Mining News – Sunday Roundup
Copper was the story of the week, with the LME reporting a large drawdown of some 65,000 tons from their warehouses in Europe and Asia, approximately 33% of approved stocks held!
This is due to supply concerns, which may be alleviated by the news that all Peruvian mines are now back online, and a strike at Chile’s largest copper mine, Escondida, has been averted after unions accepted a revised pay offer.
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Mining News – Sunday Roundup – August 2nd 2020
Copper was the story of the week, with the LME reporting a large drawdown of some 65,000 tons from their warehouses in Europe and Asia, approximately 33% of approved stocks held!
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This is due to supply concerns, which may be alleviated by the news that all Peruvian mines are now back online, and a strike at Chile’s largest copper mine, Escondida, has been averted after unions accepted a revised pay offer.
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Gold ended the week at a new (nominal) all time high, at $1976 per ounce, and looks set to challenge the $2,000 level this coming week, as economic and currency debasement fears grow in the USA..
Silver is still on a charge, and looks set to take out $25 this week.
Stocks
ASX listed Gold Road Resources (ASX: GOR) reported a very solid set of quarterly results, and maintained full year guidance. Strangely, since announcing, the price of gold has risen, and GOR shares have fallen back, it’s a funny old game as the old saying goes.
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Coking coal
Prices continue to be subdued, rising a dollar or so this week, helping Colonial Coal (TSX.V: CAD) maintain a steady price, despite being undervalued at the asset level.
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As this is being written so close to the Monthly Market Review, published Friday, for full statistics you may access the report by clicking HERE
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After trading in unison for many years, there has recently been a disconnect in the London spot gold price, and the New York Futures price, resulting in an arbitrage opportunity, and a lot of physical gold delivery on the COMEX of gold flown in from London. To read the article in full, please click HERE
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