Mining

Goldman Sachs maintained on Tuesday its forecast that the copper price will average $12,650 a metric ton in this year and their estimate of a 490,000-ton?surplus 2026 for the metal. The?bank warned of potential risks to?copper supplies if shipping disruptions through the Strait of Hormuz continued. The bank stated that the disruption combined with China's ban on sulphuric acids exports starting May 1 could cause a tightening of a market critical to copper production. Sulphur, and sulphuric acids are essential inputs in?solvent extracting and electrowinning. This process accounts for 17 percent of the global supply of copper. Goldman said that...

Steel Dynamics' profit for the first quarter rose Monday. This was largely due to higher steel prices, which were a result of tighter supplies caused by mill?outages. Imports also fell to multi-year lows. In aftermarket trading, the?company shares rose by 1.2%. U.S. imports of steel remained at multiyear lows amid trade tariffs and domestic actions. Manufacturing onshoring, regionalized supply chains and continued to support the demand. The energy sector was the primary driver of steel demand in the first quarter, followed by non-residential building, automotive, and other industrial markets. The company reported a first-quarter revenue of $5.20 billion. This compares...

A spokesperson for Vicuna Corp said that police in Argentina's La Rioja province had blocked access to the?roadway leading a a copper megaproject?in the neighboring San Juan province citing a court order. The spokesperson for Vicuna Corp. said that the company, which is a joint venture between BHP Australia and Lundin Mining Canada, had not received official notification of the court order. According to the company, the project, which spans?the Argentina and Chile border, includes the Filo del Sol mine and Josemaria Mine, which 'together form the Vicuna District', one of the largest undeveloped copper, silver and gold deposits in...

John Jovanovic, President and Chairman of the U.S. Export-Import Bank, said that Project Vault, which is the U.S. Government's vital?minerals reserves, will close its first funding tranche soon and begin helping manufacturers to manage supply, processing and storage challenges and supply-chain issues. Project Vault, announced by Donald Trump in February, aims to stockpile essential minerals and alleviate supply constraints for manufacturers who have been overly dependent on Chinese supplies for years. The U.S. policy on critical minerals is centered around securing emergency supplies, but the industry's constraints go far beyond simply keeping metals in reserves. Jovanovic stated that Project Vault...

Mexico's president Claudia Sheinbaum said on Monday that Mexico is interested in reaching an agreement, before completing the review the U.S. Mexico-Canada Trade Pact, concerning the exchange of automobiles, steel and aluminum. Sheinbaum addressed a press conference in the morning as U.S. trade representative Jamieson Greer visited Mexico for talks. Sheinbaum stated that "we care about steel, aluminum and automobiles." "We hope a preliminary agreement can be reached." Mexico exports mostly vehicles and auto parts as well as machines and mechanical equipment to the United States. The USMCA Review talks this year are 'critical' for Mexico. It has been spared...

According to a presentation on the deal, Brazilian rare earth miner Serra Verde will receive price floors for four of the rare earths as part of a 15-year contract with the U.S. government and private investors. Some critics have suggested that price floors, designed to equalize the playing field between China and other dominant producers of rare earths, could distort the markets. China produces 90% of the world's rare earths. The U.S. and Europe are also racing to develop their own domestic rare earths industries, which are vital for applications in electronics, defence, and energy transition. As part of an...

The gold price fell Monday due to the stronger dollar. Dollar and inflation fears after another closure of the?Strait of Hormuz drove oil prices higher. As of 1103 GMT spot gold was down 0.8% to $4,790.59 an ounce after reaching its lowest level since April 13 earlier in session. U.S. Gold Futures for June Delivery fell by 1.4% to $4.811. Oil's rise after the weekend chaos surrounding the Strait of Hormuz ensures that inflation risks are palpable and offsets gold's appeal as a safe haven asset. Han Tan, Bybit's chief market analyst, said that the dollar has been the safest...

A State Department official stated that U.S. mining companies have shown "significant" interest, particularly in the area of Rubaya, which is controlled by rebels. The official added that investment?in this area would need to be aligned with Washington's peace efforts. In early 2018, Congo sent a list of strategic assets to Washington, including gold, copper-cobalt and manganese projects, for U.S. investment as part of a mineral partnership. Through the Minerals Partnership, the U.S. hopes to influence the Congo's critical minerals supply chain through peace and investment agreements. The U.S. is stepping up its efforts to secure vital mineral supplies worldwide...

USA Rare Earth announced on Monday that it would acquire Brazilian 'rare earths' miner Serra Verde, for $2.8 billion, in cash and shares. This is another step in the company's broader strategy to create a unified operation encompassing mining, processing, and magnet -making. A statement stated that the U.S. firm will pay $300 in cash for the transaction and 126.9 in newly-issued shares. The deal is expected to be completed in the third quarter 2026. Serra Verde said it also entered into a 15 year agreement on Monday to supply 100% its production in the initial phase of the mine...

Gold prices dropped on Monday due to the stronger U.S. dollar and renewed inflation concerns?after a second closure of the Strait?of?Hormuz?pushed oil prices higher. As of 0930 GMT spot gold was down 0.7% to $4,792.89 an ounce after reaching its lowest level since April 13 earlier in session. U.S. Gold Futures for June Delivery fell by 1.4% to $4.812.60. Oil's rise after the weekend chaos surrounding the Strait?Hormuz ensures that inflation risks remain tangible, offsetting the allure of gold as a safe haven asset. Han Tan, chief analyst at Bybit, said that the precious metal has taken a backseat in...

The 'dollar strengthened on Monday, and gold prices fell. Meanwhile, news that the 'Strait of Hormuz was closed again drove oil prices up. Inflation fears were revived by the news that the Strait of Hormuz would be closed once more. As of 0155 GMT spot gold was down 0.4% to $4,809.71 an ounce after reaching its lowest level since the April 13 session earlier in this session. U.S. Gold Futures for June Delivery fell 1% to $ 4,829.40. Ilya 'Spivak is the head of global macro at Tastylive. He said that gold prices were lower today after the U.S. -...

Investors hailed Iran's decision on opening the Strait of?Hormuz, which boosted the S&P?500, the Nasdaq, and the Dow. Abbas Araqchi, Iran's Foreign Minister, said in a posting on X that the Strait of Hormuz would be "completely opened" to all commercial vessels for the remaining 10 days of the truce agreed in Lebanon between Israel and Iran-backed Hezbollah. The U.S. president Donald Trump had said that Washington would soon be able to secure a peace deal with Iran. Oil prices fell over 11% as markets became more confident that the end of the "war" was near. This eased inflation fears....

Aluminum rallied Thursday on expectations of an acute supply shortage due to the Middle East Conflict, as growing hope for a U.S. Iran peace deal improves demand outlook. Benchmark?three month aluminium at the London Metal Exchange rose 1.27% by 0705 GMT to $3,667.5 a metric ton, its highest since March 24, 2020. The Shanghai Futures Exchange's most traded aluminium contract closed the daytime trading up 2.89% to 25,635 Yuan ($3,760.62), its highest since March 9. The optimism grew as a key Pakistani facilitator in Tehran and Trump's administration talked up hopes for a pact that would open the Strait of...

Iron ore futures rose on Thursday, boosted by?positive economic data from China. Meanwhile, falling domestic 'crude steel production' fueled hopes that global steel prices would rise and Chinese steel mill margins would improve. As of 0243 GMT, the most-traded contract for?September?iron ore on China's Dalian Commodity Exchange was trading 2.04% higher. It was valued at 774.5 Yuan ($113.60). The benchmark iron ore for May on the Singapore Exchange rose 1.09% to $105.35 per ton. The Trump administration expressed optimism on Wednesday regarding a possible deal to end the conflict with Iran, but warned of increased economic pressure if Tehran continues...

Prices of copper rose to a six-week high on Wednesday as optimism grew over the possibility of another round of talks between Iran and the United States aimed at ending the war. The benchmark copper price on the 'London Metal Exchange reached $13,392.5 per metric ton, its highest level since March 2. In official rings, it traded at $13,227, down 0.4%. The lower copper prices were attributed to profit-taking by traders, triggered in part by the stronger dollar. When it increases, metals priced in dollars become more expensive for those who hold other currencies. Traders said that the overall sentiment...

The copper price rose on Wednesday, extending gains to hover near a 6-week high as the prospect of renewed U.S. - Iran peace talks sparked hopes for a 'de-escalation of Middle East conflict. The Shanghai Futures Exchange's most traded copper contract closed the daytime trading session up 1.38% to 102,090 Yuan ($14.974.70) a metric ton. The contract reached its highest level since March 3, at 103130 yuan, earlier in the day. The benchmark three-month copper price on the London Metal Exchange rose 0.24% to $13,317 per ton, after reaching its highest level since March 2, at $13,392.5. U.S. president Donald...

China's copper concentrate imports increased in the first quarter of this year, according to official data released by the country on Tuesday. This was despite the fact that processing fees were negative and the top smelter's group had vowed to reduce production. According to the latest data from customs, imports of copper concentrates or ores increased by almost 10% in March to 2,63 million tonnes and by 6.6% in the first three months to 7,56 million tonnes. The China Smelter Purchasing?Team is a group of top copper smelters that agreed to reduce production last year in order to address overcapacity,...

The World Steel Association cut its forecast on global 'crude steel demand' for this year. This was partly because of the Iran War, which has slashed Middle East consumption. The industry group reduced its forecast of growth in 2026 steel demand to 0.3%, or 1.72 billion tons. This is down from an earlier forecast in October that was 1.3%. "We expect that the conflict in the Middle East will result in a sharp decline in the region's demand for steel in 2026. This was a strong area for growth," said Alfonso Hidalgo Calcerrada. "We're now transitioning to a modest growth...

The copper price soared to its highest level in six weeks Tuesday, thanks to optimism?about resuming peace talks between the U.S. and Iran as well as a weaker dollar. The benchmark three-month copper price on the London Metal Exchange increased 0.8% to $13,161 per metric tonne by 0945 GMT. It had previously reached its highest level since 3 March at $13,210.50. Five sources have told us that the U.S. team and Iran's team could be back in Islamabad this week. Ewa 'Manthey, commodities analyst at ING, said that optimism about the US and Iran restarting peace talks has helped to...

On 'Tuesday, copper rose to its highest level in over a month as concerns about rising energy costs grew - and the dollar weakened on the hope of easing tensions in the Middle East. The Shanghai Futures Exchange's most traded copper contract ended the daytime session up 2.5% at 101.190 yuan (14,844.43) a metric ton after reaching 101.450 yuan earlier in the trading session, its highest level since March 11. By 0718 GMT, the benchmark three-month copper price on London Metal Exchange had risen 0.97% to $13,180 per ton. It reached its highest level since March 3, at $13,208. Analysts...

Three sources said that a sulphur scarcity, caused by the Iran War, forced nickel processors in Indonesia to reduce their output?by 10% or more since last month. The cutbacks?have?hit plants using sulphuric acids to process nickel ore, a feedstock for electric vehicle batteries, into mixed hydroxide precipate (MHP), one of the most clear signs yet that U.S. and Israeli war against Iran is affecting mining supply chains. However, output remains relatively high. Sources said that affected plants include those owned by Chinese companies such as Huayou Cobalt and Lygend Resources, as well Tsingshan Group. Requests for comment were not immediately...

The price of iron ore futures dropped on Tuesday, as the Australian supply recovered from Cyclone Narelle's disruptions. Weak lending data and no signs fiscal easing were also weighing on sentiment. As of 0257 GMT, the?most-traded iron ore contract for September on China's Dalian Commodity Exchange?traded at?0.46% less than its previous price of 755.5 yuan (US$110.80) per metric ton. Singapore Exchange benchmark iron ore for May was $103.2 per ton, 1.39% less. Customs data released on Tuesday showed that China's iron ore imports in March increased 11.5% compared to the previous year. Data from the General Administration of Customs shows...

The copper price rose to its highest level in over a month, on 'Tuesday. Investors were worried about energy-driven rising costs. Meanwhile, the U.S. Dollar softened as hopes for a deescalation of conflict?in?the Middle East grew. The most-traded contract for copper on the 'Shanghai Futures Exchange' rose by 1.84% at 0220 GMT to 100,980 Yuan ($14.807.75) per ton, after reaching 101,450 Yuan earlier in the day, which was its highest price since March 11. The contract last reached 100,000 yuan a month earlier. Benchmark three-month Copper on the London Metal Exchange?was up by 0.36% to $13,101 a ton, after reaching...

U.S. President Donald Trump nominated Michelle Steel, a former 'California Congresswoman, to become 'the U.S. Ambassador to Seoul. This post has been vacant for the entire second term of his presidency, despite South Korea being a key ally. The White House announced Monday that the nomination, which requires congressional approval, will be made. According to media reports, the South Korean 'presidential office' said that it expected Steel to strengthen bilateral ties between the two countries and promote friendship, if appointed. Kevin Kim, a senior official in the State Department, has served as acting ambassador for South Korea since October last...