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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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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Price of China’s strategic germanium hits record high on possible state buying
Prices of germanium, a strategic metal key to chipmaking, hit a record high on Wednesday in top producer China, driven by speculation of possible state buying, industry sources said.
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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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Iron ore majors ramp up supply even as China faces challenges
The world’s biggest iron ore producers are hurling plenty of dirt, adding tons of the steel-making commodity to the seaborne market even as top user China battles a demand-sapping property crisis.
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Iron ore price slumps to 3-week low on weak China demand
Iron ore futures prices slumped to a nearly three-week low on Wednesday, undermined by weak seasonal demand from top consumer China and mounting global supply.
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China stainless steel mogul fights to avoid a second collapse
Chinese metal tycoon Dai Guofang’s first steel empire was brought down by a government campaign to rein in market exuberance, tax evasion accusations and a spell behind bars. Two decades on, he’s once again fighting for survival.
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Iron ore price heads for weekly fall on profit-taking ahead of key China meeting
Iron ore futures are set for a weekly fall amid a flurry of profit-taking, ahead of top consumer China’s third plenum, although growing expectations of US rate cuts pushed up prices on Friday.
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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 US government-backed investment vehicle TechMet said.
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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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China pauses new coal-based steelmaking for first time in years
China didn’t permit any coal-based steelmaking projects in the first half of the year for the first time since announcing its major climate neutrality goals in 2020, according to a report released Thursday.
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China’s Plenum promises cues for commodity bulls and bears
Chinese commodities markets entered the second half with a bearish tilt, raising expectations that next week’s big policy meet in Beijing will show how the government plans to approach problems around overcapacity and faltering demand.
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China’s central bank refrains from gold purchases for a second month
China’s central bank refrained from gold purchases to its reserves for a second consecutive month in June, official data showed on Sunday.
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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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Iron ore price at 4-week high on firm near-term demand, China stimulus hopes
Iron ore futures prices rose for a fourth straight session on Wednesday to their highest level in four weeks, supported by firm near-term demand in top consumer China and lingering expectations of more stimulus in coming weeks.
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Ivanhoe sells new zinc mine’s output to Trafigura, China’s Citic
Ivanhoe Mines Ltd. will sell the zinc it produces from a large new mine in the Democratic Republic of Congo to Trafigura Group and China’s Citic Metal Co.
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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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China’s copper stockpiles shrink again in hint at demand upturn
Copper stockpiles in China, which have ballooned this year, continued to slide in a tentative sign that buyers are returning in the world’s biggest consumer of commodities.
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China’s Norinco agrees to buy struggling Congo cobalt miner Chemaf
Cobalt miner Chemaf SA has agreed to sell assets in the Democratic Republic of Congo to Chinese miner Norin Mining to settle debts largely funded by its long-time partner, commodities trader Trafigura, it said on Thursday.
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Hedge funds’ bullish copper bets run into China’s slowdown
As copper surged to record highs last month, several senior Chinese traders started trying to contact western hedge fund managers whose names they’d only read in the press. For years, the veteran traders’ privileged insight into their own economy had given them an edge in the copper market, where China accounts for more than half of global demand.
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China Baowu completes purchases of stake at Simandou project
China Baowu Steel Group has completed its purchase of a stake in the Simandou project in Guinea, as China’s top steelmaker looks to expand its interest in the world’s largest untapped iron ore mine.
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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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China to regulate lithium-ion battery industry amid fast expansion
China’s Ministry of Industry and Information Technology on Wednesday issued new guidelines for its lithium-ion battery industry, aiming to transform, upgrade and promote high-quality development amid rapid expansion in the sector.
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JCHX closes in on Zambian copper mine deal as China tightens Africa grip
JCHX Mining is close to concluding a deal to buy Zambia’s Lubambe copper mine, two sources told Reuters, in the latest in a string of copper deals by Chinese companies intent on growing their control of the African copper mining industry.
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