Base & Precious Metals News

Jul 26 - Anglo takes further fertiliser writedown, sees coal deal by early 2025
Anglo American took a further $1.6 billion writedown on its British fertiliser project on Thursday but said it expects to reach a deal to sell its coal assets by early 2025 despite a fire at one of its mines. CEO Duncan Wanblad is under pressure to boost returns to investors and demonstrate he can deliver on his May 14 plan to radically refocus the company on copper and iron ore, after fighting off a $49 billion takeover attempt from bigger rival BHP Group.

Jul 26 - India's duty cut halts concessionary silver, platinum imports from UAE
India's silver and platinum imports from the UAE, previously benefiting from concessionary duties under a trade agreement, have ceased as New Delhi's move to reduce import taxes eliminated the duty arbitrage that bullion dealers were exploiting, trade and government officials told Reuters. The world's second-biggest bullion consumer slashed import duties on gold and silver on Tuesday to 6% from 15%.

Jul 25 - Chinese steel traders seek delay of new rebar standards
Regional steel trading associations in China are seeking new quality standards for steel rebar, used in construction, to be delayed after news of the rules' planned implementation on Sept. 25 triggered inventory sell-downs, traders and analysts said. China, the world's largest steel producer and consumer, on June 25 announced the mandatory standards to replace voluntary guidelines in place from 2018, prompting industry players to say they had been given too little time to work through existing stockpiles.

Jul 25 - Anglo to face investors with wary eye on BHP's potential return
Anglo American investors will keenly scrutinize CEO Duncan Wanblad on Thursday as he gives an update on the London-based miner's strategy, just months after fighting off a $49 billion takeover bid from bigger rival BHP Group. Delivering first-half earnings results for the first time after rebuffing the world's No. 1 miner, Wanblad and his team need to convince investors that the strategy to refocus on copper, iron ore and a fertilizer project is on track.

Jul 24 - Citi delivers lead to LME warehouses for lucrative rent deals
Citi delivered large amounts of lead to London Metal Exchange (LME) approved warehouses in Singapore on Monday for profitable financial deals, three sources familiar with the matter said, taking total LME stocks of the battery metal to their highest since early May. The sources said the lead deliveries by U.S.-based Citi are for so-called rent deals where LME-approved warehouses share fees with banks and commodity traders that deliver metal to them.

Jul 24 - In search of the elusive green nickel premium: Andy Home
BHP Group's ambition to create a green nickel hub in Western Australia is on hold after the world's largest listed miner announced the entire division will go on care and maintenance later this year. The company has invested $3 billion since 2020 to turn Nickel West into a major supplier of nickel sulphate for use in electric vehicle (EV) batteries.

Jul 23 - China's rate cuts fail to revive iron ore and copper: Russell
China's first cut to major short- and long-term interest rates in 11 months drew a distinctly ho-hum reaction from the commodities that usually would be expected to be the biggest beneficiaries. The People's Bank of China said on Monday it would cut the seven-day reverse repo rate to 1.7% from 1.8%, and minutes after that announcement benchmark lending rates were lowered by the same margin at the monthly fixing.

Jul 23 - Western miners push for higher metals prices to ward off Chinese rivals
The only U.S. cobalt mine sits fallow in the northern Idaho woods, a mothballed hunk of steel and dirt that is too expensive for its owner to operate because Chinese rivals have flooded global markets with cheap supplies of the bluish metal used in electric vehicle batteries and electronics. Jervois Global, which dug the mine into the side of a nearly 8,000-foot (2,400-meter) mountain, watched helplessly last year as cobalt prices plunged after China's CMOC Group opened the Kisanfu mine in the Democratic Republic of Congo, pushing global production of the metal to an all-time high.

Jul 22 - Nations gather to negotiate deep sea mining code as opposition mounts
The United Nations' International Seabed Authority (ISA) will meet on Monday to consider new rules allowing firms to extract minerals from the ocean floor, despite mounting concerns about the economic and environmental risks. Supporters say deep sea mining will help boost supplies of raw materials like cobalt and nickel, which are needed for the global energy transition, but critics say it could destroy ecosystems and disrupt migratory routes.

Jul 22 - China to review anti-dumping measures on some stainless steel imports
China's Ministry of Commerce said on Monday it will conduct a final review of anti-dumping measures on imports of stainless steel billets and hot-rolled stainless steel plates from the European Union (EU), Britain, South Korea and Indonesia. The review, which starts on Tuesday, will examine whether lifting the anti-dumping measures will lead to the resumption of activities that harm the domestic steel industry, the ministry said in a statement.

Jul 19 - Japan buyers agree to pay higher Q3 aluminium premiums, sources say
The premium for aluminium shipments to Japanese buyers for July to September was set at $172 per metric ton, up 16%-19% from the previous quarter, reflecting tighter supplies in Asia, five sources directly involved in pricing talks said. The figure is higher than the $145-$148 per ton paid in April to June and marks a second consecutive quarterly increase. But it was below the initial offers of $175-$190 per ton made by global producers.

Jul 19 - China copper smelters eye more output cuts as raw material supply tightens
A shortage of copper concentrate this year has forced a few smelters in China to cut output, and more curtailments could follow next year when raw material supply is expected to tighten further, industry participants and analysts said. Refined copper output in top producer China is closely watched by investors betting on tight long-term supply driven by rising demand for energy transition technology.

Jul 18 - Fortescue job cuts come ahead of expected spending ramp up on decarbonisation
Fortescue's shares slipped on Thursday following news of sweeping job cuts across its metals and energy divisions and a slowdown in the development of its green hydrogen business. The world's fourth-biggest iron ore miner embarked on a major expansion in late 2020 to turn itself into a green energy giant, based on a view that hydrogen from renewable power sources would become a major source of green energy.

Jul 18 - China's June aluminium imports up 16% on-year, customs data show
China's imports of unwrought aluminium and products jumped 16% to 240,000 metric tons in June, customs data showed on Thursday. Imports in the first half of this year totalled 2.04 million tons, up 70.1% from the same period a year earlier, according to the data from the General Administration of Customs.

Jul 17 - BHP posts second straight year of record iron ore production, beats estimates
BHP Group on Wednesday reported record annual iron ore production for a second consecutive year, helped by improved weather conditions and higher contribution from its South Flank operations in Western Australia. The world's largest listed miner beat analyst expectations for both its quarterly iron ore and copper production in its production report.

Jul 17 - Some Japanese buyers agree to pay Q3 aluminium premium of $172/T, up 16%-19% from Q2
Some Japanese aluminium buyers have agreed to pay two global producers a premium of $172 per metric ton over the benchmark price for shipments in July to September, up 16%-19% from the previous quarter, four sources involved in the pricing talks said. The figure is higher than the $145-$148 per ton paid in the April-June quarter but lower than the initial offers of $175-$190 per ton made by producers.

Jul 16 - Rio Tinto's iron ore shipments miss estimates due to May train derailment
Global mining giant Rio Tinto, reported second-quarter iron ore shipments below analyst estimates on Tuesday, reflecting impacts to production from a train derailment in mid-May. The world's largest producer of iron ore shipped 80.3 million tons (Mt) of the steel-making commodity from its Pilbara operations in the three months ended June 30. This was 3% higher than the previous quarter's 78 Mt but below the Visible Alpha consensus estimate of 82.1 Mt.

Jul 16 - India's four-week platinum imports surpass 2023 total as gold shown as platinum
India's four-week platinum imports from mid June eclipsed 2023's total as bullion dealers exploited a loophole by registering alloys containing around 90% gold as platinum to avoid higher duties, government and industry officials told Reuters. In that time frame dealers cleared 13 metric tons of these metal consignments valued at around $1 billion from customs, compared to total platinum imports of 9.97 metric tons in 2023, said a government official who declined to be named as he wasn't authorised to speak to media.

Jul 15 - Weak market for critical minerals seen dampening Western efforts to counter China
Low prices for critical minerals for the green energy transition, such as lithium, cobalt and rare earths, are curbing efforts by the West to fight the dominance of China in the sector, the CEO of U.S. government-backed investment vehicle TechMet said. Oversupply and weak prices are dampening cashflows of Western start-ups, making it more difficult to compete with a Chinese government investment strategy that takes a long-term view, TechMet CEO Brian Menell said in an interview.

Jul 15 - China June aluminium output highest in nearly a decade; H1 up 7%
China's production of primary aluminium in June rose to the highest level in nearly a decade, and output in the first half grew 7% as producers ramped up production amid higher profits. The world's biggest aluminium producer churned out 3.67 million metric tons of primary aluminium, 6.2% higher year on year, data from the National Bureau of Statistics (NBS) showed.

Jul 12 - China June copper imports slide to 14-month low on weak demand
China's unwrought copper imports declined in June to a 14-month low, customs data showed on Friday, as high global prices and weak domestic demand suppressed buying appetite. Imports of unwrought copper and products were 436,000 metric tons last month, down 3% from the 449,649 tons a year earlier and the lowest since April 2023, data from the General Administration of Customs showed.

Jul 12 - China's June rare earths exports drop off May's record high
China's exports of rare earths in June fell 3.6% from a year earlier after hitting a record monthly high in May, customs data showed on Friday. The world's largest producer of rare earths last month shipped out 4,829 metric tons of the group of 17 minerals used to make products ranging from magnets in electric vehicles to consumer electronics, data from the General Administration of Customs showed.

Jul 11 - Global lithium sector eyes Argentina's salt flats on tech test run
In a dusty plain in northern Argentina's mountains, black tubes stretching two stories high fill a massive tank with salty brine sucked from deep below ground. The brine contains lithium, a silvery white metal essential for making electric vehicle batteries and in high demand as the world shifts to green energy.

Jul 11 - China accelerates green steel shift as EU levies loom, researchers say
China approved no new coal-based steel projects in the first half of 2024, researchers said on Thursday, accelerating its shift towards green production as it prepares for the impact of a new carbon levy on exports to Europe. Local governments approved 7.1 million metric tons of new steelmaking capacity from January to June, but all of it was for cleaner scrap-based electric arc furnace (EAF) projects, rather than coal-intensive blast furnaces, said the Centre for Research on Energy and Clean Air (CREA).

Jul 10 - China smelters sets Q3 copper TC/RC guidance of $30 per ton/3.0 cents per lb, sources say
China's top copper smelters agreed on third-quarter guidance for copper concentrate processing treatment and refining charges (TC/RCs) at $30 per metric ton and 3.0 cents per pound, two sources with knowledge of the matter said on Wednesday. The decision was made at a meeting of the China Smelters Purchase Team (CSPT) held on Wednesday, the sources said.

Jul 10 - China's refined copper imports remain surprisingly strong: Andy Home
China once again holds the key to copper's fortunes as the market waits for the world's largest buyer to shake off its property woes and join the bull party. The signs are mixed to say the least.

Jul 09 - China issues draft rules to allow more recycled copper, aluminium imports
China has issued draft rules to allow more imports of recycled copper and aluminium to improve supply and industry competitiveness, the Ministry of Ecology and Environment (MEE) said on Monday. The world's top metals producer and consumer has been looking to raise the usage of recycled metals as part of an efforts to lower carbon emission by the energy-intensive industry while avoiding becoming a dumping ground for waste materials from other countries.  

Jul 09 - India to get coking coal from Mongolia on trial basis in July, sources say
India will import coking coal from Mongolia on a trial basis from later this month, two sources familiar with the matter said, as New Delhi seeks to diversify imports of the key steelmaking raw material to cut over-reliance on Australia. Steelmakers including JSW Steel and the state-owned Steel Authority of India (SAIL) are poised to receive coking coal shipments from Mongolia after months of negotiations, said the sources, who did not wish to be named in line with official rules.

Jul 08 - Panic short-covering ignites Comex copper as shipments fail to arrive
Comex copper futures surged on Friday as some players bought back bearish, or short, positions to reduce their exposure due to expected shipments of copper failing to arrive in the United States, traders and analysts said. A frenzied rally based on speculative buying sent copper futures on both Comex and the London Metal Exchange (LME) to record peaks in May, partly due to a short squeeze on Comex.

Jul 08 - MMG halts zinc concentrate output at Dugald River mine
China's MMG Ltd has halted operations at a mill at its Dugald River zinc mine in Australia for about two months of repair work, it said on Friday. Concentrate output has stopped, but mine operations will continue and it will build up ore stockpiles, MMG told Reuters in an email.

Jul 05 - Canada approves Glencore takeover of Teck coal unit, with conditions
The Canadian government has approved Glencore's $6.93 billion acquisition of miner Teck Resources' steelmaking coal unit with strict conditions to preserve jobs, the country's industry minister said on Thursday. To secure the approval, Glencore has agreed to maintain Canadian headquarters for Elk Valley Resources (EVR) for at least 10 years, ensure a majority of the directors of EVR are Canadians, and maintain significant employment levels at EVR for no less than five years, the ministry said.

Jul 05 - BHP cuts employee incentives after missing its performance goals, AFR reports
BHP Group has notified tens of thousands of its workers across the globe that it was cutting their incentive pay after the miner failed to meet its performance goals, the Australian Financial Review reported on Thursday. The world's largest listed miner will only pay 80% of short-term incentives that were on offer in 2023-24, the AFR reported, citing BHP's employees.

Jul 04 - Russian firms raise zinc output to meet government demand, sources say  
Russian firms have boosted zinc metal production over the past month to benefit from rising state demand and reduce reliance on China as a destination for material, two sources familiar with the matter told Reuters. Russia's output of zinc used to galvanise steel is a fraction of the global total, but it will add to tightness in the global zinc concentrate market as seen in China's imports.  

Jul 04 - France's Eramet targets November production start at Argentina lithium plant  
France's Eramet aims to start production at its new Centenario lithium plant in Argentina in November and ramp up to 24,000 metric tons of battery grade lithium by mid-2025, it said on Wednesday after starting the final test phase at the plant. The $870 million plant, a joint venture with Chinese nickel and steel giant Tsingshan, is likely to be among the first worldwide to use an innovative processing system called direct lithium extraction, or DLE, at commercial scale.

Jul 03 - Freeport McMoran sees lower sales in Q2 on Indonesian permit delays
U.S. copper and gold miner Freeport McMoran on Tuesday said it expects its consolidated sales of copper and gold for the second quarter to be below its April 2024 forecast due to a delay in obtaining an export license for its Indonesian subsidiary. The company expects copper sales to be 5% below April 2024 guidance of 975 million pounds, while gold sales would be nearly 30% below guidance of 500,000 ounces.

Jul 03 - Brazil's Vale pledges to quickly replace outgoing board members
Brazilian miner Vale on Tuesday pledged to "proceed swiftly" to replace two independent board members who have resigned in the last few months, one citing allegations of political influence in the CEO succession plan. The departure of Vera Marie Inkster on Monday, which followed the resignation of Jose Penido in March, left Vale's board with six independent members, below the seven required by the firm's by laws.

Jul 02 - Rio Tinto in talks to avert strike at Mongolian copper mine
Global miner Rio Tinto is negotiating with workers at its Oyu Tolgoi copper operations in Mongolia to avert further industrial action over a sharp drop in wages that triggered an earlier strike in May. Rio Tinto moved underground at Oyu Tolgoi, one of the world's largest copper-gold deposits, in March last year and is ramping up to produce around 500,000 tons of copper a year from 2028 onwards.

Jul 02 - Russian diamond producer Alrosa buys big gold deposit from Polyus
Russian diamond producer Alrosa has bought a gold deposit in Russia's Far East from miner Polyus, the two companies, both under Western sanctions, said on Monday. For Alrosa, the world's biggest diamond producer, the move marks a deeper push into gold which it said would fit with the rest of its business and strengthen it financially while not significantly changing its strategy.

Jul 01 - Metals firms 'confused' by ESG regulations but hope for future price premium
Executives of metals and mining firms said this week they are "confused" by the many different standards on Environmental, Social and Governance (ESG) and hope there will be price premium for their products if they meet those standards in future. "There's no unified ESG standard for us to follow," said Bryce Lee, a director at Zhejiang Huayou Cobalt Co. "Generally we know the direction, but when it comes to the daily implementation of the detailed standards, procedures and assurance processes, we are facing a lot of requests.

Jul 01 - China issues rare earth regulations to further protect domestic supply
China has unveiled a list of rare earth regulations aimed at protecting supplies in the name of national security, laying out rules on the mining, smelting and trade in the critical materials used to make products from magnets in electric vehicles to consumer electronics. The regulations, issued by the State Council or cabinet on Saturday, say rare earth resources belong to the state, and that the government will oversee the development of the industry around rare earths - a group of 17 minerals of which China has in recent years become the world's dominant producer, accounting for nearly 90% of global refined output.

Jun 28 - Lithium producers bullish on long-term demand despite recent price drop
The world's largest lithium producers told a major industry conference this week they remain bullish on long-term demand for the electric vehicle battery metal despite the recent price plunge that has forced layoffs and curtailed expansions. Once a niche metal used primarily in ceramics and pharmaceuticals, lithium demand has grown rapidly over the past decade. But oversupply from China and a softening of aggressive EV adoption rates has dragged lithium prices down more than 80% in the last year.

Jun 28 - Disputed Sigma Lithium land has 'probable' reserves, study shows
Sigma Lithium, the biggest player in Brazil's booming lithium industry, told regulators late last year it had found likely mineral reserves on two plots of disputed land, about a month after it said they held "no mineral reserves and resources," according to previously unreported regulatory documents. The documents, which were filed by Sigma with Brazil's mining regulator in November and have not been made public, show the firm had found "probable" mineral reserves on the land.

Jun 27 -  Lithium Blues (Reuters)
- Lithium has been in the headlines this week for all the wrong reasons. A blaze ripped through a battery manufacturing plant in South Korea, killing 23 workers, most of them Chinese nationals. The country is one of the world’s powerhouses of battery manufacturing and authorities are urgently investigating what went wrong.
- Lithium prices, meanwhile, are stuck at three-year lows as the market works through an overhang of surplus supply. Eric Norris, head of energy storage at Albemarle, the world’s largest producer, admitted that prices are “concerning”, squeezing margins at existing operators and posing financing challenges for new projects. Even dominant producer China was worried enough for the Ministry of Industry and Information Technology to issue guidelines to check run-away expansion at every stage of the battery supply chain.
- Pricing is problematic in this opaque market with China’s Guangzhou exchange playing on outsize role in price determination. Albemarle has started holding online auctions of lithium products to “build trust” in the market, Norris said.
- Albemarle remains a believer in the energy transition metal’s bright future. “Our long-term demand projections are just as robust that they've always been," Norris said. Others agree and the race to secure supply is only hotting up. More than 50 companies have expressed interest in developing projects in Chile, which is looking to leverage its salt brine flats to become a major producer of the battery metal. Chile is engineering a tie-up between existing producer SQM and state copper producer Codelco to drive the sector’s development, much to the frustration of China’s Tianqi, which owns around a fifth of SQM.
- Chile is not the only country looking to place its lithium resources under state control. China’s Ganfeng has filed an arbitration case against the Mexican government, which has been forcing overseas investors to partner with the state in developing the country’s reserves.
- In Europe, meanwhile, there might be good news for Rio Tinto, whose plans to develop the giant Jadar project in Serbia were blocked in 2022 after large anti-mining protests. The company said new studies showed the $2.4 billion project would not damage the environment and the Serbian government seems to be ready to reconsider its decision to revoke the company’s mining licence. The European Union will also be hoping for a change of heart, given estimations Jadar could meet 90% of the region’s lithium demand once fully developed.

Jun 27 - Codelco copper output falls behind target in May, document shows
Chile's state mining giant Codelco, one of the world's largest copper producers, fell further behind its production target in May, an internal document obtained by Reuters showed, underscoring the challenge to revive output at a 25-year low. The mining firm, which has yet to publicly release data for May, produced 103,100 metric tons of the red metal in the month, some 8.6% below its target of 112,800 tons, the previously unreported June document revealed.

Jun 27 - In race to regain rare earth glory, Europe falls short on mineral goals
Four decades ago, a rare earth processing plant on France's Atlantic coast was one of the largest in the world, churning out materials used to make colour televisions, arc lights and camera lenses. Its current owner Solvay is racing to return the plant at La Rochelle to its former glory after years of diminished output as Europe seeks to boost production of the minerals fuelling the green energy transition.

Jun 26 - Albemarle plans more lithium auctions to boost market transparency
Albemarle, the world's largest lithium producer, plans to hold more auctions for the metal used in electric vehicle batteries to boost price transparency and promote a better understanding of the opaque market, an executive said on Tuesday. The move is one of the most aggressive by an industry leader to clear up the widespread confusion about how lithium is priced.

Jun 26 - Copper stocks surge offers little relief for CME shorts: Andy Home
Copper stocks registered with the world's big three exchanges have risen above 500,000 metric tons for the first time since August 2021. London Metal Exchange inventory has surged by 56,850 tons so far this month and at 172,850 tons is the highest it has been since December last year.

Jun 25 - Aluminium prices under pressure, but brighter prospects on the horizon
Weak global manufacturing has hit aluminium prices, but the impact is likely to be short-lived as the physical market is tight, including in top consumer China. A deficit in top producer China - expected to produce 42.5 million metric tons, close to its 45 million ton capacity - and short supplies of feedstocks bauxite and alumina are expected to push aluminium prices back on an upward trajectory.

Jun 25 - Eramet, BASF cancel plan to invest $2.6 billion in refining complex in Indonesia
Rare earth developer Meteoric Resources will collaborate with a regional department of Brazil's Minas Gerais state to explore the production of rare earth magnets, the Australian company said on Tuesday. Meteoric is developing its Caldeira rare earths deposit in Minas Gerais. It is planning a demonstration plant to produce a mixed rare earth carbonate and small volumes of separated oxides that will start commissioning next year, and which will be supplied to the magnet factory, CEO Nick Holthouse told Reuters.

Jun 24 - Short covering, tight nearby supply briefly drive palladium above $1,000/oz
Spot palladium prices in London hit a one-month high and briefly broke above the key level of $1,000 per troy ounce in volatile trade on Friday as some investors covered their short positions and the market was tight for nearby physical supply. Spot palladium was up 2.6% at $947 per troy ounce by 1655 GMT after hitting $1,027, its highest since May 22. Prices had touched their lowest in four months of $867.51 on Tuesday.

Jun 24 - SQM shareholder Tianqi weighs legal actions after Chile regulator clears SQM-Codelco deal
China's Tianqi Lithium said on Friday it was evaluating possible legal action against a Chilean regulator's ruling allowing a tie-up between No. 2 lithium producer SQM, which it owns around a fifth of, and Chile's state-run copper giant Codelco. Chile's financial regulator this week said a planned lithium joint venture between SQM and Codelco can proceed without a vote by SQM shareholders, which would have included Tianqi.

Jun 21 - Vale sees higher 2026 copper, nickel output after investments
Brazilian mining giant Vale said on Thursday that an asset review initiative and investments in the key Sudbury and Salobo plants might lead to growth in its 2026 copper and nickel output when compared to its baseline scenario. Vale sees potential copper output in 2026 between 394,000 metric tons and 431,000 tons, about 5% higher than a December estimate, it said in a securities filing.

Jun 21 - Australia's Pilbara Minerals eyes $800 mln road to double lithium output
Pilbara Minerals, Australia's biggest independent lithium producer, laid out a A$1.2 billion  plan to double production capacity for lithium spodumene at its Pilgangoora operation in Western Australia. More spodumene from the miner's flagship operations could result in a decade of output averaging 1.9 million tonnes per year if it decides to press go on the project, following a feasibility study expected to be completed in late 2025.

Jun 20 - Along Peru's mining corridor, Big Copper faces a snarl of trucks
Surging copper prices this year have brought startling growth in the number of trucks carrying copper from illegal mines in Peru, jamming roads, causing accidents and creating hazardous conditions especially after dark along the Andean country's key "mining corridor" highway, industry sources told Reuters. With copper demand soaring as the world rapidly moves toward electric vehicles and clean energy, illegal mining has been booming.

Jun 20 - Rising demand for responsible rare earths is not lifting prices, says Lynas
Lynas Rare Earths, the world's largest producer outside of China, said that demand for responsibly produced rare earths was increasing but had not resulted in higher prices. Rare earths are a group of 17 metals, some of which are used in permanent magnets for applications including motors for wind turbines, electric vehicles and drones.

Jun 19 - Chile lithium projects garner interest from over 50 companies
More than 50 companies have expressed interest in developing lithium projects in Chile, Finance Minister Mario Marcel said on Tuesday, after the government called for proposals for a range of salt flats containing the battery metal. Chile, the world's largest copper producer, called for proposals in April to develop lithium projects in more than two dozen salt flats that have yet to be fully explored, while reserving the Atacama and Maricunga brine deposits for state control.

Jun 19 - Anglo American expects 30% drop at key Chile copper mine in 2025
Anglo American's copper output at its Los Bronces mine in Chile is expected to fall nearly a third from average historical levels next year as the miner pauses a processing plant for maintenance, the company's Chile head said on Tuesday. Anglo American previously said it would suspend the plant, which is the smaller and older of two at the site, in mid-2024, but had not disclosed the estimated hit on production.

Jun 18 - China's May aluminium imports surge 61% year-on-year
China's aluminium imports jumped 61.1% in May from a year earlier, customs data showed, with market participants attributing the increase to rising shipments from Russia, which is subject to Western sanctions. China, the world's top consumer of the light metal, imported 310,000 metric tons of unwrought aluminium and products last month. The data include primary metal and unwrought, alloyed aluminium.

 

Jun 18 - Record copper prices likely to pause U.S. scrap shipments to China
China's copper scrap imports have soared due to shortages of concentrate that is processed into refined metal used in the power and construction industries, but record high prices mean U.S. shipments are likely to pause. Smelters in top copper consumer China have faced concentrate shortages since last year when First Quantum lost the right to operate its Cobre mine in Panama, which accounted for 1% of global mined supply in 2022.

Jun 18 - Brazil joins race to loosen China's grip on rare earths industry
Mining giant Brazil has big ambitions to build a rare earths industry as Western economies push to secure the metals needed for magnets used in green energy and defence and break China's dominance of the supply chain. Working to its advantage are low labour costs, clean energy, established regulations and proximity to end markets, including Latin America's first magnet plant which would provide a ready buyer for the metals.

Jun 17 - China May crude steel output jumps on improved demand, strong exports
China's crude steel output in May climbed 8.1% from the previous month and was up 2.7% from the year before, statistics bureau data showed, thanks to improved domestic demand and robust exports. The world's largest steel producer manufactured 92.86 million metric tons of crude steel last month, the highest for a single month since March 2023, data from the National Bureau of Statistics showed, versus 85.94 million tons made in April.

Jun 17 - Serbia to give green light for Rio Tinto lithium mine, FT reports
Serbian President Aleksandar Vucic is preparing to give Rio Tinto the green light to develop Europe's largest lithium mine two years after Belgrade called off the project, the Financial Times said on Sunday. Vucic told the newspaper that "new guarantees" from the global mining giant and the European Union looked set to address Serbia’s concerns over whether necessary environmental standards would be met at the Jadar site in the west of the country.

Jun 14 - Global nickel prices have probably hit a floor, says Macquarie
Global nickel prices may have hit a floor, according to a Macquarie analyst who sees a market recovery driven by strong demand from the steel sector and as a surplus of ore supplies shrinks after Indonesia slowed production permits. "Our belief is that we've seen the bottom, we've seen the supply adjustments, we see the uncertainty in future supply, and that is giving us quite a lot of support where the prices are today," Macquarie analyst Jim Lennon told a conference organised by Shanghai Metals Market in Jakarta this week.

Jun 14 - China's zinc imports reflect shifting market dynamics: Andy Home
China's imports of zinc concentrates fell sharply over the first four months of this year in response to a tightening raw materials market. Spot treatment terms for imported mine concentrates are currently trading at levels that are uneconomic for many Chinese smelters, forcing them to rely more on domestic mine supply.

Jun 13 - Gold rush to endure through 2024 though $3,000 mark may prove elusive
Gold's lightning rally to successive record highs shows every sign of continuing in the second half of 2024 as the fundamental case for bullion remains firmly in place, though $3,000 per ounce looks just out of reach, traders and industry experts said. Investors have flocked in droves towards the precious metal, driven by expectations for monetary easing, geopolitical tension in Europe and the Middle East and - most notably - central bank purchases led by China.

Jun 13 - A fifth of copper smelting capacity suspended in May, data shows
About a fifth of global copper smelting capacity was suspended in May, mostly for maintenance, data from satellite surveillance of metal processing plants showed. Earth-i, which specialises in observational data, tracks smelters representing up to 90% of global production for its SAVANT service and sells data to fund managers, traders and miners.

Jun 12 - Tsingshan plans another 50,000 T nickel LME listing this year, company says
China's Tsingshan, the world's biggest nickel producer, is planning to register 50,000 metric tons capacity of nickel cathode on the London Metal Exchange in the second half of 2024, a company official said. The company listed nickel cathode from its Dingxing plant on the LME in the second quarter, and will likely apply to list 50,000 metric tons from another smelter this year, Morgan Xue, vice president of Eternal Tsingshan Group, told a conference organised by Shanghai Metals Market.

Jun 12 - Deep contango in LME base metals signals weak nearby buying interest
Spot prices for copper and aluminium in London have moved to sharply deeper discounts to the three-month contract this week, signalling healthy supplies and weak buying interest from consumers for immediate deals, analysts and traders said. The discount, known as a contango, for copper on the London Metal Exchange is hovering near the highest on record, while the discount for aluminium hit the largest in 17 years.

Jun 11 - Half of available LME aluminium stocks are now of Indian origin, Russian share drops
The share of available aluminium stocks of Russian origin in warehouses approved by the London Metal Exchange fell to 42% in May from 89% in April, while the share of Indian origin jumped to 50% from 9%, LME data showed on Monday. The shift follows a decision by the LME to ban from its system all Russian aluminium, copper and nickel produced from April 13 to comply with U.S. and UK sanctions imposed over Russia's 2022 invasion of Ukraine.

Jun 11 - Vietnam to let companies import gold for first time in years, industry official says
Vietnam is expected to allow companies to import gold for the first time in over a decade, as it aims to bridge the widening gap between local prices and international benchmarks, an industry official told Reuters. The Vietnam Gold Traders Association has been in protracted talks with the government over measures to correct the imbalance in supply and demand of gold, Huynh Trung Khanh, the association's vice chair said.

Jun 10 - Nippon Steel executive saw positive reaction from U.S. Steel workers and others
Nippon Steel Vice Chairman Takahiro Mori met with U.S. Steel's employees and community leaders this week to gain better understanding of its proposed acquisition of the U.S. company and saw positive reaction, a company spokesperson said

Jun 10 - Sibanye loosens debt covenants to boost cash amid lower prices
Sibanye Stillwater on Friday said its lenders have agreed to lift the miner's borrowing limits to help the company improve its cash position at a time of lower platinum-group metal prices.

Jun 07 - China May copper imports jump 15.8% on-year, beat expectations
China's unwrought copper imports in May rose 15.8% from a year earlier, customs data showed, beating market expectations despite weak physical consumption. Imports of unwrought copper and products in China, the world's biggest consumer of the metal, were 514,000 metric tons last month, compared with 444,010 tons a year earlier, data from the General Administration of Customs showed.

Jun 07 - Chile's Codelco targeting 2030 production for Maricunga lithium site, document shows
Rothschild & Co has formally started to assess candidates to partner with Chile's state-run miner Codelco on a major new lithium project slated to begin production in 2030, according to documents seen by Reuters on Thursday. A four-page "investment highlight" document from Codelco and Rothschild, dated June 2024, and accompanying memo, reveal new details of Codelco's plans for the site, now dubbed "Project Paloma."

Jun 06 - Newmont CEO sees copper demand boom driving mining deals
The mining industry is ripe for further consolidation driven by demand for metals such as copper needed in the energy transition and challenges accessing capital, the boss of the world's biggest gold miner Newmont Corp said. Newmont CEO Tom Palmer pointed to artificial intelligence as a surprisingly large new source of copper demand.

Jun 06 - Chinese rare earths investor fails to win seat on Australia's Northern Minerals board
A Chinese mining investor has failed in a bid to join the board of Australian rare earths mining company Northern Minerals, days after Australia's Treasurer ordered the investor's private company to sell some of its shares. Treasurer Jim Chalmers this week ordered several China-linked investors to dispose of Northern Mineral shares amounting to 10.4% of its issued share capital on national interest grounds.

Jun 05 - Cargill exits physical steel trading in China
Global grain and metals trader Cargill will stop physical steel trading within China, it said, as demand has softened in the world's top producer and consumer of the metal amid a prolonged slowdown in its property sector. Steel prices in China have sunk 10% from the beginning of the year despite a slew of stimulus measures aimed at reviving the property sector.

Jun 05 - Chilean state miner Enami reports 'encouraging' Altoandinos lithium results
Chilean state-owned miner Enami on Tuesday said an early exploration campaign for its Salares Altoandinos lithium project, located in the South American nation's northern salt flats, has shown promising results. Enami is looking for a partner with which to develop the project after the government tapped it to help pursue a strategy of expanding state control in the production of lithium, a white metal used in electric-vehicle batteries.

Jun 04 - Funds keep faith with copper even as squeeze fades: Andy Home
The vicious squeeze on the CME copper contract appears to have largely passed but fund managers are sticking with their bullish convictions on both U.S. and London markets. There has been some light profit-taking as the price has retreated from last month's record highs but fund long positioning remains elevated both on the CME and London Metal Exchange.

Jun 04 - Russia proposes raising extraction tax rates on diamonds, gold, iron ore
Russia's finance ministry on Monday proposed increasing mineral extraction rents from next year on diamond, gold and iron ore mining, changes that could boost tax revenues by 230.5 billion roubles from 2025-2027. The government last week approved tax hikes for companies and wealthy individuals that could add an extra $30 billion to next year's budget revenues and will allow Moscow to further ratchet up spending, including on the conflict in Ukraine, without compromising fiscal stability.

Jun 03 - Nippon Steel's Mori returns to US this week for talks on US Steel takeover
Nippon Steel's vice chairman plans to return to the United States this week for more talks over the proposed acquisition of U.S. Steel and would study selling some assets if necessary for the deal to go through. Vice Chairman Takahiro Mori's visit so soon after a May 20-26 trip highlights the efforts Nippon Steel is taking to close the purchase amid growing regulatory scrutiny and political opposition.

Jun 03 - Tianqi weighs bid to protect interests in Chile's SQM-Codelco lithium deal
China's Tianqi Lithium, a major shareholder in Chile's SQM, said it may consider action to protect its interests in a key deal signed by SQM and Chilean state miner Codelco. Friday's pact, while seen as pivotal to boost the Andean nation's lithium output, would potentially dilute Tianqi's stake in SQM, the world's second-largest producer of the metal critical in electric vehicle batteries.

May 31 - How a rattled South Africa became Anglo's best defence against BHP bid
Days after miner BHP launched its takeover bid for rival Anglo American in April, the CEOs of both headed for South Africa, where a condition to divest Anglo's local platinum and iron ore assets was causing a political storm. More than 20% of Anglo shares are held by South African investors, and the London-listed group's presence is deemed of national value in the country, where it was founded in 1917 and employs more than 40,000 people.

May 31 - Tight supply, solar demand drive antimony prices to record high
Prices of antimony, a strategic metal used in flame-retardants, batteries and munitions, are rising to record highs as solar sector demand outstrips supply, causing a wide deficit with little sign of easing, smelters and analysts say. The surge in prices, which industry participants expect to persist, underscores the West's vulnerability in relying on top producer China for key minerals and could also force end-users to find alternatives for some applications.

May 30 - Nickel's market is in recovery mode since February: Andy Home

Nickel is another one of the key energy transition metals thanks to its use in electric vehicle batteries. But the metal has a troubled history, most recently in 2022 when the London Metal Exchange was forced to halt trading and cancel trades after a price blow-out. The ensuing price slump has forced many Western producers to idle capacity, leaving Indonesia as the world’s dominant producer. The market is rallying again but will it be enough to loosen Indonesia’s tightening grip on the global supply chain?  

When German miners first discovered nickel in the fifteenth century, they called it Kupfernickel, or “Old Nick’s Copper”, and it has had a history of devilish behaviour ever since, most recently nearly killing off the 147-year-old London Metal Exchange (LME) in 2022.  
 
But nickel is a key metallic enabler of the green energy transition thanks to its use in electric vehicle batteries and low-emissions power generation such as wind and geothermal. Demand will nearly double between now and 2050 as ever more electric vehicles are deployed, according to the International Energy Agency’s Global Critical Minerals Outlook 2024.
 
After the price blow-out in 2022 nickel fell steadily over the course of 2023 to the point that many higher-cost operators were forced to mothball their mines. Global production has become ever more concentrated in just a handful of countries, first and foremost Indonesia, posing a headache for Western governments, as Breakingviews columnist Anthony Currie examines here. 
 
However, the market has been in recovery mode since February. The London Metal Exchange nickel price is currently trading just above $20,000 per metric ton, up 21% on the start of the year. Indonesia has been slow issuing new mine permits, forcing processors in the world’s largest producer to buy record amounts of ore from the Philippines, the world’s second largest producer. Meanwhile, production in the world’s third largest producer, New Caledonia, has been severely disrupted by civil unrest.   
 
Hard-pressed Western producers may welcome the price recovery but are still faced with Indonesia’s relentless build-out of nickel production capacity. President Joko Widodo has pursued a dream of leveraging the country’s vast nickel resources into an electric vehicle hub. His successor Prabowo Subianto has promised to do the same.
 
Indonesia has just added five new nickel processing parks to its list of strategic projects and the London Metal Exchange has approved its first Indonesian brand of refined nickel. This, as I look at here, may be good news for Indonesia and the LME but not necessarily for the rest of the world’s producers.

May 30 - Investors relieved BHP walked from $49 bln Anglo takeover deal
BHP Group investors welcomed the top global miner's decision to walk away from a $49 billion plan to take over Anglo American, which rejected three proposed offers from its bigger rival over the past six weeks. BHP's decision to withhold a binding bid came after Anglo said it would not grant the Australian-headquartered mining group a further extension to iron out details of a deal that called for Anglo to first spin off its South African assets.

May 30 - LME brand approval cements Indonesian nickel ascendancy: Andy Home
The London Metal Exchange (LME) has approved the listing of the first ever Indonesian brand of refined nickel. "DX-zwdx" isn't the most memorable of historical markers but the new brand's inclusion on the LME good delivery list represents a watershed moment for the global industry.

May 29 - Indonesia buying record amounts of Philippine nickel ore due to quota delays, sources say
Top nickel producer Indonesia has bought record volumes of nickel ore from the Philippines since April as smelter demand increases, while delays by Jakarta in issuing mining quotas and heavy rains have hurt local supply, people familiar with the matter said. Indonesia's nickel ore imports from the country likely hit around 500,000 metric tons in April and will again in May, more than double March volumes, two local smelters and a trader told Reuters.

May 29 - BHP and Anglo dig in even as takeover talks deadline nears, sources say
BHP was struggling to find common ground with Anglo American on Tuesday in talks over its takeover offer, with no new concessions as a deadline nears for the world's biggest miner to submit a binding offer, five sources said. Anglo granted its bigger rival a one week extension until 1600 GMT on Wednesday to its original May 22 deadline to submit a binding offer, after rejecting a third takeover proposal that had been dismissed as difficult to execute.

May 28 - Iron ore prices lack conviction despite China stimulus moves: Russell
The balance of risks for iron ore prices are tilted to the downside despite top buyer China's most recent steps to boost its struggling property sector. A series of stimulus measures announced earlier this month will see up to 1 trillion yuan ($138 billion) in new property funding, an easing of mortgage rules and allowing local governments to buy some apartments in order to clear overhangs.

May 28 - Barrick's Porgera mine in Papua New Guinea operating without restriction after landslide
The Porgera Mine in Papua New Guinea is running without restriction and has enough fuel on site for 40 days, operator Barrick Gold Corp said on Monday, after a massive landslide struck in the province the mine is located. The landslide in Enga province buried more than 2,000 people, the government said earlier on Monday, as treacherous terrain impeded aid and lowered hopes of finding survivors.

May 27 - BlackRock encouraged Anglo to extend talks with BHP, source says
Anglo American was encouraged by key shareholders including BlackRock to continue engaging in talks with BHP Group over its proposed 38.6 billion pound ($49.18 billion) mining merger, a person familiar with the matter told Reuters on Saturday. BHP, the world's biggest listed mining group, now has until May 29 to make a firm bid for Anglo American or it will be forced to walk away for at least six months under the UK's takeover rules after it was granted a one-week extension on Wednesday.

May 27 - Australia's Arafura Rare Earths secures up to $300 mln in finance from Canada
Arafura Rare Earths said on Monday it had secured up to $300 million in debt financing from Export Development Canada (EDC) for its Nolans Project in Australia's Northern Territory. The funding comes after Australia earlier this year pledged up to A$840 million ($556.42 million), as Western nations diversify the global supply chain for rare earths after COVID-related snarls highlighted China-linked supply risks. China produces more than 80% of the world's rare earths.

May 24 - China state stockpiler aims to buy up to 15,000 T of cobalt, sources say
China plans to buy up to 15,000 metric tons of cobalt metal from local Chinese producers over the next few months for domestic stockpiles, three sources familiar with the matter told Reuters, adding that it would be a record amount for a single purchase. The planned purchase would be a big increase as industry sources say China's state stockpiler - the National Food and Strategic Reserves Administration - bought 8,700 tons of cobalt metal last year.

May 24 - How can Milei unlock Argentina's copper riches? Fix the economy
Argentina has big ambitions for the untapped copper riches in its Andean north. It wants to be a top 10 global producer and has attracted investors such as Glencore, Lundin Mining and First Quantum Minerals. But unlocking its potential won't be easy. The country, and new libertarian President Javier Milei, need to fix the economy first, with most big copper projects being stalled by strict capital controls, near 300% inflation and high tax rates.

May 23 - Record high copper hits demand in China, buyers brace to pay even more
A sizzling rally in global copper prices as funds crowd into the market is dampening physical demand for the metal in top consumer China, with buyers bracing for even higher prices. Copper prices hit historic highs across global exchanges this month, propelled by a short squeeze and funds betting on a copper shortage in the global transition to a greener economy.

May 23 - BHP will not relent on structure, value of $49 bln Anglo offer, say sources
BHP will stand firm on the structure and value of its latest takeover proposal for Anglo American, focusing instead on allaying its target's concerns around execution risks over the coming week, sources said on Thursday. The world's biggest listed mining group now has until May 29 to make a firm bid for Anglo American or it will be forced to walk away for at least six months under the UK's takeover rules after it was granted a one-week extension on Wednesday.

May 22 - Peru's 2024 copper target is realistic, mining magnates say
The Peruvian government's 2024 copper production goal of 3 million metric tons is realistic, senior industry executives said on Tuesday, as the country seeks to boost mining investments to help lift the economy out of recession. The South American country produced 2.76 million tons of copper last year, dropping its rank from first to second for global production of the red metal.

May 22 - Southern Copper's stalled Tia Maria project set to break ground in Peru, VP says
Southern Copper's long-stalled Tia Maria project in Peru is set to break ground by the end of the year or in the first half of 2025, a senior company executive told Reuters, which would mark a major breakthrough for the $1.4 billion mine. Raul Jacob, vice president of finance at Southern Copper, Peru's third largest copper producer controlled by Grupo Mexico, said "social conditions" had improved after years of protest that have halted the mine's development.

May 21 - Copper's record run at risk as US shipments calm speculator frenzy
Copper's lightning rally to record highs may not be sustainable in the coming weeks, with action concentrated on the shipment of material to cover exposed short positions in the U.S. Comex futures market rather than tepid demand in top consumer China. Prices on the CME Group's Comex hit a record last week, while benchmark copper on the London Metal Exchange (LME) rocketed on Monday to an all-time peak of $11,104.50 a metric ton, having surged 28% so far this year.

May 21 - Anglo shareholder LGIM supports break-up plan as BHP circles
Anglo American shareholder Legal & General Investment Management (LGIM) supports the break-up plan announced by the company last week, it said on Monday, as the deadline approaches for BHP Group to log a formal takeover offer. The radical plan to divest Anglo's less profitable coal, nickel, diamond and platinum businesses followed its rejection of two all-share takeover approaches from BHP, the world's biggest listed mining group, which had proposed a $43 billion deal on the condition that Anglo first spins off its South African operations.
 

May 20 - US lukewarm on G7 Russian diamond ban after industry backlash
The United States is re-evaluating the strictest elements of a ban on Russian diamonds from the Group of Seven major democracies, after opposition from African countries, Indian gem polishers and New York jewellers, seven sources said. The sanctions package, agreed in December and including a ban across the European Union, represents one of the industry's biggest shakeups in decades.

May 20 - Aluminium group steps up call on EU to bar imports of the Russian metal
Industry group European Aluminium has stepped up its long-running call for the European Union to expand its sanctions regime on Moscow, saying the EU could live comfortably without major Russian aluminium products. Russia's Rusal, the world's largest aluminium producer outside China, said the main victims of such measure would be the European consumers.

May 17 - China April crude steel output surprises with a monthly fall
China's crude steel output in April fell 2.6% from the previous month and dropped 7.2% from the previous year, statistics bureau data showed on Friday, missing expectations. Many market participants had forecast a monthly rise, citing improved downstream demand and profitability that encouraged steelmakers to ramp up production last month.

May 17 - China April aluminium output grows as prices rise (NBS)
China's primary aluminium production in April rose 7.2% from a year earlier, official data showed on Friday, fuelled by rising prices for the light metal in China and globally. The world's biggest aluminium producer churned out 3.58 million metric tons of primary aluminium in April, according to the data from the National Bureau of Statistics (NBS).

May 16 - Trafigura, IXM caught in COMEX copper short squeeze as prices hit record
Commodity traders Trafigura and IXM are looking to buy physical copper to deliver against large short positions on U.S. exchange CME where copper prices soared to record highs on Wednesday, five sources with direct knowledge of the matter said. Short positions can be bets on lower prices or producers hedging their output. A short squeeze occurs when parties holding such positions are forced to buy them back at a loss or deliver physical copper to close them out.

May 16 - Anglo American starts revamp with hiring freeze, document shows
Anglo American has suspended hiring globally according to an internal memo reviewed by Reuters, as it gets plans underway to simplify itself and build value - and avert a $43 billion takeover bid by Australia's BHP Group. Anglo laid out plans on Tuesday to refocus its company on energy transition metal copper while spinning out or selling its less profitable coal, nickel, diamond and platinum businesses, as it moves to fend off the world's biggest miner.

May 15 - Anglo American explores De Beers IPO as part of break-up, sources say
Anglo American is exploring an initial public offering of its diamond business De Beers, two people familiar with the matter told Reuters on Tuesday, with one flagging London as the preferred venue. The potential listing was the default option, the second person said, although the process is at an early stage.

May 15 - Cleveland-Cliffs CEO says Nippon-US Steel deal has 'zero chance' of US approval
Nippon Steel's deal to buy U.S. Steel has "zero chance" of winning government approval amid continued opposition from the United Steel Workers union and "needs to be unraveled," the CEO of rival suitor Cleveland-Cliffs said on Tuesday. Lourenco Goncalves told reporters at the American Iron and Steel Institute's annual meeting that his bid had the full support of the U.S. government, President Joe Biden, a Democrat who wants U.S. Steel to remain American owned, and Republican presidential candidate Donald Trump.

May 14 - Investors expect BHP to lift Anglo American offer again
BHP Group is likely to sweeten its $43 billion takeover offer for Anglo American for a second time and possibly add cash, investors in both companies said on Tuesday, after the London-headquartered target rejected a higher bid. Anglo said the improved all-share offer, up 10% from BHP's initial proposal, continued to significantly undervalue the company.

May 14 - Peru copper output flat in March, but up 3.5% in first three months of 2024
Peru's copper production came in essentially flat for March at about 219,000 metric tons, government data showed on Monday, with output of the key industrial metal from January totaling some 641,000 metric tons. Copper output during the first three months of this year is up 3.5% compared to the same period last year, according to the data from Peru's energy and mining ministry.

May 13 - Weaker supply will drive platinum deficit higher than expected in 2024 (WPIC)
The global platinum deficit in 2024 will be deeper than previously expected due to lower supply from mines in South Africa and Russia, the World Platinum Investment Council (WPIC) said on Monday. 2024's deficit of 476,000 troy ounces will, however, be smaller than 2023's 851,000 ounces due to a 5% fall in demand, the WPIC, whose members are major Western platinum producers, said in a quarterly report. It had previously projected the 2024 shortage at 418,000 ounces.

May 13 - China's commodity imports show prices beat economic narrative: Russell
China's imports of major commodities for April show the impact of price trends, with strength where prices were trending down and weakness where prices were moving higher. The temptation for market observers is to view China's commodity imports through the prism of how the world's second-biggest economy is performing, but it increasingly appears that price movements are a more determining factor, at least in the short term.

May 13 - Trafigura delivers large amounts of aluminium to LME for lucrative rent deals, sources say
Commodity trader Trafigura delivered more than 400,000 metric tons of aluminium to London Metal Exchange (LME) warehouses for lucrative financial deals, three sources familiar with the matter told Reuters, explaining a hefty jump in stocks. The so-called rent deals allow LME-approved warehouses to share fees with companies that deliver metal to them.

May 10 - China's push for greener aluminium hit by erratic rains, power cuts
Erratic rainfall in China's southwest is frustrating a multibillion-dollar push to green an aluminium industry that accounts for almost 60% of global output and, by some estimates, emits more carbon dioxide than Australia. Lured by official promises of cheap hydropower, China Hongqiao Group and a handful of other coal-reliant smelters several years ago began moving 6.56 million metric tons of capacity - about 15% of China's total - from the northern rust belt to the mountainous and ethnically diverse Yunnan province, known for tea, coffee and wild mushrooms.

May 10 - BHP-Anglo American deal raises alarm in Japan's steel industry
Japanese steelmakers have raised concerns with Australian authorities that BHP Group could become too dominant in the global supply of coking coal if it goes ahead with a takeover of Anglo American. Australia is the world's biggest exporter of coking coal and top supplier to Japan, making up around 60% of its imports, with most of the steel-making ingredient coming from the state of Queensland, where BHP and Anglo American are the two largest producers.

May 09 - Platinum set for biggest deficit in a decade in 2024 ( Johnson Matthey )
The platinum market faces its largest supply shortfall in 10 years in 2024 as shipments from Russia return to normal from last year's highs and industrial demand stays firm, Johnson Matthey said in a report on Thursday. The autocatalyst maker added that it expected all platinum group metals (PGM) - platinum, palladium, and rhodium - to remain in deficit in 2024.

May 09 - China April copper imports fall as price rally saps demand
China's unwrought copper imports in April fell 7.6% from the prior month, customs data showed on Thursday, as a surge in global prices dampened buying appetite. Imports of unwrought copper and products in China, the world's biggest consumer of the metal, were 438,000 metric tons in April, compared with 474,000 tons in March, data from the General Administration of Customs showed. Imports were 7.5% higher than a year ago.

May 09 - China's April iron ore imports stay high as lower prices draw buyers
China's April iron ore imports ticked up 1.1% from the previous month, customs data showed on Thursday, as lower prices in March encouraged some buyers to place orders for more volumes betting demand and prices will pick up later. The world's largest iron ore consumer imported 101.82 million metric tons of the key steelmaking ingredient last month, data from the General Administration of Customs showed.

May 08 - BHP insists Anglo American's South African assets must go in any takeover, sources say
BHP's plan to divest the South African assets of its target Anglo American are key to the strategy behind the proposed takeover and is expected to be a part of any revised offer, investors briefed on the miner's thinking said. The "Big Australian" was rebuffed by its smaller rival on April 26 after submitting a $39 billion takeover proposal, in a plan seen as complex because it required Anglo to offload its shares in Kumba Iron Ore and Anglo American Platinum (Amplats) to Anglo American's shareholders before any deal took place.

May 08 - China's 2024 iron ore imports seen 1.17-1.18 bln metric tons  ( Vale )
Imports of iron ore by China, the world's biggest buyer, in 2024 are expected to be around 1.170 to 1.180 billion metric tons, similar to last year's 1.18 billion tons, a senior official of miner Vale said on Wednesday. "In the near term, we are still seeing strong resilience in the Chinese economy, although the property market is slowing down in the next few years," Eduardo Mello Franco, marketing manager for pricing at Brazilian mining company Vale told an industry conference in Singapore.

May 07 - EU clears $14.9 bln purchase of U.S. Steel by Japan's Nippon
The European Union cleared U.S. Steel's $14.9 billion buyout by Japan's Nippon Steel on Monday, allaying competition concerns from a deal that has drawn political opposition in the United States. The approval by the European Commission was expected to be a formality but in the U.S., the deal is facing resistance from several lawmakers worried about national security and U.S. Steel's union, which is concerned about job losses.

May 07 - Freeport may export up to 900,000 metric tons of Grasberg copper in second half
Freeport-McMoRan is preparing to ship as much as 900,000 metric tons of copper concentrate starting in June from its Grasberg mine after positive talks with Indonesia to extend its export licence, two sources with knowledge of the situation said. An Indonesian minister urged the government last week to allow the U.S. copper giant to keep shipping copper concentrate from the mine it operates at Grasberg in Indonesia after its current licence expires at the end of May.

May 06 - Panama to bar First Quantum from mining copper during closure process
Panama will bar First Quantum from extracting copper during the closure of the mine it lost the rights to run last year, the country's trade minister Jorge Rivera Staff told Reuters, adding that new ways need to be found to finance the mine's shutdown. Miners around the world tend to keep mining during closure processes as they use those profits to finance shutdowns, but such a move is off the table in the case of Cobre Panama, Rivera Staff said in an interview on Thursday.

May 06 - Congo's $7 bln infrastructure deal with China will depend on copper prices
Around $7 billion of infrastructure investments in the Democratic Republic of Congo by Chinese companies in a revised minerals deal will largely depend on copper prices remaining high, details of the agreement published on Friday show. The government of President Felix Tshisekedi pushed for a review of the 2008 infrastructure for minerals deal with Sinohydro Corp and China Railway Group to bring more benefits for Congo, the world's biggest cobalt producer.

May 03 - Glencore studying an approach for Anglo American, sources say
Commodities group Glencore is studying an approach for Anglo American, two sources said, a development that could spark a bidding war for the 107-year old mining company. Glencore has not yet approached Anglo, one of the sources said. The discussions are internal and preliminary at this stage and may not result in an approach, the source added.

May 03 - DoJ seeks more details from US Steel, Nippon Steel on proposed merger
The U.S. Department of Justice is seeking more details and documentary materials as part of an antitrust review of Nippon Steel's proposed $15 billion takeover of U.S. Steel, the American firm said on Thursday. Commonly known as a "second request", it signifies additional scrutiny from antitrust regulators who ask for additional information and documentary material as part of their review process for mergers.

May 02 - Near-record high LME prices a magnet for Chinese copper exports
China's copper producers are planning to export up to 100,000 metric tons of metal, the largest volume in 12 years, aiming to cool a rally that has propelled prices towards record highs and hit their order books, three industry sources said. Chinese producers are selling into the rally, driven by a speculative frenzy that took copper prices on the London Metal Exchange (LME) to two-year peaks of $10,208 a metric ton this week, close to the record high of $10,845 hit in March 2022, the sources said.

May 02 - LME plans for aluminium producers to submit carbon emission data by 2025
London Metals Exchange(LME) on Wednesday launched a consultation requiring producers of aluminium brands deliverable against its contracts to submit carbon emissions data by March 2025. The proposal aims to align aluminium market with the requirement of Europe's Carbon-Border Adjustment Mechanism (CBAM) which applies a carbon-related cost to certain imported products.

May 01 - ICSG forecasts copper supply pressures but cautious on demand: Andy Home
The International Copper Study Group (ICSG) has cut its forecast supply surplus for this year due to much lower-than-expected mine production. Copper bulls might take issue with the group's view the refined copper market will still be in oversupply this year and the next to the tune of 162,000 and 94,000 metric tons respectively

May 01 - Copper smelters in leading buyer China wary of BHP-Anglo American tie-up
Chinese smelters, the world's biggest buyers of mined copper, are concerned they will lose power to negotiate prices if BHP Group, known locally as "the big miner", succeeds in its bid for rival Anglo American. BHP, the world's largest listed mining group, is fine-tuning an offer that could make it the biggest producer of copper, a metal in high demand as the world seeks to shift towards electric vehicles and a lower carbon economy.

Apr 30 - Anglo under pressure to reveal plans to fend off BHP as Elliott hikes stake
Anglo American faced calls from shareholders on Monday to detail plans for improving its value in order to fend off bidder BHP, as activist investor Elliott further raised the stakes by increasing its holding in the takeover target. BHP, the world's biggest listed mining group, is privately talking to investors about a potential revised takeover bid as it weighs up next moves after an initial $39 billion gambit for its smaller competitor was rejected by Anglo last week.

Apr 30 - Copper to wilt as sluggish demand undermines fund rally
Copper prices are poised to sag in the coming months as physical demand has not kept up with the wave of hot money flowing into the market, a Reuters poll showed. Benchmark copper prices were propelled by speculator and fund buying to above $10,000 a metric ton last week, hitting their highest in two years.

Apr 29 - BHP considering improved proposal for Anglo American after bid rejected, source says
BHP Group is considering making an improved offer for Anglo American after its $39 billion initial proposal was rejected by the London-listed miner, a source familiar with the matter told Reuters. BHP is in discussions on a revised bid for Anglo American to be made in coming weeks, the source said. The deliberations are ongoing and the group has not yet made a decision on the size and structure of the new proposal, the source added.

Apr 29 - Glencore bought aluminium from Rusal worth $1.06 bln in 2023
Commodities group Glencore bought aluminium from Russian producer Rusal worth $1.06 billion in 2023 as part of their long-term contract, the Russian producer said in an annual report on Friday. Although Rusal, the world's largest producer outside China accounting for 5.5% of global output, itself is not a target of Western sanctions, some Western clients have been shunning new deals for Russia-made metals since Moscow invaded Ukraine in 2022.

Apr 26 - Anglo American rejects BHP's $39 bln takeover proposal
Anglo American  rejected rival miner BHP Group's  31.1 billion pound takeover proposal on Friday, saying the bid significantly undervalued the London-listed miner and its future prospects. "The BHP proposal is opportunistic and fails to value Anglo American's prospects, while significantly diluting the relative value upside participation of Anglo American's shareholders relative to BHP's shareholders," Anglo Chairman Stuart Chambers said in a statement.

Apr 26 - China's Q1 gold consumption climbs nearly 6% on safe-haven demand
China's gold consumption in the first quarter of 2024 climbed by 5.94% from a year earlier on soaring safe-haven demand, the country's Gold Association said on Friday. Bullion consumption in the world's largest consumer totalled 308.905 metric tons in the first three months of the year.

Apr 25 - Anglo American receives BHP buyout proposal, could reshape copper market
London-listed miner Anglo American said on Thursday it had received an all-share buyout proposal from BHP Group, a deal that would create the world's biggest copper miner churning out around 10% of global output. The deal, if agreed, would also trigger further transactions in the global mining industry, which has seen a slew of mergers and acquisitions as companies review their assets to raise exposure to metals deemed critical to the energy transition.

Apr 25 - Global lead, zinc market to be in surplus for 2024 -ILZSG
Global refined lead and zinc markets are likely to see a surplus in 2024, the International Lead and Zinc Study Group (ILZSG) said on Wednesday. The global refined zinc market will see a surplus of 56,000 metric tons in 2024 compared with a previous forecast of 367,000 tons.

Apr 24 - LME moves to stop gaming of Russian aluminium sanctions-based rule
The London Metal Exchange (LME) moved on Tuesday to stop traders from taking Russian aluminium from its approved warehouses and returning it at a later date to profit from rule changes to comply with new sanctions. The U.S. and Britain earlier this month banned the LME from accepting new Russian production of aluminium, copper and nickel to restrict Russian revenues from the export of these metals.

Apr 24 - Brazil sets quotas, tax for steel products to fight 'flood' of imports
Brazil's government on Tuesday decided to establish import quotas for 11 steel products and to impose higher taxes on them when those volumes are exceeded, after steelmakers complained about cheap foreign steel "flooding" the local market. The move to hike import tariffs to 25% will be applied for 12 months on products such as types of rolled steel and pipes, which currently have import fees of 9% to 12.6%, according to the decision from state foreign trade body Gecex/Camex.

Apr 23 - Copper demand to boom as new technology drives power consumption, Trafigura says
Flourishing activity in the electric vehicle, power infrastructure, AI and automation sectors will lead to at least 10 million metric tons of additional copper consumption over the next decade, commodity trader Trafigura told Reuters. Technological developments such as artificial intelligence and automation, and the energy transition, which includes electric vehicles and renewable energy, have already driven up demand prospects for copper cable used to conduct electricity.

Apr 23 - Lower prices, stubborn costs could weigh on copper miners' quarterly results
North American copper miners are expected to report a decline in first-quarter earnings this week due to lower prices of the red metal amid persistently high costs. Freeport-McMoRan and Canada's Teck Resources are expected to post a combined adjusted net income of $666.3 million, according to LSEG estimates, compared with $1.43 billion in the year-ago quarter.

Apr 22 - China's March germanium, gallium exports yet to recover year-ago level
China's exports of gallium and germanium products in March declined from year-ago levels, customs data showed on Saturday, underlining the impact of export controls in place since last August. China announced in early July 2023 it would impose restrictions on exports of eight gallium and six germanium products from Aug. 1, amid escalating tensions between Beijing and Washington over access to materials used in making high-tech microchips.

Apr 22 - China's coal imports from Russia fall 21% in March
Russia's coal shipments to China fell 21% in March dragged down by sanctions and import tariffs, customs data showed on Saturday. China's coal shipments from Russia fell to 6.92 million metric tons in March, its General Administration of Customs said.

Apr 19 - Silver aims for $30/oz milestone
Silver may have the power to reach the $30 per ounce milestone after its 26% surge in March-April on the back of gold's record run and copper's strength, even though analysts say the metal is ripe for a technical correction. Silver - both an investment asset and an industrial metal used in electronics and solar panels - may also find it hard to hold on to $30 without a recovery in global manufacturing activity and investment demand from funds.

Apr 19 - Tin rallies, inventories fall after one party takes big position
Tin prices and spreads extended their sharp gains on the London Metal Exchange on Thursday in the wake of a large position taken by one party, fund buying and worries about supply. The LME benchmark tin price is by far the top gainer on the exchange this year, surging by 31% compared to 13% for copper, as speculators have piled into the market.

Apr 18 - Biden - and steelmakers - promise U.S. Steel will stay American
U.S. Steel and Japanese buyer Nippon Steel said the Pittsburgh-based firm will remain an "iconic American company" even after a planned $14.9 billion takeover, echoing President Joe Biden's promise to local steelworkers. The two steel giants responded hours after Biden on Wednesday pledged that U.S. Steel would remain a "totally American company," repeating his opposition to the deal.

Apr 18 - China's March aluminium imports jump 90% on-year, customs data show
China's imports of unwrought aluminium and products jumped 89.8% at 380,000 metric tons in March, customs data showed. Imports in the first quarter totalled 1.1 million tons, up 92.3% from the same period a year earlier, according to the data from the General Administration of Customs.

Apr 17 - Global Commodities excludes Russian nickel from its new trading platform
UK-based Global Commodities Holdings Ltd (GCHL) will not accept nickel produced in Russia on its new spot trading platform due to be launched later this month, it said on Tuesday. Washington and London on Friday prohibited metal-trading exchanges from accepting new aluminium, copper and nickel produced by Russia and barred the import of the metals into the U.S. and Britain.

Apr 17 - Australia's Rinehart takes stake in Lynas Rare Earths, shares jump
Australia's richest person, Gina Rinehart, become a substantial shareholder in Lynas Rare Earths, the largest producer of rare earths outside of China, an exchange filing showed late on Tuesday. The stake, taken by Rinehart's privately held Hancock Prospecting, is fuelling speculation of sector consolidation, after the magnate acted as a kingmaker in Australian lithium, and following merger talks between Lynas and the next biggest Western rare earths miner, MP Materials, earlier this year.

Apr 16 - LME aluminium stocks seen falling as sanctions kick in, sending more metal to China
Aluminium stocks in London Metal Exchange-approved warehouses are expected to slide in coming months as new bans on Russian-origin metal exclude material produced before April 13, market participants said, potentially pushing LME prices higher. By contrast, more Russian metal heading for China is likely to weigh on prices in Shanghai, which fell on Monday after more than two weeks of gains.

Apr 16 - China's March crude steel output slides on production cuts
China's crude steel output in March fell 7.8% from a year earlier as steelmakers cut production amid weaker-than-expected demand and growing inventories, but the decline was somewhat less than forecast. The world's largest steel producer manufactured 88.27 million metric tons of crude steel last month, data from the National Bureau of Statistics showed.

Apr 15 - Russia and China trade new copper disguised as scrap to skirt taxes, sanctions
Russian Copper Company and Chinese firms have avoided taxes and skirted the impact of Western sanctions by trading in new copper wire rod disguised as scrap, three sources familiar with the matter told Reuters. Copper wire rod was shredded in the remote Xinjiang Uyghur region by an intermediary to make it hard to distinguish from scrap, the sources said, allowing both exporters and importers to profit from differences in tariffs applied to scrap and new metal, the sources said.

Apr 15 - CME bans Russian-origin aluminium after U.S., UK impose new sanctions
CME Group has suspended from its platform aluminium produced in Russia from April 13, the exchange said on Sunday, after the United States and Britain imposed new sanctions on Moscow for its invasion of Ukraine. The U.S. Treasury Department and the British government on Friday banned the 147-year old LME and the Chicago Mercantile Exchange from accepting new Russian production of aluminum, copper and nickel produced from April 13.

Apr 12 - Global copper smelters less active after China's planned output cuts
More global copper smelters were not operating in March than in the first two months, data from satellite surveillance of metal processing plants showed, after Chinese smelters proposed to cut output and operations elsewhere undertook planned maintenance. Earth-i, which specialises in observational data, tracks smelters representing up to 90% of global production for its SAVANT service and sells data to fund managers, traders and miners.

Apr 12 - Shanghai Gold Exchange to hike gold margin requirement to 9% as prices hit record high
The Shanghai Gold Exchange will raise margin requirements for some gold futures contracts to 9% from 8%, the bourse said. The change will apply from settlement on April 15, according to the bourse, which added that it will also lift daily trading limits for some gold futures contracts to 8% from 7% from the next trading session.

Apr 11 - U.S. Department of Justice opens probe into Nippon Steel's U.S. Steel deal, Politico reports
The U.S. Department of Justice has opened an in-depth antitrust investigation into Nippon Steel's $14.1 billion takeover of U.S. Steel, the Politico reported on Wednesday citing two people with direct knowledge of the matter. The DOJ declined to comment, while the companies did not immediately respond to Reuters' requests for comment.

Apr 11 - Anglo American Platinum says it has received no offers for S.African assets
Anglo American Platinum has not received offers for any of its South African assets, the mining company's chief executive said on Wednesday, following speculation over the possible sale of its higher-cost operations. Parent company Anglo American prompted speculation in February when CEO Duncan Wanblad said "nothing is off the table" after announcing that the group was undertaking a review of its assets. That followed a plunge in profits and writedowns in its diamond and nickel businesses.

Apr 10 - Global steel demand to return to growth in 2024, says World Steel
Global steel demand is expected to rise by 1.7% to 1.793 billion metric tons in 2024 and to increase further in 2025, the World Steel Association said on Tuesday. The association expects India to be the main driver of demand growth as Chinese demand continues to decline.

Apr 10 - Rare earths prices in China hit 7-week high on post-holiday restocking
Rare earths prices in top producer China jumped to their highest in more than seven weeks on Monday on a wave of post-holiday restocking among buyers, before easing slightly on Tuesday. China accounts for 70% of rare earths mining and 90% of refined output, according to the United States Geological Survey.

Apr 09 - Vietnam to invest $7.3 bln to boost alumina, aluminium production
Vietnam's top miner Vinacomin plans to invest 182 trillion dong ($7.3 billion) to ramp up its alumina-aluminium production to meet the country's rising demand for the metal, the government said on Tuesday. The investment by the state-run firm will go to two bauxite exploration projects and five refining projects in the Central Highlands province of Dak Nong, the government said in a statement. It did not give a time frame for completion.

Apr 09 - US must boost Africa ties to secure key minerals, report says
The U.S. must boost commercial ties with African countries to curb reliance on China for supplies of critical minerals, a Washington-based think tank said on Tuesday. "U.S. economic and national security depend on securing a reliable supply of critical minerals, including from Africa," the United States Institute of Peace said in a report.

Apr 08 - Australia's Westgold to buy Karora Resources in $808 mln deal
Australia's Westgold Resources said on Monday it had agreed to acquire Toronto-listed Karora Resources in a cash-and-stock deal worth about A$1.23 billion ($808.36 million), seeking its gold assets in Western Australia. The deal will propel the combined group to become a mid-tier gold miner producing around 400,000 troy ounces of gold a year in the state and with a market capitalisation of around A$2.2 billion.

Apr 08 - Mining magnate Andrew Forrest urges China to demand greener nickel, FT reports
Australian mining magnate Andrew Forrest has called on China to demand higher environmental standards from its global supply chain, particularly its companies conducting nickel processing in Indonesia, the Financial Times said on Sunday. Forrest, the chairman of Fortescue Metals Group, said in an interview to the FT that electric vehicle manufacturers should be wary of Indonesian nickel, adding that it was being extracted at immense cost to the environment.

Apr 04 - China says it will continue to manage crude steel output in 2024
China, the world's largest steel producer, will continue to manage crude steel output in 2024, its state planner said on Wednesday, without elaborating on the timing or scale of limits. Beijing mandated zero output growth in its steel sector in 2021 and 2022 to limit carbon emissions from one of its most polluting industries.

Apr 04 - Some Japan buyers agree to pay Q2 aluminium premium of $148/T, up 64% from Q1
Some Japanese aluminium buyers have agreed to pay a global producer a premium of $148 per ton over the benchmark price for shipments in April to June, up 64% from the prior quarter, two sources directly involved in the pricing talks said. The move comes after some Japanese buyers agreed last month to pay another global producer a premium of $145 per ton.

Apr 03 - Asia's passion for platinum jewellery cools, cramping global use
Gold's searing rally is doing nothing to reignite enthusiasm for platinum jewellery in Asia, leaving the global sector facing another year of weak consumption despite growth in the United States, analysts said. Jewellery accounts for 23% of total demand for platinum, and is still the third largest area of consumption after autos and other industries. However, its share has shrunk in recent years due to dramatic decline in China, where demand has plunged 79% from a peak of around 2 million troy ounces in 2014.

Apr 03 - India proposes national iron ore exchange to tackle price anomalies, document shows
A government-appointed panel has proposed setting up India's first iron ore exchange to determine the domestic sale price of the key steelmaking raw material, according to a document reviewed by Reuters and a source with direct knowledge of the matter. After the Ministry of Mines pointed out that some iron ore miners tried to keep the average sale price artificially low to pay lower royalties to the government, the federal government late last year formed a panel to work out an "alternative mechanism" to determine domestic iron ore prices.

Apr 02 - Vale Indonesia targets 2024 output of about 70,800 metric tons nickel in matte
Nickel miner PT Vale Indonesia is aiming for output this year of about 70,800 metric tons of nickel in matte, an official said on Monday, a similar volume to the 70,728 metric tons produced in 2023. The company, meanwhile, is still awaiting a new special mining permit for its operations beyond 2025, said Bayu Aji, its spokesperson.

Apr 02 - Sigma Lithium outlines $100 million investment plan to double output in Brazil
Sigma Lithium on Monday made a final investment decision to add a second production line at its Greentech Industrial Plant in Brazil, aiming to nearly double lithium output, sending its shares up. Vancouver, Canada-based Sigma, which mines and processes lithium in Brazil, plans to increase production to 520,000 tonnes per year by 2025 from the current output of 270,000 tonnes.

Apr 01 - Chile's Codelco posts 2023 profit dip as production falls
Chilean copper giant Codelco reported gross profit of $3.12 billion for 2023, the state-owned producer said in a filing on Thursday, a 34% dip from a year earlier after the state firm faced operational and production challenges. Codelco, the world's top copper miner, posted production of 1.325 million metric tons for the year - its lowest level in a quarter century - according to the filing, compared to 1.446 million tons in 2022.

Apr 01 - Freeport warns copper export ban could cost Indonesia $2 billion in lost revenue
Copper miner Freeport Indonesia has warned the Indonesian government that banning exports of copper concentrate in June could lead to a loss of $2 billion in revenues for Jakarta, a company official said on Thursday. Indonesia's export ban takes effect from June in an effort to force miners to invest in domestic smelting facilities, thus adding value to their products, boosting earnings from exports.

Mar 28 - China smelters plan output cuts, no Q2 copper guidance price, sources say
China's top copper smelters have proposed a production cut of 5% to 10% and decided not to issue guidance prices for copper processing charges for the second quarter, two sources with knowledge of the matter said. The announcements, made at a meeting of the China Smelters Purchase Team (CSPT) in the commercial hub of Shanghai, come after the world’s top producer of refined copper grappled with short supply and a sharp drop in TCs in the spot market.

Mar 28 - India's March gold imports set to drop 90% as prices surge-sources
India's gold imports are set to plunge by more than 90% in March from the previous month to hit their lowest level since the COVID pandemic as banks cut imports after record-high prices hit demand, a government official and two bank dealers told Reuters. Lower imports by India, the world's second biggest consumer of the precious metal, could limit a rally in global prices that hit a record high earlier this month on expectations that the Federal Reserve will cut interest rates this year.

Mar 27 - Chile opens lithium salt flats for investment, saves two for state control
Chile's government on Tuesday opened up more than two dozen lithium salt flats to private investment, while reserving the prolific Atacama and Maricunga deposits for state majority control in lithium extraction. The long-anticipated announcement sheds light on how President Gabriel Boric's government plans to carry out a policy announced last year to boost state control over the South American country's lithium industry, the world's second-largest after Australia.

Mar 27 - Funds stampede into copper as price breaks higher: Andy Home
Fund managers have rushed to buy copper after the price broke up out of its one-year trading range earlier this month. Activity has surged on all three global exchanges with money managers lifting bullish bets on both the London Metal Exchange (LME) and the CME copper contracts. Market open interest on the Shanghai Futures Exchange (ShFE) has jumped to life-of-contract highs.

Mar 26 - Indonesia's Antam to start building new nickel smelter, HPAL plant in 2025
Indonesian state-controlled miner Aneka Tambang (Antam) aims to launch the construction of two nickel processing facilities next year under its partnership with China's Ningbo Contemporary Brunp Lygend Ltd (CBL). The projects are part of Antam's deal with CBL to develop an "ecosystem" to produce materials used in batteries for electric vehicles (EV), and part of Indonesia's bigger ambition to set up itself as a production hub for EVs.

Mar 26 - America's lithium laws fail to keep pace with rapid development
Washington's drive to make the United States a major global lithium producer is being held back by a confusing mix of state regulations that are deterring developers and hampering efforts to break China's control of the critical minerals sector. Across Texas, Louisiana and other mineral-rich states, it's unclear who owns the millions of metric tons of lithium locked in salty brines underneath U.S. soils, how the battery metal should be valued by regulators and who ultimately should pay to process it into a form usable by manufacturers.

Mar 25 - Copper registers strongest seasonal Shanghai stocks build: Andy Home
The Lunar New Year holiday surge in Shanghai Futures Exchange (ShFE) metal inventories seems to have peaked with registered stocks of copper, aluminium and lead all falling over the last week. This is an annual phenomenon. While many metal fabricators take downtime over the holiday period, most smelters keep operating, leading to a jump in visible inventory.

Mar 25 - Congo overtakes Peru on copper output, still behind on exports
The Democratic Republic of the Congo overtook Peru as the world's second largest copper producer in 2023, though it still lags the South American country in exports, official data from both nations show. Congo produced about 2.84 million tons of copper last year, the country's central bank reported. Peru's output was 2.76 million tons, the Andean country's mining and energy ministry said.

Mar 22 - More investors push Glencore to keep coal post-Teck deal
A growing group of Glencore investors are keen for it to keep mining coal instead of spinning out the soon-to-be enlarged unit, with one eye on its financial outlook and another on the environmental benefits of keeping the fuel in-house. Echoing a demand last week by activist Tribeca Investment Partners, investors said the polluting fossil fuel would be a lucrative option - for a decade or two at least - even as it is phased out in favour of renewable energy.

Mar 22 - UAE conglomerate seeks to gatecrash China's JHCX Zambian copper deal
A unit of International Holding Company, Abu Dhabi's most valuable company, is interested in acquiring Zambia's Lubambe Copper Mine, an asset that China's JHCX Mining has already agreed to buy, three sources familiar with the details told Reuters. International Resources Holding recently told EMR Capital that it is interested in bidding for the private equity manager's 80% stake in the Lubambe copper project, which is up for sale, a development that may complicate a sale process that's already underway, two of the sources said.

Mar 22 - DJ Global METALS Roundup (WSJ)

- Iron ore edges higher, extending recent gains, as investors believe the weak sentiment toward the steelmaking raw material has run its course, with risk-on appetite setting in, ANZ Research team writes in a note. Prices will unlikely fall much below current levels amid Chinese support measures for the renewable energy sector and the electric-vehicle market, coupled with the low growth in supply of iron ore, they add. The most traded iron-ore contract on the Dalian Commodity Exchange is 0.3% higher at CNY834.00 a ton.

- Zinc edges lower in early Asian trade, in likely position adjustments. Zinc gained overnight on news that a mine operated by Glencore in Australia would temporarily cease operations due to a cyclone, the ANZ Research team writes in a note. However, base metals across the board are likely to trade in a narrow range, as the Fed's monetary policy statement seems to have had little effect on the market, Daria Efanova, head of research at Sucden Financial, writes in a note. The three-month LME zinc contract edges 0.2% lower at $2,520.00 a ton.

- Gold edges higher in early Asian trade, supported by ongoing prospects of Fed rate cuts this year which boost the appeal of the non-interest-bearing precious metal. These expectations are maintaining a positive outlook for gold, says Daniel Takieddine, CEO MENA at BDSwiss, in commentary. Also, central-bank demand for gold could continue to
support it, says Takieddine, noting central banks have sustained successive months of net purchases and may continue to drive demand for gold in medium term. Spot gold is up 0.2% at $2,184.63/oz.

- Metal prices are mixed on Thursday after rising earlier in the session as the U.S. Federal Reserve's dovish tone on interest-rate cuts fueled a market rally and brightened the demand outlook. Three-month copper is down 0.4% at $8,951.50 a metric ton, while aluminum is up 0.8% to $2,301.50 a ton, boosted by improving demand prospects from top consumer China. Gold is up 1% at $2,182 a troy ounce, easing slightly after breaking above $2,200 a troy ounce earlier in the session. "The market appears to have taken comfort in the unchanged Fed forecast for three rate cuts this year at yesterday's FOMC meeting," ING analysts say in a note. "Whether this strength can be sustained is unclear, particularly since the Fed lowered its estimate for rate cuts next year from four to three, suggesting that rates could settle higher than originally expected."

Mar 21 - Lead inventories on LME spike 34% to highest in 11 years
Inventories of lead in warehouses registered with the London Metal Exchange surged 34% to the highest level in 11 years, LME data showed on Wednesday, highlighting excess supplies of the metal mainly used in combustion auto batteries. LME lead stocks jumped by 67,350 metric tons to 267,075 tons after arrivals of metal in warehouses in Singapore and South Korea, the highest since March 2013.

Mar 21 - Platinum metals face structural hit to demand from electric vehicle revolution
In the usual way of things, platinum and palladium should be turning higher after a slide from recent peaks drove supply deficits, job cuts and looming mine closures in top producer South Africa. That they're not shows how hard the electric car revolution has hit demand forecasts. Along with close relative rhodium, the two metals are chiefly used in the catalytic converters used to clean exhaust fumes by the auto sector, an area that accounts for some 40% of platinum demand, and 80% of palladium offtake.

Mar 20 - Indonesia issues nickel production quotas for 152.62 million metric tons
Indonesia has issued mining production quotas of 152.62 million metric tons of nickel ore and 44,481.63 tons of tin so far this year, and is working to accelerate the approval process, a senior mining ministry official told parliament on Tuesday. Resource-rich Indonesia requires all miners to secure production quotas, known locally as RKAB, before they can start production, but they have faced delays this year amid changes in the approval process.

Mar 20 - LME plans to list Saudi port as a copper and zinc delivery point
The London Metal Exchange (LME) plans to list Jeddah, a Saudi Arabian Red Sea port city, as a new delivery point for copper and zinc subject to consultation on a technical change to the LME's warehouse location framework, it said on Tuesday. The warehouses, registered with the LME, the world's largest and oldest metals trading venue, are usually located in areas of net metals consumption or top transit hubs such as Rotterdam.

Mar 19 - China lags in efforts to achieve 2025 green steel goals, analysts say
China is falling short when it comes to decarbonising its huge steel industry, with slowing demand, low recycling rates and lingering overcapacity concerns hindering the transition towards lower-emission production, researchers said. The global steel industry is responsible for around 8% of the world's carbon dioxide (CO2) emissions, and more than half of all production takes place in China.

Mar 19 - US explored adding more cobalt to defence stockpiles, sources say
The U.S. looked into buying cobalt for defence stockpiles last year, three sources with knowledge of the matter said, adding the Defense Logistics Agency (DLA) could consider purchases in future despite deciding against them in its latest plan. Any increase in cobalt holdings would be aimed at reducing reliance on China, which dominates the processing of the material used to make missiles, aerospace parts, magnets for communication, and radar and guidance systems.

Mar 18 - China Jan-Feb crude steel output surprises with 1.6 % rise on year
China's crude steel output climbed 1.6% in the first two months of 2024 from a year earlier, data showed, confounding market expectations for a fall in production in the low-demand period when many steelmakers carried out maintenance work. The world's largest steel producer made 167.96 million metric tons of the ferrous metal in January and February, the National Bureau of Statistics said.

Mar 18 - China's Jan-Feb aluminium output climbs amid higher profit margins
China's primary aluminium output in the first two months of 2024 climbed 5.5% from the same year-ago period, official data showed, as higher prices encouraged more production. The world's biggest aluminium producer churned out 7.1 million metric tons of primary aluminium in January and February, according to data from the National Bureau of Statistics.

Mar 15 - Indian banks halt silver imports as duty differential spurs private trade
India's banks have stopped silver imports after private traders bought large volumes of the precious metal from the United Arab Emirates to benefit from a lower duty, a total of five dealers and industry officials said. India, the world's biggest silver consumer, imposes a 15% import duty on the metal.

Mar 15 - Raw materials squeeze jolts copper out of its torpor: Andy Home
The copper market has awoken from its year-long slumber. London Metal Exchange (LME) copper surged by 3.1% on Wednesday, breaking out of its long-standing range. The move extended on Thursday morning to an eleven-month high of $8,976.50 per metric ton. The trigger for the price break-out is news that China's copper smelters have agreed to curb output in response to a much tighter-than-expected raw materials market.

Mar 14 - Major Chinese copper smelters agree to curb output, Antaike says
Major Chinese copper smelters have reached agreement to lower operation rates, adjust maintenance plans and postpone new projects, state-backed research house Antaike said in a post on its official WeChat account. The Antaike note comes a day after Reuters reported, citing sources with knowledge of the matter, that top smelters in the country had reached a rare agreement to jointly embark on production cuts at some loss-making plants.

Mar 14 - China lithium boom slows as sagging prices batter high-cost miners
A slump in the price of lithium, a key raw material in electric car batteries, is dragging on China's mining of the ultralight metal which together with a costly extraction process is prompting a reassessment of output growth and new project plans. Softening EV demand has knocked down global lithium prices, with a basket tracked by Benchmark Mineral Intelligence plunging more than 80% in the past 12 months. That has already forced many producers worldwide to shutter production and cut jobs.

Mar 13 - Global copper smelters less active in first two months of 2024
More global copper smelters were not operating in the first two months of the year than in the same period last year, mainly because of Chinese inactivity, data from satellite surveillance of metal processing plants showed. Earth-i, which specialises in observational data, tracks smelters representing up to 90% of global production for its SAVANT service and sells data to fund managers, traders and miners.
 
Mar 13 - Tin supply trapped in resource nationalism squeeze: Andy Home
It's no coincidence that nickel and tin are the two strongest performers in the London Metal Exchange (LME) base metals pack so far this year. Supply in both markets is dominated by Indonesia, where production and exports are being affected by delays in approving annual work permits.

Mar 12 - China Copper seeks to acquire overseas mines amid tight supply, chairman says
China Copper, one of the country's leading producers of the metal, wants to acquire overseas mineral resources amid tight mined copper supply and rising demand, the company's chairman told Reuters on Monday.  A lack of rich copper resources at home has driven Chinese companies to hunt elsewhere, with an unexpected supply deficit this year adding to the impetus.

Mar 12 - Zambia's Chambishi copper smelter scales back capacity amid power cuts, sources say
China Nonferrous Metal Mining Corp's Chambishi Copper Smelter in Zambia has cut one-fifth of its production due to power shortages in the country, two sources with knowledge of the matter told Reuters. The plant, which produces about 250,000 metric tons of copper per year, is one of the biggest processing facilities in Africa's second-largest copper producer.

Mar 11 - Gulf oil giants Saudi Aramco, Adnoc set sights on lithium
Saudi Arabia and the United Arab Emirates' national oil companies plan to extract lithium from brine in their oilfields, in line with efforts to diversify their economies and profit from the shift to electric vehicles (EVs), three sources told Reuters. Other oil companies, including Exxon Mobil and Occidental Petroleum, plan to take advantage of emerging technologies to filter lithium from brine, as the world seeks to move away from fossil fuels.

Mar 11 - Booming CME contract a sign of aluminium's Atlantic drift: Andy Home
Activity on the CME's aluminium contract has shifted up several gears in recent months with volumes surging and the number of participants expanding. It's still small relative to the London Metal Exchange (LME), which isn't going to lose its status as benchmark price-setter any time soon. Nor will the Shanghai Futures Exchange (ShFE) stop being the dominant futures price reference for China's giant aluminium sector.

Mar 08 - Gold surge could dull India wedding season demand; China outlook robust
A surge in global gold prices to record highs could dampen consumption during the wedding season in India, but top buyer China will see robust safe-haven demand this year, analysts and traders said. China and India together account for more than half of total global gold demand.

Mar 08 - Panama asks First Quantum to suspend visitor program at disputed copper mine
Panama said on Wednesday it had asked First Quantum Minerals to suspend a visitor program launched last month at the disputed Cobre Panama mine, saying the miner did not consult the government before starting the community relations initiative. The Canadian miner announced the program to help the Panamanian society to get a first-hand experience of what was happening at the site of the copper mine, according to a post from the company's Panama unit on social media platform X.

Mar 07 - China Jan-Feb copper imports rise 2.6% as year-on-year demand improves
China's unwrought copper imports rose 2.6% in the first two months of 2024, customs data showed on Thursday, as domestic demand improved from the same period in the previous year, when pandemic restrictions had just been lifted. Arrivals of unwrought copper and products in China, the world's biggest consumer of the metal, were 902,000 metric tons in January and February, up from 879,000 tons in the same year-ago period, the General Administration of Customs data showed.

Mar 07 - Rio Tinto says checking impact of gas pipeline incident on Gladstone operations
Rio Tinto said on Thursday it had been notified of an incident at its Queensland gas pipeline, which Australian media had earlier said was a fire that had impacted supplies. Rio Tinto also said it was checking with energy provider Jemena to understand how its alumina and aluminium operations would be affected by the disruption.

Mar 06 - Platinum deficit in 2024 to be deeper than expected – WPIC
A global platinum deficit in 2024 will be deeper than previously expected as mines hit by low prices for palladium and rhodium cut supply, the World Platinum Investment Council (WPIC) said, adding there were risks mine supplies could fall even further. The 2024 deficit of 418,000 troy ounces will, however, be smaller than 2023's 878,000 ounces due to lower demand, the WPIC, whose members are major Western platinum producers, said in a quarterly report on Wednesday.

Mar 06 - Gold carried to record high on wave of momentum with focus on US rates
Gold hit a record high on Tuesday, with growing expectation of U.S. monetary easing and continued geopolitical risk buoying activity from momentum-driven funds which could propel the precious metal further. A wider robust fundamental backdrop added support, including strong physical demand in Asia and central bank purchases as well as bullion's traditional safe-haven cachet. Central banks have been net buyers of gold for eight consecutive months.

Mar 05 - Indonesia aims to finalise mining quota approvals by the end of March, official says
Indonesia's Energy and Mineral Resources Ministry has approved the mining quota requests of about 120 mineral companies out of 723 firms that have applied, a senior official told Reuters. Approval process for the quota, known locally as RKAB, has been delayed this year, raising concern by nickel smelters who are facing depleting ore stock.

Mar 05 - Shrinking surplus suggests end to two-year nickel price slide
Dwindling surpluses due to tightening supplies and healthy demand from stainless steel mills and China's electric vehicle battery sector mean nickel prices have, after a two-year slide, probably hit the floor. Nickel on the London Metal Exchange (LME) hit records above $100,000 a metric ton in March 2022 as bets on lower prices were slashed in a move triggered by low stocks in LME approved warehouses and Russian supply angst after Moscow invaded Ukraine in February 2022.

Mar 04 - Rio Tinto CEO bullish on lithium but not eyeing big acquisitions
Demand for key-battery mineral lithium will continue to grow, underpinned by strong adoption of electric vehicles but the price of the metal is expected to be volatile, Rio Tinto CEO Jakob Stausholm said on Sunday. Still, Stausholm said Rio will steer clear of making any big ticket acquisitions to grow its lithium business and instead look at ways to improve the lithium extraction technology.

Mar 04 - Inside a copper output plunge at No. 1 global producer Codelco
Beneath the world's largest open-pit copper mine in Chile lies a tunnel complex filled with dust so dense that machines frequently break down and workers can't operate without spacesuit-like helmets. Conveyer belts often stall and have caused at least one fire. Construction mistakes have led to collapses and two large electromagnets designed to clear damaging objects haven't been functional in four years.

Mar 01 - Global aluminium producers seek Q2 premiums of $145-$155/T, sources say
Global aluminium producers have offered Japanese buyers premiums of $145-$155 per metric ton for April-June primary metal shipments, up 61%-72% from the current quarter, three sources directly involved in quarterly pricing talks said on Thursday. Japan is Asia's major importer of the metal and the premiums for primary metal shipments it agrees to pay each quarter over the London Metal Exchange (LME) cash price set the benchmark for the region.

Mar 01 - Chile's SQM expects steady lithium prices in coming months amid supply glut
Chile's SQM, the world's second-largest lithium producer, expects stable lithium prices over the next three months and strong demand through the year, executives said in a call with analysts on Thursday. A day earlier, the company reported fourth-quarter net profit down more than 80% from a year ago as prices for the metal key to electric vehicle batteries continued to slide.

Feb 29 - Tighter Indonesian nickel ore supply boosts prices, curbs smelter output
Nickel ore prices in Indonesia, the world's top producer, have risen on tighter supply after government delays in issuing new mining quotas that has also prompted smelters to curb production, industry participants and analysts said this week. Rising nickel ore prices could translate into higher costs for stainless steel and for battery components for electric vehicles and other electronic gadgets.

Feb 29 - BHP to restructure some global corporate roles as it looks to trim costs
The world's biggest listed miner BHP Group said on Thursday it was disbanding some global teams and transferring those roles covering functions including planning, environment and heritage protection to its mining asset-level management. BHP employs more than 80,000 people in staff and contractors around the world and the announcement comes after CEO Mike Henry has flagged the lack of productivity improvement and high costs of its Australian workforce.

Feb 28 - Chinese money still chasing Canadian critical mining deals despite Ottawa's scrutiny
A year after Canada tightened foreign investment rules for the critical minerals sector, Chinese money has continued to pour into Toronto-listed miners, according to proprietary research conducted by the University of Alberta. The inbound flow is raising hopes among some junior miners that it will be easier to find Chinese funding.

Feb 28 - Bearish demand expectations challenge iron ore's price resilience
Iron ore prices, long resilient despite China's gloomy economic outlook, have tumbled since the end of the Lunar New Year holiday, sparking concerns around faltering demand and denting mining stocks in top producer Australia. Prices have fallen by nearly 8% since China, the world's biggest consumer of the key steelmaking ingredient, returned to work on Feb. 19, pressuring Australian mining stocks to four-month lows on Tuesday.

Feb 27 - Indonesia mining ministry working to approve more nickel, tin quotas, official says
Indonesia's ministry is trying to address delays in approving new mining volume quotas, an official at the Energy and Mineral Resources Ministry said on Monday.  The ministry sofarhas issued approvals for quotas, known by the Indonesian acronym RKAB, for 145 million metric tons of nickel ore and 14 million tons of bauxite, said Tri Winarno, the ministry's director of mineral business development, adding that the focus is currently on RKAB approvals for nickel and tin mining.

Feb 27 - India considers export tax on low-grade iron ore, sources say
India is considering an export tax on low-grade iron ore after small steel producers urged the government to curb its overseas sales, two sources directly involved in the matter said. China typically accounts for more than 90% of overall shipments of iron ore from India, which is the world's fourth largest producer of the steel-making ingredient.

Feb 26 - Alcoa aims to take out Australian partner Alumina in $2.2 bln deal
U.S. aluminium producer Alcoa made a $2.2 billion all-stock buyout proposal for its Australian joint venture partner Alumina, in a deal that would give it greater upstream exposure and simplify its operations. Alumina's only asset is a 40% stake in the Alcoa World Alumina and Chemicals (AWAC) joint venture, which is controlled by Alcoa and has interests in bauxite mining, alumina refining and aluminium smelting across Australia, Brazil, Spain, Saudi Arabia and Guinea.

Feb 26 - Zimbabwe wants lithium miners to plan new capacity despite price dive
Zimbabwe wants miners to come forward by the end of March with plans to produce battery-grade lithium, despite a sharp fall in global prices for the mineral, a senior government official said on Friday. Africa's top lithium producer Zimbabwe in November gave miners the March deadline to submit plans for the local production of battery-grade lithium, used in electric vehicles and clean energy storage, as it hopes to benefit from a global shift from polluting fuels. 

 

Feb 23 - Tin's prospects strong as buoyant tech demand meets knotty supply chainBooming semiconductor and technology sales are set to underpin tin prices in coming months, with export kinks in Indonesia and mine stoppages in Myanmar clouding the outlook for supply. Benchmark tin on the London Metal Exchange is the second best performing base metal on the exchange so far this year, gaining 2.7% and touching a six-month high of $27,665 a metric ton on Feb. 13.Feb 23 - Anglo American to review assets after writedowns and profit plungeAnglo American will review its assets after a 94% plunge in annual profit and writedowns at its diamond and nickel operations, the company said on Thursday. The miner announced a $1.6 billion impairment charge on its De Beers diamond business owing to faltering demand and a $500 million impairment on its Barro Alto nickel mine as prices are hit by slowing demand from the electric vehicle sector.

Feb 22 - Australia's lithium producers see signs market is stabilising
Pilbara Minerals said it saw signs the lithium market was stabilising as Australia's top producers reported a slump in earnings and took steps to ride out slowing demand for the raw material of electric vehicle batteries. Lithium prices have fallen around 70% over the past year as EV sales growth slowed, but capacity expansions by chemicals makers and government support globally bode well for the market longer term, Pilbara Minerals CEO Dale Henderson said.

Feb 22 - China lithium futures ride environmental rollercoaster
China's lithium carbonate futures prices rebounded on Wednesday after sentiment was stirred by a market speculation that operations in a major production hub may face environmental inspections that could lead to output restrictions.  The most-active July contract on the Guangzhou Futures Exchange surged by 10% to touch an intraday high of 103,000 yuan a metric ton earlier the session, its highest since Jan. 25.

Feb 21 - Rio Tinto posts 11% drop in annual profit
Rio Tinto's full-year underlying earnings came in-line with analysts expectations on Wednesday, as production gains in its iron ore business countered weaker prices in aluminium, and warned it still faced rising costs. Average prices Rio Tinto received for aluminium sold slipped over 2023 from COVID-era peaks, as supply chains normalised and demand from Western markets weakened. This offset a boost from production growth across major commodities.

Feb 21 - Gecamines plans overhaul of mining JVs in world's top cobalt supplier
The Democratic Republic of Congo's state miner is broadening a push to extract more from its copper and cobalt joint ventures, seeking to negotiate for higher stakes across the board to gain leverage in management of some of its biggest mines. Gecamines is also leveraging existing shareholding in mines to negotiate off-take contracts for the purpose of trading copper and cobalt on its own.

Feb 20 - BHP half-year profit beats expectations, inflation impact recedes
BHP Group logged first-half underlying profit that slightly beat analyst expectations, buoyed by strong iron ore prices, and said inflationary impacts were receding. The world's largest listed miner was cautiously optimistic on a demand recovery in the developed world in the next 12 months but said it was not yet clear how effective stimulus policies have been in China, its biggest customer.

Feb 20 - Goldman, hedge funds step up activity in physical uranium as prices spike
Investment banks Goldman Sachs and Macquarie as well as some hedge funds are positioning themselves to reap the benefits of a newly buoyant uranium sector as prices of the nuclear fuel ingredient spike. While many other investment banks are still avoiding uranium, Goldman and Macquarie are boosting trading in physical uranium and in Goldman's case trading its options as well, five industry and hedge fund sources with knowledge of the deals said.

Feb 19 - Australia's iron ore giants to lean conservative on dividends, analysts say
Australia's iron ore majors are expected to limit dividend payouts in their half-year results this week, keeping cash on hand for large capital spending on energy transition-linked growth, analysts said. Diversified miners BHP and Rio Tinto, which are reporting their half- and full-year results, respectively, are expected to report earnings flat to slightly lower, with Rio Tinto's performance hurt by falling prices for aluminium.

Feb 19 - Australia gives nickel a quick fix, but surgery of global industry needed: Russell
Australia is throwing a lifeline to its under pressure nickel mining sector, but the solution on offer is more of a band aid than the needed major surgery, the carving of the global nickel industry into green and dirty. Resources Minister Madeleine King placed nickel on the critical minerals list, a move that allows the industry to access some of the A$4 billion  of federal government funding aimed at promoting minerals vital to energy transition.

Feb 16 - Mexican mining sector balks at plan to ban open-pit mines
Mexican President Andres Manuel Lopez Obrador's proposal to ban open-pit mining will generate uncertainty and curtail investment for the key sector, mining industry representatives said this week. Lopez Obrador announced the proposal to prohibit new concessions for open-pit projects last week amid a slew of initiatives as he looks to shape political debate ahead of a June presidential election that his protégé is expected to win.

Feb 16 - Australia lists nickel as 'critical mineral' to unlock billions in support
Australia classified nickel as a "critical mineral", opening the way for the crisis-hit industry to access billions of dollars in cheap government loans, as its prime minister prepared wider policy support for the green energy industry.  Australia wants to build a battery chemicals industry to reap more value from its mineral wealth, but the nickel sector is facing thousands of job cuts after a jump in Indonesian supply saw prices plunge 40% in a year.

Feb 15 - UK and Japan slip into recession (Reuters)

- Britain's economy fell into a recession in the second half of 2023, a tough backdrop for Prime Minister Rishi Sunak who has promised to boost growth ahead of an election expected later this year. The GDP contracted by a worse-than-expected 0.3% in the three months to December, official data showed.

- Britain is not alone. Japan also slipped into a recession at the end of last year, losing its title as the world's third-biggest economy to Germany and raising doubts about when the central bank would begin to exit its ultra-loose monetary policy. The GDP fell an annualized 0.4% in the October-December period.

  

Feb 15 - BHP flags $5.7 bln impairments on Samarco dam failure, nickel operations
BHP Group will record another $3.2 billion impairment in relation to its Brazilian Samarco dam failure, and a $2.5 billion impairment charge for its Western Australia Nickel business, the world's biggest listed miner said. BHP flagged the two-non cash impairments ahead of its half year results next week where its earnings are expected to have broadly held up against the same time last year, underpinned by strong iron ore prices.

Feb 15 - Australia flags grants for global investment in its green metals processing
Australia will offer a total $26 million in grants to international companies for investing in the country's critical minerals processing industry, its resources minister Madeleine King said on Wednesday. The resources-rich nation is seeking investment from allies in the supply chain of minerals essential to the energy transition that are at risk of production or supply disruption.

Feb 14 - Aurubis to work with Codelco on sustainable copper mining
Aurubis AG, Europe's largest copper producer, on Tuesday said it has agreed to work with giant Chilean mining group Codelco on environmentally responsible copper mining practices to improve its supply chain's green credentials. Aurubis CEO Roland Harings told Reuters Aurubis will seek to provide Codelco, the world's top copper producer, with technology and know-how to achieve more environmentally-friendly operations in Chile, including at its copper smelters.

Feb 14 - LME back in the dock, this time over 'dirty metals'
Just three months after winning its legal case over the handling of the 2022 nickel crisis, the London Metal Exchange (LME) is set for a return visit to London's High Court. Last time it was U.S. hedge funds seeking damages for cancelled nickel trades. This time it's environmental activists targeting Indonesian copper.

Feb 13 - Trafigura delivers zinc to LME warehouses for lucrative rent deals
Commodity trader Trafigura has delivered large amounts of zinc to London Metal Exchange warehouses in Singapore under lucrative rent-sharing deals, three sources familiar with the matter said, pushing stocks there back towards November's 20-year peak. Two of the sources said London-listed miner Glencore was also delivering zinc to LME registered warehouses, but that the quantities are small. Reuters was not able to establish the exact amounts of zinc being delivered into the LME system by Trafigura and Glencore.

Feb 13 - China, Indonesia face deeper output cuts to tackle nickel price slide
China and Indonesia are set to reduce nickel output by at least 100,000 metric tons this year as producers seek to limit losses following a slump in the price of the metal used in stainless steel manufacture and for EVs, traders and analysts said. They added further cuts would be needed if producers wanted to boost prices and remove the surplus from the market, rather than just halt losses.

Feb 12  - Rio Tinto wrangles investors over water contamination claims
Global mining giant Rio Tinto, which sparked outrage after destroying an ancient Indigenous site in Australia in 2020, faces new pressure from socially conscious investors and lenders, this time on water practices at two of its mines. A group representing UK pension funds, Local Authority Pension Fund Forum (LAPFF), has raised concerns about the company's water management at its Oyu Tolgoi copper mine in Mongolia and an ilmenite mine in Madagascar.

Feb 12  - Pressure groups sue LME for allowing trade of 'polluting' Indonesian metal
Two pressure groups have filed a legal action against the London Metal Exchange (LME) for allowing the sale on its platform of metal produced in Indonesia that they allege is polluting local rivers used by indigenous communities, they said on Thursday. The London Mining Network (LMN) and the Global Legal Action Network (GLAN) said in a statement papers have been filed in London's High Court asking for a judicial review.

Feb 09 - Palladium price drops below platinum for the first time since 2018
Spot palladium prices fell below those of sister metal platinum for the first time since April 2018 on Thursday, as growing demand concerns and bets on stable supply weighed on the metal. By 1303 GMT palladium was down 2.8% at $869.6 per troy ounce, its lowest in five years, while platinum stood at $874.5.

Feb 09 - Rivals Rio Tinto, BHP tie up in Australian 'green iron'
Mining rivals Rio Tinto, and BHP Group joined with Australia's largest steelmaker to announce a pilot "green iron" project to help cut emissions for steelmakers around the globe who rely on Australian iron ore. Australia's two largest iron ore producers and BlueScope Steel, will study the feasibility of building a pilot ironmaking electric smelting furnace (ESF), the country's first, with a potential start date of 2027, according to a joint statement.

Feb 08 - China's CMOC eyes further growth in Congo and beyond after taking cobalt crown
Chinese mining firm CMOC Group could buy more assets in copper and cobalt-rich Democratic Republic of Congo, and sees further potential for growth in South America and Indonesia, an executive told Reuters on Wednesday. "If there are opportunities, if there are assets that meet our criteria, of course we do consider increasing our presence in the DRC. Why not? We already have investments," Julie Liang, CMOC vice president for ESG, said in an interview on the sidelines of the Africa Mining Indaba.

Feb 08 - Tsingshan's 2023 nickel output jumps to record high
Chinese nickel giant Tsingshan Group's nickel output rose 27% in 2023 to a record 1.12 million metric tons nickel unit, company data showed. The higher output contributed to the world's growing supplies, pressuring prices of the metal used in stainless steel and battery making.

Feb 07 - Chile copper miner Codelco's 2023 production declines, but recovery seen this year
Production at mines owned by Chile's cash-strapped copper miner Codelco fell to 1.325 million metric tons in 2023, the company's chief executive told Reuters on Tuesday, promising a slight recovery in the coming year. Production at Codelco's mines is seen ticking up to 1.353 million tons in 2024, CEO Ruben Alvarado told Reuters during a visit to the underground Chuquicamata mine.

Feb 07 - China raises first 2024 rare earths mining quota by 12.5% y/y
China has set its first rare earths mining quota for 2024 at 135,000 metric tons, the country's Ministry of Industry and Information Technology said on Tuesday, 12.5% higher than a year earlier. However, the rise is smaller than the 19% year-on-year increase seen in the first quota released in 2023. Rare earths are a group of 17 elements used in products from lasers and military equipment to magnets found in electric vehicles, wind turbines and consumer electronics.

Feb 06 - Anglo American considers deeper cost cuts in face of worst downturn in years
Anglo American may consider deeper cost-cutting measures unless market conditions improve after a fall in prices and a downturn in the platinum group metals (PGMs) sector that is the worst in 35 years, CEO Duncan Wanblad said on Monday. The diversified miner announced sweeping cuts last year to save about $1.8 billion.

Feb 06 - US DFC boosts Congo funding, bids to de-risk world's top cobalt supplier
The US International Development Finance Corporation (DFC) said it was scaling up financing and guarantees for mining projects in Democratic Republic of Congo, to help de-risk and unlock private sector investment in the world's top cobalt producer. The DFC could more than double its investment in the mining sector in African countries, including DRC, to about $1.4 billion from $750 million invested in 2023 in a major drive to secure future supplies of critical metals, Nisha Biswal, the deputy CEO, told Reuters.

Feb 05 - Western miners lag as oil powers enter race for Africa's critical metals
Risk aversion is likely to leave major Western miners lagging in a race to tap Africa's reserves of critical raw materials that has gathered pace now Middle Eastern oil powers have begun to emulate China's years of investment on the continent. Attracting the capital needed to advance copper, cobalt, nickel and lithium projects in Africa will be high on the agenda when executives, bankers and government officials gather in Cape Town, South Africa, for the annual African Mining Indaba beginning on Monday.

Feb 05 - Rare earths prices seen rebounding in second half of 2024
Rare earth prices have likely bottomed out and are poised to rise later this year on demand from electric vehicles (EVs) and wind power and as dominant producer China is expected to pull back on expanding output quotas, analysts said. Rare earths are a group of 17 elements used in products from lasers and military equipment to magnets found in EVs and consumer electronics. Prices surged to their highest in a decade in 2022 only to plunge last year on increased production in China and slower-than-expected demand growth crippled by the country's patchy post-pandemic economic recovery.

Feb 02 - China's production costs will determine how low LME nickel prices go - Macquarie
The costs of making a low-grade product, nickel pig iron (NPI), in China will be key for nickel prices, which fell by 45% on the London Metal Exchange (LME) in 2023 and face further pressure, Macquarie said on Thursday. Nickel was the worst performer among LME metals in 2023 when it posted its biggest fall since 2008, due to rising production of low-grade nickel products in Indonesia and China.

Feb 02 - Glencore reports lower 2023 copper, nickel, cobalt output; flags further falls
Miner and trader Glencore on Thursday reported lower copper, nickel and cobalt production in 2023 and signalled a further decline in output this year. "Production challenges have become common in the industry, and a lack of supply growth in most commodities in mining should lead to a squeeze higher in prices over the next 12+ months," Jefferies analysts said.

Feb 01 - Vietnam rare earths output drops as China's grows, US says
The U.S. geological agency has sharply revised down estimates on Vietnam's rare earths output and expects a further drop despite its rich resource base, according to an annual report, which showed a rise in dominant producer China's output. The U.S. Geological Survey's estimates, published late in January, came only a few months after Vietnamese authorities arrested in October corporate executives who were partnering with Western companies to develop rare earths mining projects in Vietnam.

Feb 01 - Boliden plans to cut output and jobs at Tara zinc mine, source says
Swedish miner Boliden's plans to shrink operations and reduce targeted output at its Tara zinc mine in Ireland when it restarts this year, a source close to the matter told Reuters. The mine was put on care and maintenance in June after prices of the galvanizing metal hit a three-year low and Boliden has begun talks with staff over a planned resumption in the second quarter of this year.

Jan 31 - Gold demand down 5% in 2023, to be supported by geopolitics in 2024, WGC says
Global gold demand excluding over-the-counter trading fell by 5% to 4,448.4 metric tons in 2023 but remained strong compared with a 10-year average due to geopolitical and economic uncertainty, the World Gold Council (WGC) said. Ongoing conflicts, trade tensions and over 60 elections taking place around the world are likely to support demand this year and compensate for a potential hit to jewellery purchases amid high prices and economic slowdown, it added.

Jan 31 - China copper smelters advised to cut output given tight raw material supplies
China's Nonferrous Metals Industry Association (CNIA) said late on Monday it had advised copper smelters to cut production and postpone new projects amid tightening raw material supplies. The world's top copper consumer has recently been hit by unexpectedly tight supplies of copper concentrate after the closure of a big copper mine in Panama, at a time when smelters were looking to expand output.

Jan 30 - LME targets Hong Kong as option for warehouse expansion
The London Metal Exchange (LME) is studying Hong Kong as a location to expand its global metal warehouse network, five sources with knowledge of the matter said, hopeful success there might open the door to mainland China, its ultimate target. Registering warehouses in China, the world's largest consumer of industrial metals, to store metal traded on the LME has been a strategic aim since Hong Kong Exchanges and Clearing bought the LME in 2012 for $2.2 billion.

Jan 30 - Copper to dither before recovering later in 2024
Worries about economic growth will weigh on copper prices in coming months, but shortfalls in supply due to mine disruptions and demand for the green transition will bolster the market later in the year, a Reuters poll showed. Benchmark prices for the metal used in power and construction slid early in 2024 on unease about China's troubled property sector and as investors pared back expectations of early cuts to elevated interest rates.

Jan 29 - Chinese copper smelters propose output cuts on concentrate tightness
China's top copper smelters on Friday have proposed cutting their output, three sources familiar with the matter said on Friday, as tight supplies of copper concentrate ore for processing have cause treatment charges to fall. The China Smelters Purchase Team, a group of the country's top copper smelters, held an online meeting on Friday to discuss how to deal with a sharp drop in spot copper concentrate treatment charges, or the price they receive for smelting the ore concentrate into copper, the sources said.

Jan 29 - Chinese companies to invest up to $7 bln in Congo mining infrastructure
Chinese construction companies will invest up to $7 billion in infrastructure projects as part of an agreement over their Sicomines copper and cobalt joint venture in the Democratic Republic of Congo, they said on Saturday. Both parties agreed to maintain the current structure of the shareholding, while the Chinese partners, Sinohydro Corp and China Railway Group Limited, will pay 1.2% of royalties annually to Congo, according to a statement.

Jan 26 - Red sea attacks push BHP to divert some shipping via African coast
Australian mining giant BHP Group said on Thursday that the Red Sea disruptions are forcing some of its freight service providers to take alternative routes, such as Africa's Cape of Good Hope, while others still prefer the Red Sea with additional controls. "The Red Sea is one of the key shipping routes in the world, however, the majority of BHP's shipments do not go through this route," and there have been no major business disruptions so far, the world's largest listed miner said in a statement.

Jan 26 - Brazil orders Vale, BHP and Samarco to pay $9.7 bln in damages for dam disaster
A Brazilian federal judge ruled that miners Vale and BHP and their joint venture Samarco must pay $9.67 billion in damages for a 2015 tailings dam burst, according to a legal decision on Thursday seen by Reuters. Vale and BHP said in separate statements they were not informed by the judiciary about the decision.

Jan 25 - Freeport-McMoRan's profit beats estimates on strong copper production
Copper miner Freeport-McMoRan beat Wall Street estimates for fourth-quarter profit on Wednesday, helped by strong production and higher prices for the red metal, sending its shares up about 6% in morning trading. Demand for copper, which is used in nearly every electronic device as well as in construction and many other industries, remains tight due in part to strong demand in the United States and Canada, executives said.

Jan 25 - Tin shackled by surplus, but green industry demand poised to mop up supplies
The potential for a build-up of tin supplies this year is likely to put pressure on prices, but accelerating demand from the energy transition sector, including solar panels and electric vehicles, should support prices in the future. Tin is used in circuit-board soldering for products like mobile phones and in electric cars and also in the manufacture of solar panels.

Jan 24 - Rio Tinto taps Australia's largest solar farm to power aluminium assets
Rio Tinto announced a deal to buy power from a new solar farm in Queensland as it seeks to green its aluminium operations on the country's east coast and halve its direct and indirect emissions by 2030. The company has signed a 25-year agreement with green energy firm European Energy Australia, which is building the 1.1 gigawatt Upper Calliope solar farm in Queensland which when complete will be the country's largest, Rio said.

Jan 24 - Poland, Baltics want aluminium, LNG bans in new EU sanctions package on Russia
Poland and the Baltic states are calling for import bans on Russian aluminium and liquefied natural gas for the European Union's 13th package of sanctions against Moscow over its Ukraine invasion, a Polish official said. The EU is aiming to pull together more measures ahead of the second anniversary of the Ukraine war at the end of February.

Jan 23 - Demand blues dominate zinc market mood
On January 15, Nyrstar announced it would suspend its Budel smelting operations in the Netherlands due to high energy costs. Zinc prices on the London Metal Exchange on that day hit $2,615 a metric ton, the highest in more than a week. But since then prices have dropped 6% to around $2,450.

Jan 23 - Sweden's H2 Green Steel raises $5.2 bln in new funding
H2 Green Steel has raised 4.75 billion euros ($5.17 billion) in new funding for its planned flagship plant in the northern Swedish town of Boden, which will be the world's first large-scale green steel project. The company, founded in 2020, has signed debt financing of 4.2 billion euros, added equity of close to 300 million euros from investors and been awarded a 250 million euro grant from the EU Innovation Fund, it said in a statement on Monday.

Jan 22 - Rare-earths miner Lynas' Q2 revenue halves on falling prices, lower China demand
Australia's Lynas Rare Earths said its second-quarter revenue fell sharply, missing analysts' estimates, as prices plunged during a slowdown in construction activity in China, sending its shares to 30-month lows. Rare earth prices during the quarter extended declines as demand in China, especially in the country's appliance sector, fell with the construction downturn, said Lynas, the world's largest producer of rare-earths outside China.

Jan 22 - Liontown shares crash on potential delay in lithium mine ramp-up
Australia's Liontown Resources flagged it may delay the planned ramp-up and expansion of its flagship Kathleen Valley lithium project following a decline in prices of the battery metal, sending its shares tumbling 25%. Liontown said it was reviewing the project in Western Australia to lower near-term funding needs, which could include delaying its 4 million tonne per annum (mtpa) underground development, other mine plan adjustments, and further cost cuts.

Jan 22 - China's 2023 imports of copper concentrate from Australia highest since 2021
China imported 10,104 metric tons of copper ore and concentrate from Australia last month, bringing the 2023 total volumes to the highest since June 2021, customs data showed on Saturday, as Beijing eased an unofficial ban on Australian imports. China has gradually eased tariffs and unofficial bans against a range of Australian commodities since a new government came to power in Canberra in 2022.

 

Jan 19 - Glencore, Trafigura target spot prices for mined copper sales, sources say
Glencore and Trafigura are pushing Asian smelters to accept low spot prices for turning their mined copper into metal this year, as opposed to industry benchmarks that are much higher, three sources with knowledge of the matter said. Historically, the industry has used annual benchmarks for their fees, known as treatment charges, for contracts to process concentrate into copper.

Jan 19 - Italy to put ArcelorMittal steelworks under government control
Italy will put the former Ilva steel company under special administration to keep it afloat, the government told trade unions in a meeting on Thursday. The move follows weeks of clashes between Prime Minister Giorgia Meloni's administration and ArcelorMittal, the main shareholder in Acciaierie d'Italia , as Ilva is now known.

Jan 18 - Australia's BHP flags possible writedowns at nickel unit on low prices
BHP Group said it was reassessing the value of its nickel operations after a price slump, in a move that could lead to writedowns amid an oversupply of the metal used in electric vehicle batteries. The world's biggest listed miner, which signed a deal to supply nickel to Tesla in 2021, is reevaluating the business after prices fell 40% in the last year as Indonesian supply jumped, causing restructures and writedowns at nickel mines across Australia.

Jan 18 - Albemarle to cut staff, pause expansions amid falling lithium prices
Albemarle, the world's largest lithium producer, said on Wednesday it will cut jobs and defer spending on a U.S. refinery project as part of a wide-ranging plan to slash costs amid falling prices of the metal used to make electric vehicle batteries. Shares of the Charlotte, North Carolina-based company fell 2.8% to $122.44 in morning trading on the New York Stock Exchange. The stock has lost nearly half of its value in the past 52 weeks.

Jan 17 - Barrick Gold reports lower preliminary gold output for 2023
Canadian miner Barrick Gold Corp said on Tuesday its full-year preliminary production of gold fell from a year earlier, even as output rose sequentially in the fourth quarter. The world's second-largest gold miner said in November its 2023 gold production was forecast to be lower than expected due to equipment issues at its Dominican Republic mine and lower output at two sites in the Nevada Gold Fields project.

Jan 17 - BHP faces nickel choice this year as high-cost Australian miners suffer
Australian nickel producers, hit by a sharp jump in supply from rival Indonesia, are starting to buckle under low prices that analysts expect will force a rethink by top global miner BHP Group on its nickel strategy this year. The metal has long been feted as a key battery material for electric vehicles because it improves energy density so cars can run further on a single charge.

Jan 16 - LME to suspend 10% of listed metals brands until they submit responsible sourcing audit
The London Metal Exchange plans to suspend or delist 10% of its listed metals brands in coming months until their producers provide it with their responsible sourcing reports, the exchange said on Monday. The move is a step in the campaign, which the world's largest and oldest metals trading venue, owned by Hong Kong Exchanges and Clearing, launched in 2019 seeking to clean up global trade chains from metal tainted by child labour, corruption or conflict financing.

Jan 16 - Rio Tinto sees China's economy slowly recovering this year
Rio Tinto said that it expects stimulus measures in China to drive a slow recovery in the world's biggest steel user as it reported its second highest-ever iron ore shipments in 2023. China's stimulus measures have already lent support to commodity prices, Rio Tinto said, and it also expects to see an economic recovery in the euro zone gather steam later this year given that interest rates have likely peaked.

Jan 16 - The LME Monthly Report ( HKE-LME )

Happy belated new year and welcome to a slightly later than usual Monthly Prompt!
 
Last year saw encouraging growth on our markets. Average daily volume (ADV) across the entire metals complex was up 11%* to 562,171 lots, whilst December ADV breached 700k for the first time since March 2020.
 
Aluminium ADV was up 8%, Copper 16%, zinc 5% and tin 26%. The star performers were lead with a 48% rise (and the top three ever LMEselect 3M volume days ever recorded) and the ferrous suite, with a 65% increase year-on-year.
 
Ferrous volumes were driven in large part by impressive growth from LME Steel Scrap CFR Turkey (Platts), which grew by 88% to over 800k lots traded (incl. UNA) in total for 2023.
 
Meanwhile, nickel continues to show good signs of recovery, driven in particular by growth in Q4. ADV in the last quarter of 2023 was 50k lots, a year-on-year increase of 47% and month-on-month rise of 23%.
 
Market open interest (MOI) for all contracts at the end of December rose 25% to about 1.8m lots - the highest ever year-to-date MOI growth.

Jan 15 - France, ArcelorMittal agree on $2 bln investment to cut French plant emissions
France and steelmaker ArcelorMittal have agreed on a 1.8 billion-euro investment to cut greenhouse emissions at a steel plant in Dunkirk, northern France, finance ministry officials said on Sunday. The French government's subsidy package, which could be up to 850 million euros, had already been cleared by the European Commission and is part of President Emmanuel Macron's strategy to cut emissions at France's 50 most polluting sites.

Jan 15 - Chile's SQM suspends operations at lithium salt flats due to blockades
Chile's SQM, the world's second-largest lithium producer, said it has suspended operations at the Atacama salt flat in Chile due to road blockades. "Since we do not know how long the road blockade will continue, it is not possible for us to estimate the financial impact of the stoppage," the company said in a statement dated Saturday.

Jan 12 - China's 2023 iron ore imports hit a record high on rising demand
China's iron ore imports in 2023 hit a record high, up 6.6% from a year before, customs data showed, thanks to stronger demand amid a lack of government-mandated steel output caps and higher-than-expected steel exports. The world's largest iron ore consumer brought in a total of about 1.18 billion metric tons in the past year, data from the country's General Administration of Customs showed.

Jan 12 - China copper smelter margins squeezed by tight supply of raw material
Competition for mined copper supplies is expected to intensify, further eroding margins for Chinese firms that produce half the world's refined copper, but significant output cuts that tighten the metal market are unlikely. Chinese copper producers, mostly state-owned, are under pressure to maintain or raise production targets to shore up sluggish growth in the world's second-biggest economy.

Jan 11 - Share of Russian aluminium in LME warehouses rises to 90% after UK curbs
The share of available aluminium stocks of Russian origin in London Metal Exchange-approved warehouses rose to 90.4% in December from 78.8% in November, data on the exchange's website showed on Wednesday. The rise follows a restriction imposed by Britain from Dec. 15 on UK entities and individuals taking physical delivery of Russian-made base metals, part of wider sanctions on Moscow for its war in Ukraine.

Jan 11 - Vale BM says decision to merge Canada nickel ops with Glencore a priority
Vale Base Metals is prioritising a decision on whether to combine its nickel operations in Canada's Sudbury basin with those of Glencore this year, a move that could reduce costs for both companies, its chairman said. Nickel is a key component in electric vehicle batteries and mining companies have been trying to cut costs to produce it at a time of declining prices.

Jan 10 - Asian buyers profit from record discounts for near-term LME copper
Oversupply weighing on near-term prices of copper on the London Metal Exchange has created record discounts against longer-dated contracts and an opportunity for Asian buyers to purchase the metal cheaply, traders said. The discount, or contango, for the cash copper over the benchmark three-month contract on the LME hit a record high of $108 a metric ton on Jan. 8, while the discount over the February contract stands at $58 a ton.

Jan 10 - Norway parliament votes in favour of seabed mining, as expected
Norway's parliament on Tuesday voted in favour of allowing Arctic seabed mineral exploration, in line with a deal reached between the government and key opposition parties last month, overcoming objections from environmental campaigners. The decision comes as Norway hopes to become the first country to make deep-sea mining happen on a commercial scale and secure critical minerals and jobs despite concerns over the environmental impact and international calls for a moratorium.

Jan 09 - China's Dalian commodity exchange excludes iron ore from fee waivers
China's Dalian Commodity Exchange has excluded iron ore, coking coal and coke from its latest waivers on commission fees, according to traders and a state-backed media report, a move market players say could be aimed at reining in speculation. The exchange said on Friday it would waive or reduce some commission fees market participants incur in executing transactions and other processes from Jan. 9 to the end of the year, without specifying the products affected.

Jan 09 - Alumina price panic a sign of future aluminium volatility: Andy Home
The Shanghai Futures Exchange price for the product that sits between bauxite and metal in the primary aluminium production chain jumped 30% over the last two weeks of December, peaking at a Jan. 3 high of 3,838 yuan per metric ton. The distant trigger for the supercharged rally was a Dec. 18 explosion at an oil terminal in Conakry, the capital of Guinea, which is a major bauxite supplier to China's alumina refineries.

Jan 08 - US sets final food can steel dumping duties on China, Canada, Germany, KoreaThe U.S. Commerce Department said on Friday it found that imports of tin mill products from Canada, China, Germany, and South Korea are being dumped onto the U.S. market and imports of tin mill products from China are also being subsidized. The department also found that imports of tin mill products - a shiny silver metal widely used in cans for food, paint, aerosol products and other containers - from the Netherlands, Taiwan, Turkey, and the United Kingdom are not being dumped, it said in a statement.Jan 08 - First Quantum 'deeply concerned' about planned mine protest, urges officials to actCanadian miner First Quantum's local unit in Panama said on Friday it is "deeply concerned" about protests announced for Jan. 9 to take over its closed copper mine and urged the government to take action to guarantee security at the site. The union representing workers at the company's Cobre Panama mine warned earlier this week of the plan by the separate SUNTRACS union and an allied group to "invade" the site, in the latest face-off over the mine that provoked nationwide protests last year.

Jan 05 - First Quantum in talks with Jiangxi Copper on sale of stake in Zambian mines - source
Canadian miner First Quantum Minerals is in talks to sell a stake in its Zambian copper mines to Chinese state-owned Jiangxi Copper Corp, aiming to bolster the company's finances, a person familiar with the matter told Reuters. Details are yet to be finalized and it was not clear whether the latest talks would lead to a transaction, the person said.

Jan 05 - Endeavour Mining ousts CEO over 'serious misconduct'
Endeavour Mining, said on Thursday it had removed CEO Sebastien de Montessus with immediate effect, citing "serious misconduct". The action followed an investigation by the board into an irregular payment instruction of $5.9 million issued by him in relation to an asset disposal by the company.

Jan 04 - China's 2023 steel exports seen at 7-year high - industry body
China's 2023 steel exports are forecast to have hit a seven-year high of more than 90 million metric tons, the China Iron and Steel Association (CISA) said in a report on Wednesday. The world's top steel maker exported 67.32 million tons in 2022.

Jan 04 - Workers at First Quantum's shuttered Panama mine warn of threat to 'invade' site
The union representing workers at First Quantum's copper mine in Panama on Wednesday warned of another union's plan to "invade" the site next week, the latest face-off over the now-shuttered mine that provoked nationwide protests last year. The UTRAMIPA miners' union said in a statement it was "worried" by the plans of the Suntracs construction workers union, the largest in the country, to force its way into the Canadian miner's operation on Jan. 9.

Jan 03 - HSBC expects commodity prices to remain high in 2024, drop in 2025
HSBC forecast on Tuesday that squeezed supply, improved Chinese demand and the global energy transition will keep commodity prices elevated in 2024, before falling the following year. "We forecast commodity prices to rise by an average of 2% in 2024 and fall by 4% in 2025," HSBC wrote in a note.

Jan 03 - Fortescue says iron ore cars derailed at Western Australia operations
Australia's Fortescue said that multiple iron ore cars had been derailed from the company's tracks on Saturday at its Western Australia operations. Local media earlier reported that the Fortescue rail line into Port Hedland, Australia’s iron ore export epicentre, remained out of action on Tuesday.

Jan 02 - Gold to enter 2024 with sights set on record highs
Gold investors anticipate record high prices next year, when the fundamentals of a dovish pivot in U.S. interest rates, continued geopolitical risk, and central bank buying are expected to support the market after a volatile 2023. Spot gold is on track to post a 13% annual rise in 2023, its best year since 2020, trading around $2,060 per ounce.

Jan 02 - Strong gains for cocoa, iron ore in 2023 as energy prices dip
Cocoa and iron ore prices surged in 2023, while natural gas and coal prices tumbled, with most agricultural products expected to outperform energy and industrial metals in the New Year amid supply constraints and dry weather. The Thomson Reuters/CoreCommodity CRB Excess Return Index, which includes more than a dozen commodities such as oil, gold, sugar and copper, is set to fall 4% for 2023 after interest rate hikes dampened global growth and shook financial markets.