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Gold price rebounds from near 11-month low as dollar retreats 1 Gold International 

Gold price rebounds from near 11-month low as dollar retreats

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Gold rebounded from last week’s 11-month low, supported by a weakening dollar as traders pare back expectations of aggressive Federal Reserve interest-rate hikes. Prices bounced as much as 0.9% on Monday as the dollar declined for a second day, taking some of the strain off the non-interest bearing precious metal after the prospect of a super-sized rate hike helped spark a fifth straight week of losses. Federal Reserve officials are on track to raise rates by 75 basis points for the second consecutive month when they meet later in July, after… Read More Here
Copper price extends recovery on China’s efforts to tame housing woes 2 Copper International 

Copper price extends recovery on China’s efforts to tame housing woes

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Copper price rose on Monday as China sought to ease concerns over financial distress facing its property sector. Chinese regulators on Sunday urged banks to extend loans to qualified real estate projects and meet developers financing needs where reasonable, in their latest efforts to ease concerns triggered by a widening mortgage-payment boycott on unfinished houses. A growing number of home buyers across China threatened to stop making mortgage payments for stalled property projects, aggravating a real-estate crisis that has already hit the economy. Copper rose 4.3% to $3.37 ($7,414) a… Read More Here
Botswana Diamonds kicks off drilling at Thorny River’s high-grade area 3 Diamond 

Botswana Diamonds kicks off drilling at Thorny River’s high-grade area

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Botswana Diamonds (LON: BOD) has begun drilling at the recently discovered high-grade geophysical area of the Thorny River project in South Africa. The company said in January that following a preliminary assessment of Thorny River’s kimberlite potential, it was estimated the asset hosted about 2 million tonnes of kimberlitic material, up from the 1.2 million previously determined. The exploration program comprises at least ten reverse circulation (RC) drill holes and will take two weeks, the company said. Chairman John Teeling noted the drilling campaign was an important step in the company’s drive to establish a… Read More Here
CMOC’s Congo mine suspends copper and cobalt exports 4 Cobalt Copper Mining in DRC 

CMOC’s Congo mine suspends copper and cobalt exports

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CMOC’s Tenke Fungurume copper and cobalt mine has suspended all exports, logistics companies were told in a notice seen by Reuters late on Saturday, complying with demands by a court-appointed administrator. A CMOC spokesman did not immediately reply to a request for comment but had said on Friday that the mine, which accounted for more than 10% of worldwide cobalt output in 2021, had not issued any instructions to stop exports.  CMOC has been locked in dispute with the administrator appointed in February to run the mine for six months in response… Read More Here
Iron ore price sinks below $100 a tonne on grim China demand outlook 5 Iron Ore International 

Iron ore price sinks below $100 a tonne on grim China demand outlook

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The iron ore price tumbled below $100 a tonne on Friday on heightened fears over waning demand for steel, as China’s economy faltered in the second quarter and a crisis in its property sector appeared to be worsening. China’s economy contracted by 2.6% in the second quarter from the previous quarter due to covid-19 lockdowns. According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China were changing hands for $96.04 a tonne, down 4.24% and the lowest since November 2021. The most-traded September iron ore contract on China’s… Read More Here
Gold price set for longest run of weekly losses since 2018 6 Copper International 

Gold price set for longest run of weekly losses since 2018

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Gold is heading for its fifth weekly loss, the longest streak of such declines in almost four years, with haven credentials sidelined by investors becoming super-bullish on the US dollar. Bullion has come under relentless pressure in the past month as investors turn to the greenback in the face of an increasingly hawkish Federal Reserve. That trade got another boost this week from soaring US inflation. “The set-up for a deep liquidation event in gold is building,” Bart Melek, global head of commodity strategy at TD Securities said in an… Read More Here
Copper price rebounds despite weak economic activity in China 7 Copper International 

Copper price rebounds despite weak economic activity in China

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The copper price rose on Friday despite growing concerns that the world economy is headed for recession. Central banks rushed to get on top of galloping inflation, with steep interest rate rises seen this week in Canada, New Zealand, Chile, South Korea, and the Philippines. Fears of an economic downturn were fanned further by Chinese data showing annualized 0.4% growth in the second quarter, the worst since at least 1992, excluding early 2020 when the covid pandemic erupted. Copper, however, rebounded at the end of the week, with the metal… Read More Here
AVZ extends share suspension 8 Battery Metals Lithium Mining in DRC New Mining Projects 

AVZ extends share suspension

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Lithium hopeful AVZ Minerals on Friday extended the voluntary suspension of its share trade on the ASX as it still awaits the grant of a mining licence for its Manono lithium and tin project, in the Democratic Republic of Congo (DRC). AVZ in early May announced that the DRC Minister of Mines had signed a ministerial decree to award the mining licence to Dathcom Mining SA, in which AVZ holds a 75% interest. The mining licence was expected to be issued after the payment of surface  rights fees. However, by May 11, AVZ had requested a suspension of… Read More Here
Gold price nears 11-month low with dollar winning battle of havens 9 Gold International 

Gold price nears 11-month low with dollar winning battle of havens

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Gold plummeted to a near 11-month low on Thursday as investors again turned to the US dollar as the preferred haven amid expectations for more aggressive monetary tightening measures by the Federal Reserve. Spot gold fell 1.7% to $1,706.42 by 12:50 p.m. ET, having been down as much as 2.2% earlier in the session. US gold futures also dropped by 1.7% to $1,705.50 per ounce in New York. Meanwhile, the US dollar soared to a new 20-year high, emerging as a preferred save haven in light of growing economic risks… Read More Here
Barrick On Track After Higher Q2 Output 10 Gold Copper International Mining Companies Mining in Zambia 

Barrick On Track After Higher Q2 Output

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Barrick Gold Corporation today reported preliminary Q2 sales of 1.04 million ounces of gold and 113 million pounds of copper, as well as preliminary Q2 production of 1.04 million ounces of gold and 120 million pounds of copper. As previously guided, Barrick’s gold production in 2022 is expected to increase through the year, and with the stronger Q2 performance, it remains on track to achieve 2022 gold and copper guidance1. The average market price for gold in Q2 was $1,871 per ounce. The average market price for copper in Q2… Read More Here

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