Copper prices struggled to find momentum on Monday as global supply worries countered demand uncertainty stemming from growth slowdown worries and China’s stance on covid-19 curbs. Copper for delivery in December fell 0.05% on the Comex market in New York, touching $3.42 per pound ($7,524 per tonne). The most-traded November copper contract on the Shanghai Futures Exchange climbed 0.5% to 63,280 yuan ($8,797.32) a tonne. Total copper production in Chile, the world’s top copper producer, fell 10.2% in August to 415,500 tonnes. Uncertainty around demand in China, however, persists. Chinese… Read More Here

Barrick Gold (TSX: ABX)(NYSE: GOLD) said on Monday it had achieve a significant legal milestone to proceed with the development of the giant Reko Diq copper-gold deposit in Pakistan, close to the borders of Iran and Afghanistan. During a four-day visit to the country, president and chief executive Mark Bristow held discussions with several stakeholders, which finished with all the documents needed to start building Reko Diq being approved by the country’s president Arif Alvi. Paperwork was filed on Saturday with the supreme court, Barrick said, adding that once that transaction is completed, the… Read More Here

Chile’s Codelco, the world’s biggest copper miner, is offering to sell copper to European buyers at a record high premium around $235 a tonne for 2023, a rise of 85% from 2022, two sources familiar with the matter said. The premiums set by state-owned Codelco for physical delivery of copper, paid on top of the London Metal Exchange contract, are seen as a benchmark for global contracts. Codelco in London declined to comment. “Many European consumers don’t want Russian copper, they have to look elsewhere,” one of the sources said.… Read More Here