Production from a large new zinc mine in the Democratic Republic of Congo will be split between several new buyers including trading giant Trafigura Group, after rival Glencore Plc backed away from a previous deal for the entire supply. Ivanhoe Mines Ltd.’s Kipushi zinc mine started production in the past few days and is finalizing […]
Battery Metals
Japan finds over 200 million tonnes of battery metals in seabed
Japanese researchers have found more than 200 million tonnes of manganese nodules rich in battery metals in the Pacific Ocean, within the country’s exclusive economic zone. The team of experts from the University of Tokyo and the Nippon Foundation said the fist-sized nodules cover an extensive area of the seabed near Minamitorishima, a remote Tokyo […]
Paladin’s uranium deal signals M&A push for rich Canadian deposits
Paladin Energy Ltd.’s C$1.14 billion ($833 million) offer to buy Canadian mining firm Fission Uranium Corp. is all about geography. The all-stock deal will give Australia’s Paladin operational control of one of the most advanced mining projects in western Canada’s Athabasca Basin, a remote area in Saskatchewan that’s loaded with high-grade uranium. Fission’s asset is expected to […]
Hedge funds’ bullish copper bets run into China’s slowdown
As copper surged to record highs last month, several senior Chinese traders started trying to contact western hedge fund managers whose names they’d only read in the press. For years, the veteran traders’ privileged insight into their own economy had given them an edge in the copper market, where China accounts for more than half […]
Short covering, tight nearby supply briefly drive palladium above $1,000/oz
Spot palladium prices in London hit a one-month high and briefly broke above the key level of $1,000 per troy ounce in volatile trade on Friday as some investors covered their short positions and the market was tight for nearby physical supply. Spot palladium was up 2.6% at $947 per troy ounce by 1655 GMT […]
Gold price down 1%, but set for second straight weekly gain
Gold fell by over 1% on Friday but remains on track for a second straight weekly gain amid expectations of a US interest rate cut coming in the second half of the year. By 11:00 a.m. ET, spot gold traded at $2,331.24 per ounce for a 1.2% drop, while three-month gold futures in New York […]
BMW cancels $2 billion battery cell order from Northvolt
German automaker BMW said today that it has canceled a €2 billion ($2.15 billion) order for EV battery cells with Northvolt. German media Handelsblatt and manager magazin reported that the Swedish lithium-ion battery maker couldn’t deliver on time on a long-term supply contract for battery cells agreed with BMW in 2020. A BMW spokesperson said […]
New York copper market tightens again, piling pressure on shorts
Spot copper prices are again trading at a steep premium to later-dated futures in New York, putting fresh pressure on holders of short positions after a historic squeeze last month. The July-delivery Comex copper traded at a 7.4 cent-per-pound premium to the September contract, in a condition known as backwardation that typically signals a supply shortage. […]
Canada blocks Chinese rare earths deal in Trudeau-led crackdown
Canada’s government will buy stockpiled rare earth materials from Vital Metals Ltd. in a deal that prevents the company from selling its production to a Chinese buyer. The small Australian firm, which mines rare earths in Canada’s Northwest Territories, will sell its stockpiled rare earth material to the Saskatchewan Research Council for C$3 million ($2.2 […]
Copper price slides to eight-week low after more soft data from China
Copper slipped to an eight-week low after Chinese economic data highlighted persistent weak spots in the metal’s biggest market. Prices fell as much 1.6% to $9,587 a ton on the London Metal Exchange, after capping a fourth straight weekly drop. The world’s second-biggest economy released figures on Monday that bolstered concerns over a disappointing demand […]
