Copper price set for worst week since 2022 as China Plenum disappoints
Copper prices have retreated from a record in May on concerns about the strength of demand in China, where growth was the slowest in five quarters in the three months to June. The outcome of the Third Plenum, a key conclave of Communist Party officials in Beijing this week, has so far showed few signs of major steps to boost demand or arrest a long-running property slump.
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Copper output from Codelco this year to top 2023, chairman says
Codelco chairman Maximo Pacheco said on Thursday that the state-run copper giant expects production this year to outdo 2023, with recovery expected in the second half of the year.
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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.
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Mercedes, Stellantis in talks to back Serbia’s lithium plans
Mercedes-Benz Group AG and Stellantis NV are in discussions with Serbia’s government to invest in lithium-processing and EV battery production, potentially adding fresh support for what may become Europe’s biggest lithium mine.
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China copper smelters plan to cut output after margins fall
Two Chinese copper smelters have laid out plans to reduce production next year as an imbalance between mine supply and smelting capacity continues to drive down processing margins.
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Antofagasta expects 2024 copper output at low end of yearly forecast
Chilean miner Antofagasta said on Wednesday it expects full-year copper output at the lower end of its 670,000 to 710,000 metric ton guidance range, due to lower ore grades.
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Copper market’s biggest whale fuels speculation of a major shift
For months, as copper spiked to record levels and then fell back down again, one key question has bubbled up across the metals industry: What is China’s state grid operator up to?
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Barrick’s quarterly gold and copper output edges higher
Canadian miner Barrick Gold’s second-quarter gold output edged up by almost 0.9% from the previous three months, helped by higher production at Turquoise Ridge in Nevada and expansion at its Porgera mine in Papua New Guinea, it said on Tuesday.
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Lundin pitches BHP on joint bid for copper miner Filo
Lundin Mining Corp. has approached BHP Group about making a joint bid for copper miner Filo Corp., people with knowledge of the matter said, in a move that could solve fundraising needs for a neighboring project it wants to build.
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Nearby copper price hit by weak China demand, warehouse surplus
Subdued copper demand in top consumer China and the delivery of surplus metal to the London Metal Exchange (LME) approved warehouses has propelled the price discount for nearby contracts against the benchmark contract to record highs.
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Zambia says China’s JCHX will invest $300m in Lubambe copper mine
China’s JCHX Mining plans to invest $300 million to breathe new life into Zambia’s Lubambe Copper Mines which it recently acquired, Zambia’s state mining investment unit, ZCCM-IH said on Thursday.
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Sprott says new copper fund too small to pose market risk
Sprott Inc. says its new fund to buy and hold physical copper will be too small to have an impact on global availability of the industrial metal, despite past controversy over attempts to launch similar products about a decade ago.
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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.
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Teck jumps on buyback, debt plan after coal sale to Glencore
Shares of Teck Resources Ltd. jumped the most since April on the company’s plans to cut debt and return cash to shareholders thanks to proceeds from the sale of its steelmaking coal business to Glencore Plc.
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Key China copper premium climbs above zero as orders pick up
A key measure of Chinese copper demand has returned to positive territory for the first time in almost two months as users stepped up purchases.
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Congo sells its own copper from joint ventures for first time
The Democratic Republic of Congo’s state miner has started selling its share of copper from joint-venture projects for the first time as the country seeks greater control over a metal key to the energy transition.
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Codelco sees copper output ticking up in second half of year
Chilean copper mining giant Codelco’s output continued to decline year-on-year in the first half of 2024 but should tick up in the second half of this year, the chairman of the state-run miner, Maximo Pacheco, said on Wednesday.
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First Quantum stock jumps on Panama plans for mine audit
Shares of Canadian miner First Quantum Minerals jumped 6% on the Toronto Stock Exchange in early trading on Tuesday, following news that Panama would conduct an environmental audit of the Cobre Panama mine to decide whether it can safely be reopened.
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Copper price extends rebound on hopes for US rate cuts, China stimulus
Copper rose for a third day, extending its rebound from a two-month low, as investors weighed possible stimulus measures in China and interest-rate cuts in the US.
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Southern Copper flags progress at key Peru mine, share prices rise
Miner Southern Copper will likely finish building its Tia Maria copper project in southern Peru in up to two years and then begin production in 2027 if not sooner, chief executive officer Oscar Gonzalez told local radio broadcaster RPP.
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Vedanta set to regain control of Zambia copper mine
Vedanta Resources Ltd. is close to taking back control of the Konkola copper mine in Zambia and plans to quickly ramp up output as demand is expected to surge in the coming years.
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Vedanta in talks with IHC unit, investors for Zambian copper stake sale
International Resources Holding (IRH), the mining investment arm of United Arab Emirates’ richest company, is among investors holding talks on buying into Vedanta Resources’ Zambian copper assets, a senior Vedanta executive told Reuters.
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Copper price extends slide on soft Chinese demand and stronger dollar
Copper extended losses with the dollar strengthening and prices facing sustained pressure from weak Chinese demand.
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Codelco working to securing deliveries after cargo train crash
Chile’s Codelco was working to secure deliveries to clients after a cargo train carrying a copper load was involved in a crash with a passenger train on the outskirts of Santiago, the state-run copper miner said in a statement to Reuters on Friday.
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China turns to cast-off copper in battle to feed hungry smelters
China has ramped up imports of copper scrap as smelters seek alternative raw materials to offset tight supplies of mined ore.
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