Canada’s remote Nunavut boasted the best economic growth rate in the country last year, as Statistics Canada this week revealed that a jump in construction and mining contributed to a GDP rise of 10%. Much of the construction activity was also down to mining news, as work on the development of Agnico Eagle’s Meliadine and Amaruq gold mines continued. Agnico Eagle Mining (TSX: AEM) pour...Read More
There's no doubt Tesla Motors has been a key catalyst for the recent rise in electric vehicles (EVs). However, the Californian technology company and its famous chief executive officer have generated enough of excitement about the sector to push its valuation to record levels. Tesla stock now trades at a market value double its annual sales per share. The company's market capitalization is larger...Read More
Canada's Lundin Gold (TSX:LUG) on Friday provided an update on its flagship Fruta del Norte project in Ecuador, reporting overall construction was 59% complete."This is a pivotal year for Lundin Gold as we move from construction to production at Fruta del Norte. During this quarter we accomplished two major milestones with the underground development reaching the orebody and introduction of the fi...Read More
Vancouver-based Kore Mining (TSXV: KORE) this week received a $4 million investment by Macquarie Bank to advance permitting of the Imperial gold project in California. Kore owns a 100% interest in the development project in the mining district of Imperial County. The property is about 17km south east of the operating Mesquite Mine recently acquired by Equinox Gold for $158 million. Macq...Read More
The price of copper managed to trade higher, despite simmering trade tensions between the world's two largest economies erupting into all-out war.In afternoon trading, copper for delivery in July touched $2.797 a pound ($6,165 a tonne), up nearly 1% from Thursday's settlement. While well down from its 2019 highs, copper is still holding onto 4.5% gains year-to-date.The US hiked tariffs on $200B of...Read More
The American Exploration & Mining Association (AEMA) has made the following statement in response to the Subcommittee on Energy and Mineral Resources Hearing discussing Rep. Ra??l Grijalva's (D-Ariz.) Hardrock Leasing and Reclamation Act of 2019:The sweeping changes in Rep. Grijalva's legislation are unnecessary and a disaster in the making for the domestic mining industry and for America.The fact...Read More
May 10, 2019 Guest(s): Kai Hoffmann CEO, Oreninc Since 2017, the number of financing deals for miners have been in a steady decline, but the current situation may still present a buying opportunity for investors, said Kai Hoffmann, CEO of Oreninc. "I think there are a lot of companies around. I was just in Zurich at the Gold Forum, as well... and I thought walking in there head in hand it was go...Read More
The Young Mining Professionals (YMP) is bumping up its YMP Scholarship Fund for the 2019-20 academic year for students in mining-related university programs in Canada.The YMP Scholarship Fund is a a registered charity that donates 100% of its receipts to students via this scholarship program, and is eligible to offer tax receipts to its donors. These latest scholarships are being funded by Barric...Read More
U.S. stocks extended declines Friday after President Donald Trump unleashed a torrent of comment on social media that suggested there was "no rush" to reach a trade agreement with China just after after he opted to increased tariffs on $200 billion worth imports in the latest escalation of the ongoing trade war. Trump again intimated -- incorrectly -- that China would pay the cost of the ta...Read More
Aluminium billet premiums fell across Europe, the United States and Brazil on Friday May 10 due to continued poor demand for billet, forcing market participants to sell material at aggressively low levels. Italy premium drops to February 2018 low Deals discounted in Brazil Limp demand pushes US upcharge down Asia premiums unchanged following holidaysItalian premium returns to pre-Rusal-sanctions...Read More
Primary aluminium foundry alloy premiums in Europe were steady on Friday May 10 in a quiet market, while bearish sentiment from the automobile industry continued to cap premiums. The premium for silicon 7 aluminium wheel alloys over London Metal Exchange cash prices delivered to the Ruhr region with 30-day payment terms was assessed Friday at $340-360 per tonne, steady from April's assessment the...Read More
Base metals prices on the London Metal Exchange were mostly higher at the close of trading on Friday May 10, with nickel futures climbing 1.6% while the three-month lead price failed to recover from a three-year low. Despite the US government's decision to hike tariffs on $200 billion worth of Chinese goods, potentially escalating trade tensions between the two countries, base metals prices remain...Read More
An overview of the battery raw materials markets and their price moves.Read More
Bob Moriarty ArchivesMay 10, 2019The whole issue of electric vehicles (EV) vs. conventionally powered either gasoline or diesel vehicles are going to determine demand for a number of commodities. That would include palladium needed for gasoline-powered cars, platinum preferred for diesel autos, both copper and cobalt for EVs. Regardless of what you read, no one knows what consumer preferences will...Read More
Gold futures ended higher Thursday as investors braced for an intensifying Sino-U.S. trade conflict, which could provide a lift to bullion amid markets stricken by international trade fears. The precious metal traded higher "with news flow on the trade situation favoring uncertainty and the dollar posting very minimal weakness," said analysts at Zaner Metals. Gold for June delivery GCM9, +0.12%...Read More
Some Chinese ferro-alloys and minor metals prices wavered in a week when the United States raised the import tariff on a number of commodities from China on Friday May 10.The US raised import tariffs on $200 billion-worth of Chinese products to 25% from 10% at noon Asia time on Friday. This followed a threat on Sunday by US President Donald Trump to raise tariffs ahead of a new round of trade talk...Read More
Key data from the pricing sessions in Asia, Europe and the United States for the week to Friday May 10. China China's domestic ferro-chrome spot price continued its downward trajectory amid abundant supply and thin buying interest. Some domestic ferro-chrome suppliers cut their offers further due to pressure from relatively high stocks and the bearish sentiment. Many market participant...Read More
Adam HamiltonArchivesMay 10, 2019 The US stock markets sure feel inflectiony, at a major juncture. After achieving new all-time record highs, sentiment was euphoric heading into this week. But those latest heights could be a massive triple top that formed over 15 months. Then heavy selling erupted in recent days as the US-China trade war suddenly went hostile. The big US stocks' just-reported Q1'1...Read More
Gold COT Report - Futures Large SpeculatorsCommercialTotal LongShortSpreadingLongShortLongShort 185,801110,39073,060142,078238,437400,939421,887 Change from Prior Reporting Period 8,526-66616,755-5,2102,83720,07118,926 Traders 18070795460261185 Small Speculators LongShortOpen Interest 49,10028,152450,039 -431,10220,028 non reportable positionsChange...Read More
The US stock markets sure feel inflectiony, at a major juncture. After achieving new all-time record highs, sentiment was euphoric heading into this week. But those latest heights could be a massive triple top that formed over 15 months. Then heavy selling erupted in recent days as the US-China trade war suddenly went hostile. The big US stocks' just-reported Q1'19 fundamentals will help...Read More