Aluminum prices are anticipated to stay elevated throughout 2024 as a tightening market balance emerges, with global demand growth outpacing supply, according to BMI, a unit of Fitch Solutions Group. In a report released this week, BMI forecasts that aluminum demand will increase by 3.2% year-on-year in 2024, reaching 70.35 million tonnes, while supply growth...
READ MOREDue to the potential increase in U.S. trade tariffs following the incoming Trump administration and weaker-than-expected stimulus measures from China, demand for copper is likely to come under significant pressure. In response, Citigroup has lowered its short-term copper price forecast by 11%, anticipating that prices will fall from a previous forecast of $9,500 per ton...
READ MOREThe global silver market is expected to be in deficit for the fourth consecutive year, according to a report by the Silver Institute in collaboration with consulting firm Metals Focus. In 2024, worldwide silver consumption is projected to rise by approximately 1% year-on-year, reaching 1.21 billion ounces (about 37,500 tonnes). However, despite the overall increase...
READ MOREAnalysts at Citi Research have revised their short-term copper price forecast downward by 10%, from $9,500 per tonne to $8,500 per tonne. The downgrade is attributed to ongoing trade tensions between the U.S. and China, as well as weaker-than-expected economic growth in China, which are likely to dampen global demand for copper. According to Citi’s...
READ MOREDespite intensified Western focus on reducing reliance on China, Europe’s economic dependence on the Asian giant has only deepened in recent years. EU imports from China reached €515.9 billion in 2023, encompassing many crucial products necessary for advanced economies. The European Union’s reliance on China is particularly concerning regarding critical raw materials (CRMs) needed for...
READ MORESharp Decline Follows Record High Spot gold experienced a significant decline on Thursday, closing down by \$43.50, or 1.56%, at \$2,743.63 per ounce. This drop followed a historic high of \$2,790.11 per ounce reached earlier in the day. Analysts cited profit-taking by investors and robust US economic data as primary reasons for the downturn. David...
READ MOREOn Tuesday, October 22, spot silver prices surged by over 3%, reaching a new 12-year high. Silver hit $34.86 per ounce during the session, closing at $34.847 per ounce, the highest price recorded since late 2012. This price increase comes amid broader risk aversion in global markets, even as US Treasury yields continue to rise....
READ MOREOn Wednesday, October 23, spot gold prices fell sharply, dropping more than 1% after hitting a record high earlier in the day. The decline came as the U.S. dollar strengthened, U.S. bond yields rose, and tensions in the Middle East appeared to ease, prompting investors to take profits. Spot gold closed down \$33.44, or 1.22%,...
READ MOREGlobal refined copper production increased by 5.1% year-on-year to 18.33 million tonnes from January to August 2024, while consumption rose by 2.5% to 17.8 million tonnes, the International Copper Study Group (ICSG) reported on Tuesday. This growing gap between production and consumption led to a surplus of 535,000 tonnes, up significantly from the 75,000-tonne surplus...
READ MOREGlobal primary aluminium production, including estimated figures for China, totaled 6.007 million tonnes in September 2024, an increase compared to 5.930 million tonnes in the same month last year. This corresponds to an average daily output of 200,200 tonnes, up from 197,700 tonnes per day in September 2023, and unchanged from the previous month. The...
READ MOREChina’s aluminium consumption growth is expected to slow to slightly below 5% this year, compared to a 6% gain in 2023, as demand cooled during the third quarter amid economic challenges, despite robust growth from the energy and transportation sectors, local analysts reported to MNI. Gu Fengda, chief nonferrous metals analyst at Guoxin Futures, noted...
READ MOREOn Thursday (October 10), despite U.S. Consumer Price Index (CPI) data coming in slightly higher than expected, poor performance in initial jobless claims led to a sharp decline in the dollar index, which drove gold prices higher. Spot gold experienced significant fluctuations, ultimately closing up $22.13, or 0.85%, at $2,629.84 per ounce. Ongoing tensions in...
READ MORESpot gold fell nearly \$15 on Wednesday, as the release of the Federal Reserve’s latest meeting minutes prompted market expectations for steady interest rates in November, strengthening the U.S. dollar and putting pressure on gold prices. Gold closed down \$14.13, or 0.54%, at \$2,607.71 per ounce, with intraday lows reaching \$2,605.16 per ounce. According to...
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Impala Platinum Holdings, the world’s second-largest platinum miner, has reported a significant swing to a loss for fiscal 2024, as anticipated, due to a series of impairments. The company announced a basic loss of 17.31 billion South African rand (approximately $970.9 million USD) for the year ended June 30, compared to a profit of 4.905...
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VSMPO-AVISMA, a leading titanium producer, has reported a 0.4% increase in net profit for the first half of 2024, reaching 12.39 billion rubles ($133 million). This modest growth comes despite significant increases in revenue across its operations, as detailed in the company’s financial statements. The company’s total revenue grew by 9.6%, reaching 59.61 billion rubles...
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Sigma Lithium Corporation (NASDAQ: SGML, BVMF: S2GM34, TSXV: SGML), a leading global producer of sustainable lithium, announced robust financial results for the second quarter ended June 30, 2024. The company highlighted continued operational excellence, including strong sales volume, premium pricing of its environmentally sustainable ‘5.0 Green Lithium’, and expansion into new markets such as Japan...
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Antofagasta has reported a resilient financial performance for the first half of 2024, driven by strong EBITDA margins, cash flow generation, and continued investment in key growth projects. CEO Iván Arriagada highlighted the company’s achievements in maintaining robust financial metrics despite challenging conditions, with EBITDA increasing by 5% to $1,394.4 million and revenue rising by...
READ MOREAlcoa, the American multinational, has reiterated its position that the aluminum and alumina production complex at San Cibrao in Spain remains unfeasible under current and projected energy market conditions. Despite its efforts to find a buyer for the facility, the company has been clear in its communications that the complex is not profitable, and is...
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Wheaton Precious Metals reported significant growth in production and financial performance for the fourth quarter of 2023, driven by increased gold production and higher commodity prices, despite some operational setbacks. The company achieved a 22% increase in gold equivalent ounces (GEOs) produced, totaling 174,200 GEOs, compared to the same period in the previous year. The...
READ MOREFortuna Mining Corp. has released its financial and operating results for the second quarter of 2024, showcasing substantial growth in net income and operational performance. The company reported an attributable net income of $40.6 million, or $0.13 per share, marking an increase from $26.3 million, or $0.09 per share, in the first quarter of 2024....
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Impala Platinum has reported significant production and operational achievements for the fiscal year 2024, despite facing a challenging operating environment. The company successfully navigated various obstacles to deliver guided production volumes and maintain cost controls. The group’s total 6E production increased by 13% to 3.65 million ounces compared to 3.25 million ounces in FY2023. Excluding...
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Capstone Copper has announced its financial results for the second quarter of 2024, highlighting robust copper production and significant financial gains. For the quarter ending June 30, 2024, Capstone produced 40,937 tonnes of copper at C1 cash costs of $2.84 per payable pound of copper. CEO John MacKenzie praised the company’s performance, noting the successful...
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Taseko Mines reported its financial and operational performance for the second quarter of 2024 and provided updates on the Florence Copper project construction. This report should be considered alongside the company’s financial statements and Management Discussion & Analysis, accessible on the company’s website and SedarPlus. In March 2024, Taseko Mines acquired the remaining 12.5% stake...
READ MOREAneka Tambang, part of Indonesia’s MIND ID, has reported solid financial performance for the first half of 2024. Despite facing global economic volatility and commodity price fluctuations, the company maintained robust production and sales levels. For the period from January to June 2024, ANTAM achieved a net profit of Rp1.51 trillion (approximately $18.12 million). This...
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