Mining

According to the National Oilseed Processors Association's (NOPA) latest data, the U.S. soya bean crush decreased in April but was still higher than most estimates. It also marked the highest total ever for the fourth quarter of the year. NOPA members, who account for 95% or more of U.S. processed soybeans, crushed 190.226 millions bushels last month. This is down 2.2% compared to the March crush, 194.551 millions bushels, but up 12.3% compared to the April crush, 169.436million bushels. In recent years, the rate of soy crushing has increased as more processing plants came online and facilities have expanded their...

Analysts said that the rand of South Africa firmed up on Thursday after a deputy minister of finance indicated that a lower target for inflation could be introduced in the near future. At 1525 GMT the rand was trading at 18.0775 per dollar, a 1.1% increase over the closing price of Wednesday. Shaun Murison is a senior analyst at IG. He said, "The rand has reacted positively to the news that Treasury supports the central bank's long-standing idea of changing the framework for inflation targets and lowering them." Analysts cited comments made by Deputy Finance Minister David Masondo at an...

India's merchandise deficit in April was the largest in five months, according to data released by the government on Thursday. Imports of petroleum products increased, which limited the impact of a rise in exports to America. India's trade deficit in April was $26.42 billion, higher than the $20 million economists had predicted in a survey. It also increased from the $21.54 billion of the previous month. In April, exports totaled $38.49billion, while imports reached $64.91billion. This compares to $41.97billion of exports and 63.51billion of imports in march. India's oil imports increased to $20.72 Billion in April from $19 Billion in...

The U.S. manufacturing sector is expected to struggle in the second quarter due to tariffs. The Federal Reserve announced on Thursday that factory output fell by 0.4% in April after a 0.4% increase, which was upwardly revised for March. The Federal Reserve said on Thursday that economists polled had predicted production would fall 0.2% following a 0.3% increase previously reported. In April, the production at factories grew by 1.2% compared to last year. The President Donald Trump's changing tariffs policy is a major headwind for manufacturing, which makes up 10.2% of the US economy and heavily relies on imported raw...

Patrick Dlamini, the new CEO of South Africa's Public Investment Corporation PIC, will take office on June 1st. This was announced by one of Africa's biggest fund managers. The PIC began its search for a new chief executive officer last year to replace Abel Sithole whose term of five years ends in July. PIC's significant assets include majority stakes in the pharmaceutical company Aspen Pharmacare, and the miner Gold Fields. The PIC announced in a press release that the appointment of Dlamini had been approved by government. David Masondo, chairman of the PIC board, said Dlamini was a "strategic leader...

Analysts said that a weakening in demand for aluminium due to trade tensions could weigh on prices. However, a long-standing Chinese production cap may limit the losses. After tariffs imposed by President Trump, the prices of aluminum have dropped 2% at the London Metal Exchange so far this season. China produces about 60% of the aluminium used for construction, transport and green energy. The government has set a cap on its output of 45 million tonnes per year to reduce overcapacity. "We're already very close to the 45 million mark, and we don’t see much additional capacity globally." The price...

South Africa's currency, the rand, edged higher against a weaker US dollar on Thursday morning after President Cyril Ramaphosa confirmed that he will meet with Donald Trump of the United States next week. This follows days of speculation. At 0622 GMT the rand was trading at 18,22 per dollar, which is 0.3% higher than the closing price of Wednesday. The presidency stated that Ramaphosa’s meeting with Trump will provide a forum to reset the strategic relationships between the two nations, who have been at odds ever since Trump returned to Washington in January. Investors will be focusing on the March...

Three people with knowledge of the matter say that a Malian judge will likely order the reopening on Thursday of Barrick Mining’s Loulo-Gounkoto mine under a new management, at the request from Mali’s government. The order would be a significant escalation in a dispute that has been raging between Canada and a Canadian miner whose operations have been suspended since January. Barrick and Mali’s military-led Government have been at odds over the implementation a new mining codes that increases taxes, and gives Mali’s government a larger share of the gold mine since 2023. The government stopped operations after it seized...

Serhii Marchenko, Ukrainian Finance Minister, said that there is a financial gap in the budget of Ukraine for next year. However, he added that Ukraine was stronger than a year earlier and able to continue defending itself. Marchenko said that the recent mineral deal signed between the United States and Ukraine could also help Washington to better understand Ukraine. He said that the United States had made "very good progress" in strengthening their relationship. This was during a panel at the annual meeting for the European Bank for Reconstruction and Development held in London. I hope that it will definitely...

Shelley Moore Capito, West Virginia Republican senator and former federal employee who screens coal miners for black lungs disease and conducts research on other respiratory diseases who were terminated in a sweeping government layoff have their jobs permanently restored. According to an email sent to employees by the Department of Health and Human Services on Wednesday, they make up a significant percentage of 313 workers who were notified by the Department that their layoff notifications were rescinded. NIOSH has nearly 1,500 full-time employees in eight offices throughout the world. United States Capito stated in a press release that Robert F....

The gold price dropped by more than 2%, reaching a new low of over a month, as investors shifted away from bullion due to rising risk appetite. As of 1011 ET (14.10 GMT), spot gold fell to its lowest level since April 11 and dropped 1.8% to $3.188.52 per ounce. Bullion dropped as low as $3.174.62 in an earlier session. U.S. Gold Futures declined 1.7% to $3192.80. Tai Wong is an independent metals dealer. He said, "The global relief rallies sparked by steep reductions in U.S. - China tariffs have triggered a corrective movement through technical levels of gold." Wall...

The European Union must create funds worth more than 11 billion euros to encourage investment in exploration, mining, and recycling of key raw materials. This is what the head of a EU-funded agency on key minerals told me on Wednesday. The bloc has set 2030 goals for 34 minerals, such as copper and lithium, that are required for its green transformation - to mine 10% and recycle 25% of its needs and process 40% in Europe. The directive also stipulated that no single country could supply more than 65 percent of any given mineral. The EU is more dependent on...

The Chinese cobalt industry has ample supplies of battery-making materials despite an export ban placed by the top producer in the world, the Democratic Republic of Congo (DRC), late in February. This was revealed this week at a conference for the industry. Shirley Wang, General Manager at Shanghai Metals Market and Cobalt Congress 2020 in Singapore, said that downstream users in China - the largest consumer of the metal - have intermediate product stocks that will last for between two weeks to six months. Wang stated on Thursday that "large-scale users" in China have six months' worth of stock, while...

Iron ore futures rose to a new five-week high Thursday, supported by a better demand outlook thanks to the Sino-U.S. Trade truce. However, weaker Chinese credit data limited gains. As of 0302 GMT, the most-traded contract for September iron ore on China's Dalian Commodity Exchange was up 0.48% to 731.5 Yuan ($101.40), per metric tonne. The contract reached its highest level since April 7, at 738.5 Yuan, earlier in the day. On the Singapore Exchange however, the benchmark June iron ore was down by 0.77% to $101.05 per ton. Analysts at CICC, an investment bank, said that hot metal production...

The Cobalt Institute published a study on Wednesday that showed demand for cobalt would rise faster than the supply. This will allow the market to decrease the surplus of 2024 in the coming years, and then swing to a deficiency in the early 30s. The future of cobalt in the short-term depends on the decision that the Democratic Republic of Congo, the world's largest producer of the mineral, which is used to manufacture the lithium-ion battery packs that power electric cars, makes after the four-month ban on exports, which was imposed late February. The ban was imposed by the central...

Sources in the industry said that China had granted export permits to four rare earth magnet manufacturers, including Volkswagen, the German automaker. This was the first time since Beijing restricted shipments a month ago. It is a sign the flow of critical materials will not be stopped. Three sources confirmed that Baotou Tianhe Magnetics - which produces magnets for electric and hybrid cars - received a license from Volkswagen at the end of April. Three sources said that Baotou Tianhe Magnetics, which makes magnets used in electric and hybrid car motors, received a licence for Volkswagen at the end of...

The price of copper rose on Tuesday, after the United States announced it would reduce some tariffs for imports from China. China's inventories had dropped dramatically, but gains were limited by caution on the market. As of 0940 GMT, the benchmark copper price on London Metal Exchange had increased by 0.3% to $9,544 per metric tonne. The United States announced on Monday that it would cut the "de minimis tariff" on low-value products imported from China. This will further de-escalate a trade conflict between the two world's largest economies. The order follows the announcement by Beijing and Washington of a...

Gold prices rose Tuesday, as the dollar slipped lower and initial optimism about a trade truce with China faded. Investors were also looking forward to the U.S. data on inflation due later that day. As of 0639 GMT, spot gold was up 0.6% to $3,254.39 per ounce. U.S. Gold Futures rose 1% to $3,258.70. After a steep rise in the prior session, the dollar index fell 0.2%. Gold becomes cheaper for holders of other currencies when the dollar weakens. "The uncertainty surrounding the trade tariffs remains in the marketplace...the stock market is taking some time to rest after a massive...

Two sources say that the Indian government will argue there is a sufficient supply of copper cathodes in India and an adequate number suppliers as it prepares its response to two trade associations' case regarding import restrictions. India is the second largest importer of copper refined in the world. Imports are needed to meet demand and address shortages, especially for sectors like energy, defense, automotives, and infrastructure. India has identified copper as one of 30 critical minerals it will need by 2023. The government of India imposed quality controls on copper cathode imported in December. All suppliers, both domestic and...

POSCO Future M is a South Korean manufacturer of chemical and battery materials. On Tuesday, it announced that it would be issuing new shares in order to raise approximately 1.1 trillion won (775 million dollars) for its expansion both at home and abroad. This includes its joint venture with General Motors Canada. The plan states that the company will continue to invest in the future despite "political risk" in Korea and in the United States. It also says that tariffs in the United States and possible cuts in federal subsidies for electric vehicles under the Trump Administration could slow down...

Iron ore futures reached a two-week high Tuesday, supported by an interim trade agreement between China and the U.S., but caution about a final deal, and a possible slowdown in near-term demand, limited gains. The day-traded price of the most traded September iron ore contract at China's Dalian Commodity Exchange was 1.06% higher, closing at 714.5 Yuan ($99.34). The contract reached its highest level since April 24, at 727 Yuan, earlier in the session. As of 0700 GMT, the benchmark June iron ore traded on the Singapore Exchange had fallen 0.7%, to $99.3 per ton, after reaching its highest level...

The copper prices fell on Tuesday. The most traded contract on the Shanghai Futures Exchange dipped lower as caution continued to linger, tempered by the relief of a U.S. - China tariff truce. As of 0432 GMT the SHFE contract fell 0.3% to 77,790 Yuan ($10,818.89), while the London Metal Exchange's benchmark contract for copper rose 0.1% to $9.526 per ton. Industrial metals saw a surge in demand on Monday following the Sino-U.S. agreement to temporarily reduce tariffs. Chinese duties on U.S. imported goods will fall to 10%, from 125%. U.S. duty on Chinese imports will drop to 30%, from...

China shares were flat on Monday, while Hong Kong stocks fell, as initial euphoria about a U.S. China trade agreement that would delay and reduce tariffs was replaced by growing caution due to the long negotiations to come. The agreement reached between U.S. officials and Chinese officials following weekend talks in Geneva exceeded market expectations, and led to overnight a strong rally on global markets. Investors are still concerned about the prospect of a lengthy negotiation process. Early morning trading saw the Shanghai Composite Index rise 0.2% and China's blue chip CSI 300 Index gain less than 0.1%. Hong Kong's...

After Monday's truce in the trade war, it is likely that U.S. clients will have an easier time obtaining approval for rare earth export permits from Beijing. However, a complete lifting of restrictions in China, according to sources in the industry, is unlikely. As part of its response to U.S. Tariffs, China added seven rare Earths and related products to a Control List in April. Exporters will now need to obtain licenses in order to sell outside China. The decision was made for all countries. However, it appeared unlikely that U.S. clients would receive export licenses in the midst of...