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Gold price rises on dollar slump, weak private payroll data 1 Gold International 

Gold price rises on dollar slump, weak private payroll data

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Gold prices rose over 1% on Thursday, coinciding with a dip in the US dollar and discouraging private payroll data for the month of May. Spot gold was up 1.3% to $1,869.67 per ounce by 12:20 p.m. ET, its highest in nearly a month. US gold futures also gained 1.3%, trading at $1,873.30 per ounce in New York. Meanwhile, the US dollar index fell by 0.5%, slipping off a one-week high reached during Wednesday’s session. The latest data from payroll processing firm ADP showed that job creation at companies decelerated… Read More Here
The American investment bank "RBC Capital Markets" expects a surplus of copper on the market in 2023 and 2024 2 International Copper 

The American investment bank “RBC Capital Markets” expects a surplus of copper on the market in 2023 and 2024

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Analysts at the US investment bank RBC Capital Markets believe in a research note that there will be a “slight” surplus in the copper market in 2023 and 2024. These experts justify this situation by a significant increase global supply combined with a slowdown in demand. According to the details relayed by the Reuters agency quoted by the Ecofin Agency, new mines should indeed come into production in the coming months, particularly in Peru with Quellaveco and in Serbia with Timok. An influx of copper on the market, which would contrast… Read More Here
Copper selling at 9,500.35 USD per tonne as at June 1, 2022 3 Copper International 

Copper selling at 9,500.35 USD per tonne as at June 1, 2022

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After a period of uncertainty on the international market, copper is on the rise again at the start of June 2022. According to the London Metal Exchange (LME), as of June 1, 2022, a tonne of copper is selling at 9,500.35 USD compared to 9,201.70 USD per tonne in the last week of May 2022. Analysts said prices of industrial metals, particularly aluminium, copper and zinc, rallied at the end of last week on the London Metal Exchange (LME), supported by a weaker dollar and the mitigation of sanitary measures… Read More Here
On June 1, 2022, the price of a tonne of cobalt fell to 73,630.00 USD 4 Cobalt International 

On June 1, 2022, the price of a tonne of cobalt fell to 73,630.00 USD

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Despite its strategic position in the ecological transition for a more sustainable world, cobalt began, several weeks ago, a gradual drop in its price on the market. As of June 1, 2022, prices posted on the London Metal Exchange (LME) indicate that cobalt is trading at USD 73,630.00 per tonne on this market. In mid-May 2022, cobalt recorded its highest market value, selling for around USD 87,000 per tonne on the international market. In a report by the Cobalt Institute published last week, it was confirmed the key role of… Read More Here
Epiroc completes acquisition of JTMEC 5 Equipment & Technology International Mining technology 

Epiroc completes acquisition of JTMEC

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Swedish mining equipment maker Epiroc has completed the acquisition of JTMEC, an Australian company that specializes in providing mines with electrical infrastructure.  JTMEC, based in Perth, Australia, is an electrification infrastructure solutions provider for both underground and surface mines. The company’s offerings include high voltage installation and maintenance work, transformer servicing and testing, engineering design, feasibility studies, and training. It also manufactures electrical products including substations and mine chargers. JTMEC has 190 employees and had revenues in the fiscal year ending June 30, 2021, of about A$34 million (US$24 million). Epiroc… Read More Here
Glencore bribery cases draw in billionaire former executives 6 International Mining Companies 

Glencore bribery cases draw in billionaire former executives

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The US corruption and market manipulation cases against Glencore Plc include allegations about the conduct of two former executives who formed part of the inner circle of the trading house’s top management for over a decade — and walked away as billionaires. The US government did not bring any charges against top Glencore managers in the sweeping cases against Glencore to which the company pleaded guilty this week. But in legal documents on Tuesday, the US said that two former top Glencore executives, one of whom is identified as the “global head… Read More Here
Glencore’s oil-price rigging puts spotlight back on benchmarks 7 Oil & Gas International 

Glencore’s oil-price rigging puts spotlight back on benchmarks

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Glencore’s settlement with US prosecutors has cast fresh light on manipulation of an under-the-radar part of the commodities world that’s crucial for valuing physical deals and derivatives. The raw-materials giant this week agreed to plead guilty to rigging fuel-oil assessment prices after probes into wide-ranging bribery and corruption. The process for setting the benchmarks involves price reporters polling traders in the market for bids, offers and transactions so that they can publish values on products that otherwise would remain private information. It’s a hugely important part of the industry. Billions… Read More Here
Glencore says its bribery days are over. Now it has to prove it 8 International Mining Companies 

Glencore says its bribery days are over. Now it has to prove it

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Glencore has closed the “cash desks” in London and Switzerland that once dispensed money for bribes. Employees implicated in sweeping, cross-border corruption investigations are gone. New safeguards are in place, and boss Gary Nagle says it’s a “different company.” Now he will have to prove it. Glencore this week agreed to plead guilty to a web of bribery and price manipulation charges that stretch from Venezuela to Nigeria and Los Angeles in deals with the US, UK and Brazil. The penalties will total about $1.5-billion but there’s a longer-lasting requirement — the deal with… Read More Here
Copper extends losses on fears of a global recession 9 Copper International 

Copper extends losses on fears of a global recession

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Copper prices fell for a third day in a row on Thursday and tin slumped to a one-week low as a gloomy economic outlook for top metals consumer China fanned concerns about a global recession, though a soft US dollar lent some support. Three-month copper on the London Metal Exchange was down 0.3% at $9 343/t as of 07:24 GMT. The most-traded July contract on the Shanghai Futures Exchange ended daytime trading 0.5% lower at 71 080 yuan ($10 562) a tonne. Copper is often used as a gauge of global economic health. Prices… Read More Here
Gold price falls 1% as dollar rebounds ahead of Fed minutes 10 Gold International 

Gold price falls 1% as dollar rebounds ahead of Fed minutes

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Gold prices fell 1% on Wednesday as the precious metal was weighed by a rebound in the dollar ahead of the release of US central bank’s minutes from its May meeting. Spot gold dropped to $1,847.55 per ounce by 1:40 p.m. ET, on its way to snapping a five-session winning streak. US gold futures traded at $1,846.50 per ounce in New York. Meanwhile, the US dollar gained 0.4%, after hitting its lowest level in a month on Tuesday, making gold more expensive for overseas buyers. “The market is fixated on… Read More Here

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