supplyanddemand
A report from Reuters suggests that China is gearing up to make a big move in the cobalt market, with plans to acquire up to 15,000 metric tons (MT) of cobalt metal from local producers this year. The acquisition, overseen by the state’s National Food and Strategic Reserves Administration, aims to bolster the country's stockpiles as it jumps from the 8,700 MT of cobalt metal purchased last year. The country’s decision to purchase such a substantial amount of cobalt is driven by several factors. Firstly, cobalt is a critical material in the production of electric vehicle (EV) batteries, an indu...
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A new report from the International Energy Forum (IEF) outlines a key challenge for the global energy transition. To meet business-as-usual requirements, the world will have to mine 115 percent more copper in the next 30 years than was historically mined up until 2018. And in order to electrify the world's fleet of vehicles, the organization states that 55 percent more new mines will need to come into production than would otherwise be needed. Illustrating that point, the IEF explains that electric vehicles (EVs) currently need about 60 kilograms of copper, over twice as much as the 24 kilogra...
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The Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) has allocated 19 trillion rials (around US$38 million) to develop infrastructure and electricity supply for the country's mines. As part of the country’s initiative to capitalize on its rich mineral resources and stimulate economic growth, IMIDRO has signed 28 agreements aimed at improving the infrastructure of private mines across the country. These projects include 21 road construction initiatives and seven electricity supply projects, all of which come after US$32 million worth of investment from IMIDRO...
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Will First Majestic Silver CEO’s silver price prediction of more than US$100 per ounce come true? The silver price made waves in 2020 when it rose above US$20 per ounce for the first time in four years, and the precious metal has repeatedly tested US$30 per ounce since. Most recently, the silver price broke through the US$30 mark on May 17 and went on reach a nearly 12-year high of US$31.80 in the next trading session. On May 19, the silver price hit US$32.33 per ounce, which remains its highest point as of May 21. Well-known figure Keith Neumeyer, CEO of First Majestic Silver (TSX:FR,NYSE:AG)...
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US President Joe Biden signed the Prohibiting Russian Uranium Imports Act into law on Monday (May 13), effectively starting the process of ending US dependence on imported uranium supply. “This new law reestablishes America’s leadership in the nuclear sector. It will help secure our energy sector for generations to come,” said National Security Advisor Jake Sullivan in a White House statement. “And — building off the unprecedented US$2.72 billion in federal funding that Congress recently appropriated at the President’s request — it will jumpstart new enrichment capacity in the United States an...
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The World Platinum Investment Council (WPIC) has released its latest platinum market report, adjusting its 2024 deficit projection up to 476,000 ounces as weaker supply is outpaced by sustained auto and industrial demand. “For the second consecutive year, the platinum market will post a meaningful deficit underscored by platinum's sustained demand and supply vulnerability amidst global economic challenges,” said WPIC CEO Trevor Raymond. “While we currently forecast a deficit of 476 koz, it is worth mentioning that a revision to the bar and coin investment series, based on new field research an...
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Copper prices broke US$10,000 per metric ton this week, hitting highs not seen in two years. The last time they crossed the threshold was in March 2022 amid tensions following Russia's invasion of Ukraine. Although concerns about demand from China remain, worries over dwindling global supply are heating up. Copper has also been gaining momentum on anticipation of interest rate cuts from the US Federal Reserve. Looking at supply, Goldman Sachs (NYSE:GS) has warned of intensifying stress, with analysts at the firm projecting a possible "stockout episode" by the fourth quarter due to growing defi...
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In a conversation with the Investing News Network, Joe Cavatoni, senior market strategist, Americas, at the World Gold Council, broke down the organization's latest gold demand trends report. Aside from key demand drivers like central bank buying, he highlighted differing sentiment in the west and east. "This is an interesting time. Right now the price has been impacted less so by the expectation of US rates and the US dollar, and more so by the geopolitical and overall outlook for investment in the Asian markets, the eastern markets. And that's actually done a real shift in the overall sentim...
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After months of negotiations, Boliden (STO:BOL) has reached an agreement with worker's unions and local management to reopen the Tara operation, which is Europe’s largest zinc mine. Tara, operated by the Sweden-based mining company, is an underground zinc and lead mine with a production capacity of 2.6 million metric tons (MT) per year, making it the largest zinc mine in the continent. Located in Navan, Ireland, the Tara mine's reopening follows its closure in July 2023 due to a combination of challenges, including unfavorable zinc price trends and operational hurdles. The accord, aimed at ens...
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The World Gold Council (WGC) has released its latest gold demand trends report, highlighting a record quarterly average price of US$2,050 per ounce for the yellow metal on the back of strong demand. This represents a substantial 10 percent increase year-on-year and a 5 percent rise quarter-on-quarter, culminating in the precious metal reaching new heights and closing the three month period at US$2,214. “The upside potential has been really exciting to watch, but definitely something that is giving us a signal that there might be more than just strategic investment at play. Likely some speculat...
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