Aluminium
Peruvian copper miners reject government intervention
by Gill Montia
Members of the trade union representing striking workers at Southern Copper’s Peruvian operations have rejected a plan under which the Peruvian government would assume responsibility for drawing up a new wage agreement.
Southern Copper made its final offer of an 11.5% last week and has now turned to the government to solve the deadlock.
Apparently, [...]
Gold drops $8.50 per ounce on session
by Elaine Frei
Precious metals prices were lower in New York on Monday as the US dollar gained ground on the euro.
December gold was $8.50 lower to $738.70 per troy ounce, a decline of over 1 percent on the session.
Despite the retreat, Citigroup (NYSE: C) raised its forecast for average gold prices this year from $672 per troy [...]
Base metals see declines on session
by Elaine Frei
December copper was 11 cents lower in New York on Monday to trade at $3.61 per pound at the close of the trading day, its biggest one-day drop since the middle of August.
Three-month copper prices were lower in London as well, falling 3.2 percent to $7,950 per tonne even though Chinese buyers returned to the [...]
Bloomsbury forecasts $9,000 copper price
by Gill Montia
A copper specialist from Bloomsbury Mineral Economics (BME) has predicted that the metal will reach $9,000 a tonne, or $4.08 a pound, by 2009.
Speaking at Mining Journal’s 20:20 Copper Day in London, Chris Welch put forward the case that the supply gap for the metal continues to be underestimated by many analysts.
BME has a sound [...]
Most base metals end week higher in London
by Elaine Frei
In London, most base metals were higher over the week ahead of London Metal Exchange week, an annual gathering of metals executives which begins on Monday.
Copper was up by 2.1 percent to $8,200 per tonne on the week, while nickel added 3.1 percent to $31,450 per tonne, and tin gained 4.5 percent to $16,100 per [...]
Gold, platinum see gains but silver drops
by Elaine Frei
Precious metals prices were mixed in New York on Friday.
December gold was up $3.40 to $747.20 per troy ounce as the euro gained again in relation to the US dollar and analysts continued to speculate that the Federal Reserve will have to cut interest rates again this month as the housing market continues to struggle.
January [...]
Laurion acquires Sturgeon River Mine
by Gill Montia
Laurion Mineral Exploration, the Canadian junior mineral exploration company, is acquiring the former gold-Producing Sturgeon River Mine, which is located in Beardmore, Ontario. The purchase is being made from St. Andrew Goldfields.
The mine was previously operated from 1936 to 1942, when it produced 73,332 oz of gold and 15,922 oz of silver, from 233,476 tons [...]
Copper drops on data
by Elaine Frei
Copper prices were 3 cents lower in New York on Thursday to $3.74 per pound as separate reports from the Labor Department and Commerce Department showed that there were more first-time unemployment claims than anticipated in the US last week and that factory orders there dropped the most in seven months in August.
The new data [...]
Gold up on weak dollar
by Elaine Frei
With the US dollar weaker versus the euro and yen on a report showing factory orders down more than had been anticipated in August, precious metals prices climbed Thursday in New York.
The new data on orders, which were down by 3.3 percent in August, made it more likely that the Federal Reserve will cut US [...]
Harmony miners in large scale rescue
by Gill Montia
An incident has occurred at Harmony Gold’s Elandsrand mine near Carletonville, in South Africa, which left 3,200 miners trapped underground.
The mine’s main man hoisting shaft was put out of action yesterday, when a broken pipe severed power cables to a lift.
Miners are gradually being brought to the surface in small numbers via an alternative shaft.
Harmony [...]
Strikes called at Southern Copper’s Peruvian operations
by Gill Montia
This week’s industrial action by miners at Southern Copper’s three Peruvian sites has caused a sharp rise in the copper price, which is at its highest level in nearly five months.
Southern Copper’s Cuajone and Toquepala mines, which produce a combined 370,000 tonnes of copper annually, are both affected by the strike, which is over [...]
Metals prices mixed on session
by Elaine Frei
Precious metals prices were mixed in New York on Wednesday as the US dollar again managed to make headway against the euro following its repeated declines during the past couple of weeks.
December gold dropped 60 cents to $735.70 per troy ounce as analysts said they expected to see more declines in the short term but [...]
Long term gold and silver forecasts revised
by Gill Montia
National Bank Financial (NBF), the Canadian investment dealer, has increased its future gold forecasts.
The revised estimates remain unchanged for 2007, at $675/oz average price.
However, for 2008, the forecast has been increased from $675/oz to $725/oz; in 2009 from $625/oz to $700/oz.
Moving on to 2010 estimates have been adjusted upward from $575/0z to $650/oz, and for [...]
Precious metals prices decline on stronger dollar
by Elaine Frei
Precious metals prices were lower on Tuesday after the US dollar gained as much as 0.6 percent in relation to the euro after nearly two weeks of daily declines and a string of record lows for the greenback versus the shared currency.
December gold dropped $17.80 to $736.30 per troy ounce in New York, its biggest [...]
Copper gains on strike, surplus estimate
by Elaine Frei
A new strike, demand from traders, and a report that cut estimates of supply surpluses this year supported copper prices on Tuesday.
December copper added 2 cents to $3.71 per pound in New York, while three-month copper on the London Metal Exchange added $50 to $8,160 per tonne, or $3.70 per pound.
Workers at Southern Copper’s mines [...]
Deteriorating gold reserves of little consequence
by Gill Montia
Reports that the reserves of gold held in the Bank of England’s vaults may be below deliverable quality (according to current London Bullion Market Association standard), have received wide coverage in the media.
The UK Treasury holds gold reserves to the tune of 320 tonne and last week, a Freedom of Information request from Metal Bulletin, [...]
Gold goes to 27-year high
by Elaine Frei
Precious metals prices were mixed on Monday, with gold reaching its highest level in 27 years on continuing speculation that the Federal Reserve will cut interest rates again this month.
December gold added $4.10 in New York to $754.10 per troy ounce and was at $755.10 per troy ounce earlier in the session, while spot gold [...]
Copper gains on strike news
by Elaine Frei
December copper added 5 cents to $3.69 per pound in New York on Monday as a mine workers strike was set to begin in Peru.
Meanwhile, three-month copper added $90 to $8,110 per tonne on the London Metal Exchange.
The strike, revolving around wage issues, could cut supplies at the two mines and smelter involved, which are [...]
Dollar determines gold price
by Gill Montia
By last Friday, the gold price was moving ever closer to the psychological price barrier of $750 an ounce.
Earlier in the week the dollar was moving upwards against the Euro and other currencies but the rise was sort-lived and it had returned to a downward trend by Thursday and Friday.
This can be taken [...]