Complementation Treaty was revived by the two countries in July, after years of stagnation. They are now looking to move forward with a new generation copper projects. The Chilean government released a statement without revealing any further details. At the meeting, both countries approved operating protocol for the Vicuna and NexoAndino mining projects. Their mineral deposits span the border between Argentina’s?San Juan Province and Chile's Atacama Region....

The Nikkei reported that Universal Studios Japan is preparing for a major expansion. Investments are expected to total between 200 billion yen (US$1.26 billion to US$1.88 billion). Universal Japan will use a 60,000 square meter?site adjacent the theme park for?new attractions. This is the first time that the venue has expanded its footprint since 2001. Nikkei reported that Universal Japan wants to increase its annual attendance above the 16 million visitors it currently has, which is already the highest of all the theme parks in Japan. This will be due to the increasing number of overseas tourists visiting Japan. Nikkei...

Donald Trump said that the U.S. needs more aluminum "desperately". He was speaking at a virtual rally in support of Mike Mazzei who had just been nominated by the Republican Party for Governor of Oklahoma. A massive new smelter is being built in Oklahoma by a joint-venture between U.S. aluminum producer Century Aluminum and Emirates Global Aluminium. The $500 million federal funding is backing the project, which is just what Trump wanted when he raised aluminium import tariffs to 50% last June. Even if the construction of the Inola plant begins according to schedule at the end of 'this year',...

Argentina and Chile want to unlock 'billions' of dollars worth of mining investment by advancing regulatory and legal frameworks which would allow 'companies to pool infrastructure and resources in the Andes Mountains. The Mining Integration and Complementation Treaty will be discussed by officials from both countries on Thursday. This 1997 agreement was revived in July following decades of slow progress. They are looking to move forward a new generation copper projects. Both the conservative Chilean president Jose Antonio Kast (who took office in March) and the libertarian Argentinean President Javier Milei are attempting to increase private investment. Chile's Mining minister...

London zinc prices rose Tuesday to their highest level in more than four years, supported by concerns about supply and the limited availability of zinc outside China. As of 0300 GMT, the benchmark three-month 'zinc contract on the London Metal Exchange was up by 2.29% at $3,972 per metric ton. The contract had reached $3,990 earlier, its highest level since May 2022. The Shanghai Futures Exchange's most traded zinc contract was up 2.71 percent at 27,070 Yuan ($4,027.97). The price of zinc reached a high of 27,165 yuan per tonne earlier this year, the highest level since January 2026. Zinc...

Two?sources who are familiar with the situation said that the head of China Iron Ore at Radiant World is leaving the company. The trading 'company' has been under scrutiny and many counterparties have stopped doing business with it. Sources said that Leon Jin was on his last day of work at the trading house, Monday. According to 'his LinkedIn profile', he joined Radiant World after spending more than 10 year with Trafigura. The sources requested anonymity because they were not authorized to speak with media. Some banks have frozen accounts of 'Radiant World,' and some trading houses have cut ties...

On Monday, copper fell on the Shanghai Futures Exchange, after bets that U.S. interest rates would rise for a longer period of time offset supply concerns. Earlier, the metal had seen a monthly increase in August. The SHFE's most traded copper "contract" fell 0.2% to 108.400 yuan (16,129.27 dollars) per ton. The London Metal Exchange was shut on Monday due to a British public holiday. Analysts at Chinese broker Galaxy Futures stated in a report that the hawkish comments by U.S. Federal Reserve chairman Kevin Warsh about interest rates are pushing down copper prices. Warsh said in a speech at...

Zinc reached a four-year peak near $4,000 on Friday, and was on track for its largest monthly gain since January. Available stocks at the London Metal Exchange were shrinking as investors renewed their concerns about market tightness. The benchmark three-month Zinc on the London Metal Exchange rose 1.6% to $3,947 per metric tonne as of 0900 GMT. It had earlier reached $3,955, which was its highest level since May 2022. Zinc is used to galvanize steel and was expected to gain 8.2% in August. This would be its strongest month since January. This week, it is up by 3.2% and...

IDB Invest will provide up to $700 million in financing to a unit of South Korea's Posco Holdings for the expansion of lithium production at the Sal de Oro Project in Argentina. The lender announced this on Friday. The funding would strengthen?Argentina’s role in global battery supply chains as automakers and tech companies compete for lithium, an essential?raw-material for electric vehicle batteries. According to a statement from IDB Invest, the project in the northwest, on the border of the Salta province and Catamarca, will?produce?about 48, 000 metric tons of Lithium a year when fully operational, and create 620 jobs. The...

After concerns about availability, copper prices rose on 'Friday. Benchmark 'three-month' copper on the London Metal Exchange rose 0.39% to $14,338 per metric ton at 0700 GMT and has risen by 0.86% this week. The SHFE's most traded copper contract ticked up by 0.47%, to 108.900 yuan (16,203) per ton. Copper available in LME registered warehouses Exchange data showed that the copper stock was 107,050 metric tons on Thursday. This is down from 166 775 tons one week prior. Stocks of copper in SHFE-monitored storage facilities The weekly total of 72,428 tonnes fell by 19.1%. Craig Lang, principal analysts at...

Zinc prices dropped - and were about to end a six day winning streak on Thursday. A firm dollar weighed down the support of a 'thin supply outside China', while also pulling other industrial metals down. The benchmark three-month price of zinc at the London Metal Exchange fell by 0.96%, to $3.855.5 per metric ton as of 0700 GMT. The most traded zinc contract at the Shanghai Futures Exchange was down by 0.44% to 26,140 yuan (US$3,889.71) per ton. As the market prepares for U.S. Federal Reserve Chair Kevin Warsh's awaited speech in Jackson Hole, the U.S. Dollar Index has?gained...

The thin supply outside China and the exchange position boosted zinc prices for a 7th consecutive session on Thursday. Benchmark three-month Zinc on the London Metal Exchange?was?up 0.92% to $3,929 per metric ton at 0300 GMT. The most traded zinc contract at the Shanghai Futures Exchange rose 1.69% to 26,700 yuan (US $3,972.68) per ton. On Wednesday, the LME reached its highest level in over four years. The metal is mainly used for galvanising steel. The impressive rally of the metal, which was boosted by a 'waning stock outside China', echoes last October. The LME's cash-to-3-month spread The physical availability...

The copper price rose to its highest level in six months on Wednesday, boosted by supply concerns over dwindling LME inventories and a positive economic outlook. By 0300 GMT, the benchmark three-month price of copper at?the London Metal Exchange had risen by 0.49% to $14,419.5 per metric tonne. The price of a ton reached $14,437 earlier in the day, its highest level since January 29. The Shanghai Futures Exchange's most traded copper contract rose by 1.11%, to 109 360 yuan (16,272.36) per ton. Non-traditional copper players, such as hedge funds and speculative traders trading on volatile LME inventory figures, have...

Copper prices fell on Tuesday due to a stronger dollar and the uncertainty surrounding U.S. rates of interest. Benchmark three-month?copper?on the London Metal Exchange?was down 0.2% to $14,245.50 per metric ton at 0915 GMT after adding 0.4% during the previous session. EwaManthey, commodities analyst at ING, said that the recent drop in copper is more of a cooling down from an extreme situation than a deterioration of 'fundamentals. Investors are awaiting new policy signals from the U.S., but the LME inventory levels have reduced the current tightness. Stocks in warehouses are not registered with the LME Stocks have recovered by...

The copper price?fell on Thursday, as more stocks arrived at?warehouses. However, losses were minimal due to the weaker dollar following a move by the U.S. Government?to calm down bond markets. Benchmark 'three-month' copper on the London Metal Exchange fell 0.4% to $13,988 per metric ton at 1025 GMT after adding 0.5% the previous session. LME copper reached a six-month high on Monday due to concerns about low inventories. However, since then the price has eased as metal is now flowing into storage facilities. The Treasury's announcement of yesterday's copper buyback helped stop the decline that we saw as inventories began...

Prices of copper fell on Wednesday as a large increase in warehouse stocks pushed supply concerns that had supported prices to the background. By 0300 GMT, the benchmark three-month copper contract on the London Metal Exchange was down 0.06% to $13,978 per metric tonne. The Shanghai Futures Exchange's most traded copper contract fell by 1.02%, to 106 880 yuan per ton. Ed Meir, Marex consultant, wrote that copper was "tripped" by a surprise increase in inventories at the LME. The LME data on Tuesday and Monday showed total copper stock The number of large parcels delivered to warehouses increased by...