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Category: International

Copper price crashes 5% on talk China will release strategic reserves 1 Copper International 

Copper price crashes 5% on talk China will release strategic reserves

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Copper prices dropped on Tuesday to their lowest since April 26, weighed down by investor fears over measures Chinese authorities could take to curb a recent price rally in commodities. Copper for delivery in July fell by as much as 4.7% from Monday’s settlement price touching a low of $4.3155 per pound ($9,515 per tonne) Tuesday afternoon on the Comex market in New York. The bellwether metal is now trading down more than 10% since hitting an intra-day high of $4.88 per pound on May 10. The weakness spilled over… Read More Here
Copper prices at 7-week low on Chinese crackdown fears 2 Copper International 

Copper prices at 7-week low on Chinese crackdown fears

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Copper prices dropped on Tuesday to their lowest since April 26, weighed down by investor fears over measures Chinese authorities could take to curb a recent price rally in commodities. Three-month copper on the London Metal Exchange fell as much as 2.9% to $9,680 a tonne, while the most-traded July copper contract on the Shanghai Futures Exchange hit its lowest since April 23 at 69,500 yuan ($10,852.08) a tonne. China’s state planner last week renewed its pledge to step up monitoring of commodity prices, as domestic producer inflation hit its highest in… Read More Here
Gold price declines as ‘transitory inflation’ view remains intact 3 Gold International 

Gold price declines as ‘transitory inflation’ view remains intact

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Gold prices slipped on Friday as treasury yields rebounded from near a three-month low and the US dollar strengthened, with some investors betting that the recent rise in US consumer prices is only temporary. Spot gold dropped nearly 1.0% to $1,879.82 per ounce by 11:50 a.m. ET, after touching an intraday low of $1,875.22 earlier. US gold futures were down 0.8%, trading at $1,880.50 per ounce. Data on Thursday showed the US consumer price index rose 0.6% in May, more than forecast and the second-largest advance in more than a… Read More Here
Copper price retreats on Chinese price curb concerns 4 Copper International 

Copper price retreats on Chinese price curb concerns

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Copper prices retreated on Thursday as worries of price controls resurfaced after Chinese authorities vowed to keep a tab on surging commodity costs. Copper for delivery in July was down 1.1% from Wednesday’s settlement price to $4.48 per pound ($9,856 per tonne) early Thursday afternoon on the Comex market in New York. The most-traded July copper contract on the Shanghai Futures Exchange dipped 0.2% to 71,480 yuan ($11,200) a tonne. China’s state planner on Wednesday renewed its pledge to step up monitoring of commodity prices and strengthen supervision of spot… Read More Here
New report shows divergences in implementation of EU Conflict Minerals Regulation by member states 5 International 

New report shows divergences in implementation of EU Conflict Minerals Regulation by member states

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A coalition of European NGOs working on responsible mineral sourcing today publishes a report taking stock of the implementation of the European Conflict Minerals Regulation by the Member States of the European Union (EU) . The report highlights the shortcomings of the Regulation and the general lack of transparency which prevents effective monitoring of companies. The European Conflict Minerals Regulation, also known as the Responsible Mineral Sourcing Regulation, entered into force on January 1, 2021. By now, each EU member state is expected to have in place a competent authority for… Read More Here
Gold price: Investors flock back to ETFs on inflation concerns 6 Gold International 

Gold price: Investors flock back to ETFs on inflation concerns

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Gold prices dipped on Tuesday as investors await a key US inflation report due later this week for clues on when the Federal Reserve may begin to talk about tapering its asset purchases. Spot gold declined 0.4% to $1,892.89 per ounce by 1:50 p.m. ET after rising by 1.5% over the past two days. US gold futures were down 0.2% to $1,895.40 per ounce. Despite the latest comments from Treasury Secretary Janet Yellen welcoming higher interest rates, which pushed US bond yields higher, gold is still holding close to the $1,900… Read More Here
Copper price rises on supply woes, firm demand outlook 7 Copper International 

Copper price rises on supply woes, firm demand outlook

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Copper prices rose on Wednesday, supported by supply worries and promising demand outlook, but high factory gate prices in China raised concerns of price curbs by the government. Three-month copper on the London Metal Exchange CMCU3 edged up 0.1% to $9,972.50 a tonne by 0346 GMT, while the most-traded July copper contract on the Shanghai Futures Exchange SCFcv1 rose 0.6% to 71,840 yuan ($11,234.48) a tonne. “Demand is still good over there (in China), but the extra demand that would push spot premiums higher and cause the arbitrage to open is not there,” said… Read More Here
Iron ore price down as Chinese imports fall 8 International Iron Ore 

Iron ore price down as Chinese imports fall

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Iron ore prices fell on Monday as China’s subdued trade data for May and narrowing profit margins for the country’s steelmakers – responsible for more than half the globe’s output – dampened market enthusiasm. China imported 89.8 million tonnes of iron ore last month, substantially lower than the 98.6 million tonnes it bought in April and 102.1 million tonnes in March. “The proportion of iron ore shipped to China from Australia fell a lot recently, and we can see the decline to continue in coming months,” said Wang Yingwu, analyst… Read More Here
Gold price rebounds as US payroll data assuages stimulus pullback concerns 9 Gold International 

Gold price rebounds as US payroll data assuages stimulus pullback concerns

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Gold prices rebounded from more than a two-week low on Friday after the latest US non-farm payrolls data fell short of expectations, though bullion is still on course to register its biggest weekly decline since March. Spot gold advanced 1.1% to $1,892.93 per ounce by noon ET, having reached its lowest since May 19 at $1,855.59 earlier. US gold futures for August delivery also had a 1.1% gain, trading at $1,895.10 per ounce in New York. According to the latest Labor Department report, US payrolls increased by 559,000 last month,… Read More Here
Copper price up as global smelting rebounds 10 Copper International 

Copper price up as global smelting rebounds

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Copper prices rebounded on Friday as investors scooped up material at lower prices after heavy losses the previous day on fears that strong US economic data could spur tighter monetary policy. Copper for delivery in July was up 1.3% from Thursday’s settlement price to $4.5205 ($9,9451 per tonne) early Friday afternoon on the Comex market in New York. It extended gains along with stock markets after US jobs data came in weaker than expected, easing fears that the Federal Reserve would withdraw stimulus. “It’s bouncing today because of bargain hunting.… Read More Here

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