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Copper price rises on weaker dollar, China stimulus 1 Copper International 

Copper price rises on weaker dollar, China stimulus

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The copper price rose on Tuesday on a weaker dollar and expectations for better metals demand after Chinese policymakers said they would accelerate infrastructure investment. Copper for delivery in December rose 2.6% from Monday’s settlement price, touching $3.50 per pound ($7,700 per tonne). The most-traded October copper contract on the Shanghai Futures Exchange advanced 1.9% to 61,220 yuan ($8,820.31) a tonne. Officials in China said the third quarter of this year is crucial for rolling out stimulus measures and promised fresh policy actions to follow a stimulus package released in May.… Read More Here
Gold climbs back to 1700 USD per ounce 2 Gold International 

Gold climbs back to 1700 USD per ounce

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Gold stabilized after a two-day decline as traders watched a surging dollar and a surge in Treasury yields amid expectations of further monetary tightening by the Federal Reserve. Spot gold was little changed at $1,701.59 an ounce at 12:57 p.m. London, after falling 0.6% in the previous two days. The Bloomberg Dollar Spot Index hit a record high. Silver and palladium rose, while platinum was stable. Bullion had fallen below $1,700 an ounce as central banks broadly raised interest rates to fight inflation, dampening the appeal of the non-interest-bearing asset. “Gold is… Read More Here
DRC: the Government and the GEMCORP Group plan to set up a financing facility of USD 500 million for the benefit of oil companies 3 Mining in DRC Oil & Gas 

DRC: the Government and the GEMCORP Group plan to set up a financing facility of USD 500 million for the benefit of oil companies

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With a view to providing a lasting solution to the problem of the rise in the price of petroleum products, the Government, through the Ministry of the National Economy, plans to set up, with the GEMCORP Group, a financing facility to guarantee fuel supplies and reduce the cost of the oil subsidy. It was Nicolas Kazadi, Congolese Minister of Finance, acting as Minister of the Economy, who announced it on Friday August 26, 2022, during the weekly meeting of the Council of Ministers. According to Patrick Muyaya, Spokesperson for the… Read More Here
Zambia’s long-neglected copper riches are turning heads again 4 Copper Mining in Zambia 

Zambia’s long-neglected copper riches are turning heads again

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MAJOR mining companies are getting increasingly involved in the Central African Copper Belt, expanding existing operations and exploring for new discoveries as the positive fundamentals for copper in terms of soaring demand and limited new supply remain in place. Those groups include Barrick Gold, Anglo American, Ivanhoe Mines and First Quantum, which are stepping up their investments in copper mining in Zambia, the Democratic Republic of Congo (DRC) and even Angola. The driving forces behind the copper boom are that demand for the metal from EV (electrical vehicle) and renewable energy… Read More Here
Gold hits 1-month low as robust dollar, hawkish Powell dent appeal 5 Gold International 

Gold hits 1-month low as robust dollar, hawkish Powell dent appeal

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Gold prices fell to a one-month low on Monday, as US Federal Reserve Chair Jerome Powell’s stance to continue with aggressive monetary policy to bring down inflation dented the zero-yielding metal’s appeal and boosted the dollar. Spot gold had shed 0.7% to $1 724.88 per ounce by 05:50 GMT. Prices earlier fell to $1 720.55, their lowest since July 27. US gold futures dropped 0.8% to $1 736.40/oz. The dollar index scaled a 20-year high, making greenback-priced bullion more expensive for buyers holding other currencies.  Gold’s momentum has turned lower and while at some point there will be a safe-haven flow,… Read More Here
Copper price back bellow 8,000 as hawkish Fed outweighs supply risk 6 Copper International 

Copper price back bellow 8,000 as hawkish Fed outweighs supply risk

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The copper price fell on Monday as a hawkish Federal Reserve crimped the outlook for demand, outweighing supply risks. Federal Reserve Chair Jerome Powell signaled higher-for-longer interest rates to curb inflation at the Fed’s Jackson Hole symposium on Friday, sparking broad declines across financial assets. The worsening sentiment on copper demand took precedence over further signs that supply is under threat, with Codelco becoming the latest major producer to cut output guidance. Copper for delivery in December fell 3.5% on the Comex market in New York, touching $3.56 per pound ($7,832 per… Read More Here
DRC: here are the five provinces that produced more than 75% of artisanal gold in the first half of 2022 7 Gold Mining in DRC 

DRC: here are the five provinces that produced more than 75% of artisanal gold in the first half of 2022

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In the first half of 2022, five (5) provinces of the Democratic Republic of Congo (DRC) stood out from the twenty-one (21) others in the production of artisanal gold. According to official statistical data provided by the Technical Unit for Coordination and Mining Planning (CTCPM), these five provinces alone produced more than 75% of total gold production in the artisanal sector of the Democratic Republic of Congo during the period under review. These include the province of Bas-Uélé, which has a production of 28.70 kg of gold, or 29.61% of national… Read More Here
Tesla’s battery metals bill balloons to $100 billion 8 Battery Metals International 

Tesla’s battery metals bill balloons to $100 billion

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Elon Musk had plenty of advice for the mining and metals industry at the company’s Battery Day event in September 2020, where the road map to a $25,000 Tesla was laid out. A couple of days after the event Musk confirmed in a tweet that Tesla will reach production of 20 million vehicles per year “probably before 2030.”   Tesla has been ramping up output at an impressive pace despite lockdowns and power problems in China and a late start in Germany, but the scale of the task is put into perspective by Musk’s proud… Read More Here
Copper price rises on China demand optimism 9 Copper International 

Copper price rises on China demand optimism

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Copper prices rose for a second straight session on Friday as hopes grew that fresh stimulus measures by China would boost demand amid declining inventories. Copper for delivery in September rose 2.4% on the Comex market in New York, touching $3.78 per pound ($8,316 per tonne). The most-traded September copper contract on the Shanghai Futures Exchange climbed 1.7% to 63,480 yuan ($9,260.66) a tonne by the midday break. Copper has rebounded by 17% since touching 20-month lows on July 15, but it is still down 25% from a record peak hit in… Read More Here
Gold price retreats on Powell’s remarks at Jackson Hole meeting 10 Gold International 

Gold price retreats on Powell’s remarks at Jackson Hole meeting

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Gold declined again on Friday in the wake of Federal Reserve Chair Jerome Powell’s remarks at the Jackson Hole economic symposium in Wyoming, where he warned against any idea that the US central bank would start loosening monetary policy soon. Spot gold fell 1.2% to $1,736.93 per ounce by noon ET, erasing its gains for the week. US gold futures were down 1.3% to $1,749.10 per ounce in New York. Gold’s decline comes after Powell signalled that the US central bank will likely keep raising interest rates and leave them elevated for… Read More Here

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