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Gold gains as investors weigh growth concerns; palladium jumps 1 Gold International 

Gold gains as investors weigh growth concerns; palladium jumps

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Gold held onto gains and headed for its first weekly advance since early June as investors weighed renewed concerns over economic growth. Bullion’s reversal comes with more economic data fueling fears of a recession. US business activity contracted in July for the first time in more than two years, according to data released Friday, adding to a slew of indicators earlier in the week that are painting a gloomy outlook. Meanwhile, a gauge of the greenback has retreated from its July 14 peak. “We are finally starting to see some weakness in… Read More Here
De Beers boosts 2022 guidance despite drop in output 2 International Diamond 

De Beers boosts 2022 guidance despite drop in output

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De Beers, the world’s top diamond producer by value, has boosted its full-year guidance to 32 million-34 million carats, from 30 million- 33 million carats thanks to what it calls “robust demand” from US customers. The Anglo American unit saw a slight decrease in production in the three months to June 30, churning out 7.9 million carats, down from the 8.2 million it produced during the same quarter last year. The miner has benefitted from sanctions imposed on its Russian rival Alrosa (MCX: ALRS), despite a slight production decrease in the second… Read More Here
Copper price rises as risk appetite returns 3 Copper International 

Copper price rises as risk appetite returns

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Copper prices were up on Friday as investors returned to riskier assets following a brutal sell-off. Copper rose 2.7% to $3.38 ($7,436) a tonne on the Comex market in New York. Industrial metals and global equities tumbled in recent months as inflation surged and central banks began rapid interest rate rises that could tip the world into recession.  But investors this week dialed back expectations for US rate rises. Global stocks are up for the sixth day and the dollar weakened from 20-year highs, helping dollar-priced metals by making them cheaper… Read More Here
Gold price sinks below $1,700 ahead of key central bank meetings 4 Gold International 

Gold price sinks below $1,700 ahead of key central bank meetings

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Gold prices sank below $1,700 on Wednesday afternoon as investors continued to shed holdings of gold-backed exchange-traded funds ahead of key central bank meetings over the next week, which may result in more aggressive interest rate hikes. Spot gold fell 0.9% to $1,696.71 per ounce by 5:10 p.m. ET, a new 11-month low, after holding steady earlier in the session. US gold futures shrank 1.0% to $1,694.30 per ounce in New York. Bullion has been hovering in a narrow trading range since late last week, with the US dollar index also… Read More Here
Epiroc records ‘best quarter ever for electrification’ 5 Equipment & Technology International Mining technology 

Epiroc records ‘best quarter ever for electrification’

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In a quarter of record revenues and adjusted operating margin, Epiroc’s battery-electric equipment orders and market demand for electrified mining solutions again came to the fore. The company posted revenues of SEK11.9 billion ($1.2 billion) in the June quarter, 22% up on the same three-month period of a year ago. Its adjusted operating margin came in at 23.6%, compared with 22.6% a year earlier. Epiroc’s aftermarket division continued to dominate the balance sheet, accounting for 73% of revenues, which itself was up on the 69% registered in the June quarter… Read More Here
Epiroc to deliver advanced autonomous drilling solutions to SNIM in Mauritania 6 Equipment & Technology International Mining technology 

Epiroc to deliver advanced autonomous drilling solutions to SNIM in Mauritania

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Epiroc has won a large order for surface mining equipment from Société Nationale Industrielle et Minière, in Mauritania. Société Nationale Industrielle et Minière, known as SNIM, is one of Africa’s largest iron ore producers. The mining company has ordered a package of Epiroc Pit Viper 351 drill rigs with advanced automation solutions that will be used at the new F’Derick mining site. Epiroc will, in addition, provide service supervision and spare parts. The equipment order is valued around SEK150 million ($14.7 million) and was booked in the June quarter of… Read More Here
Copper price down as growth outlook deteriorates 7 Copper International 

Copper price down as growth outlook deteriorates

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Copper prices fell on Tuesday as worries about demand in China and elsewhere due to a slowdown in growth were reinforced by rising inventories, while a lower US dollar provided some support. Copper fell 1.6% to $3.29 ($7,062) a tonne on the Comex market in New York. “Individual metals aren’t really being driven by their own fundamentals, macro factors are driving metals at the moment,” said Caroline Bain, chief commodities economist at Capital Economics. “The growth outlook has deteriorated … prices could fall a little further, there is momentum there,… Read More Here
Gold price rebounds from near 11-month low as dollar retreats 8 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 9 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
Copper Is the New Gold That Will Start the Next War 10 International Battery Metals Copper 

Copper Is the New Gold That Will Start the Next War

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Raw materials shortages are the most important barrier to accelerating the electrification trend. The price of lithium, nickel, and cobalt has skyrocketed in the past years due to increased demand. But there’s another material crucial for an electric world economy that threatens to derail our ambitious plans for zero-emission transportation. You might not consider it essential, but copper is in almost everything that works on electricity. This includes electric vehicles, green energy generation, distribution, and storage. And with the energy transition from fossil fuels to renewables and electricity, copper will become… Read More Here

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