Copper hits a new high in more than two years
On Wednesday, December copper futures prices rose 1.6% to close at $ 3.1985 per pound, the highest closing price since June 2018. Societe Generale pointed out in the report that the US fiscal stimulus measures and China's strong industrial power will bring healthy demand for the copper market. After the new crown pneumonia epidemic, the economic recovery may also encourage more fund managers to bullish copper prices.
Pioneer Natural Resources acquires peers for US$4.5 billion
Pioneer Natural Resources announced a few days ago that it will acquire Parsley Energy, a smaller competitor, through an all-stock transaction for approximately $4.5 billion. Pioneer Natural Resources will also assume Parsley Energy's debt, with a total transaction size of US$7.6 billion. This is the latest acquisition in the US shale oil industry that has been hit by the plunge in oil prices during the pandemic.
IAI: September global primary aluminum production decreased to 5.424 million tons
Recent data released by the International Aluminum Association (IAI) showed that the global primary aluminum output in September fell to 5.424 million tons, and the output in August was 5.524 million tons. China's primary aluminum production dropped to 3.15 million tons in September, and August output was 3.184 million tons. The output of primary aluminum from North American refineries totaled 317,000 tons in September, an increase of 2.3% from the same period last year, and the ninth consecutive month of growth from the same period last year.
WBMS: Global Nickel Market Surplus 45,000 tons from January to August 2020
The World Bureau of Metal Statistics (WBMS) released the latest report showing that the global nickel market has an oversupply of 45,000 tons from January to August 2020. From January to August 2020, the global refined nickel output totaled 1,478,200 tons, and the demand was 1,432,800 tons. At the end of August 2020, the reported nickel inventory held by the LME was 85,400 tons higher than the level at the end of 2019
Global platinum demand is expected to fall by 7% in 2020
According to the latest data from GlobalData, affected by the new crown pneumonia epidemic, global platinum demand is expected to drop by 7.2% in 2020. The demand for platinum mainly comes from the automobile and jewelry industries, which usually account for 34% and 24% of the total demand respectively, with the rest being used for industrial purposes and investment. Ankita Awasthi, Senior Mining Analyst at GlobalData, said: “China and Japan are the two countries with the largest consumption of platinum, and together they account for 35.5% of global demand. It is expected that demand in China and Japan will fall by 9.2% and 11.8% this year, respectively. ."
ANZ Bank: Gold prices can hit the 2,300 mark early next year
ANZ recently stated that a new round of stimulus programs in the United States will significantly push up the price of gold and will look towards the US$2,200/ounce mark at the end of this year. The bank’s latest large-scale report shows that if a new round of stimulus projects is reached, it will become a major factor in pushing gold prices upward. The report predicts that the price of gold will hit US$2,200/ounce at the end of this year and rise to US$2,300/ounce early next year.
Ecuador’s mineral exports in the first eight months of this year reached US$410 million
Ecuador’s “Universal” reported on October 20 that the latest data from the Central Bank of Ecuador showed that the export of Ecuadorian mineral products from January to August this year was US$410 million, of which exports exceeded US$120 million in August, an increase of 189% from the previous month. The Ecuadorian Ministry of Energy and Non-Renewable Natural Resources stated that in August Ecuador’s mineral exports accounted for 6.76% of Ecuador’s total exports, and mineral products became Ecuador’s fourth largest export product that month after crude oil, bananas and prawns. In addition, despite the impact of the new crown epidemic on mining production, the average monthly export of mineral products in the first seven months of this year was 41.32 million US dollars, an increase of 52.9% over the same period last year.
Antofagasta confirms that this year's output target remains unchanged
Chilean copper producer Antofagasta said on Wednesday that it confirmed that its copper output target for this year has not changed, even though the company's output and sales have fallen in the third quarter. From January to September, the company's total copper output was 541,300 tons, down 7.3% year-on-year. From January to September, the company's copper sales were 536,300 tons, a year-on-year decrease of 7.3%. The company said that this year's production target has not changed, still at 725-75.5 million tons. Looking ahead, the company expects to produce 730,000-76 million tons of copper next year.
Anglo American South Africa office sued
According to SMM, Anglo American’s South Africa office was sued on Wednesday by women and children in Kabwe Township, Zambia, who accused of lead poisoning and demanded compensation. According to a study conducted by scientists on 1,190 people in Kabwe township, the average blood lead level in the most contaminated area has reached 9 times the US benchmark. The source of the pollution is the Kabwe mine under Anglo American Resources. The mine is located at the northern end of the town of Kabwe. It was held by Anglo American from 1925 to 1974 and was previously known as Broken Hill.
Centamin shares plummeted due to production cuts
Centamin announced that the company's gold production in 2021 will be lower than expected, and the company's stock price fell by 20% on Wednesday morning local time. The company revealed that the Sukari open-pit mine is the company's only gold mine, and it is expected that the gold output in 2021 will be between 400,000 and 430,000 ounces, and all maintenance costs (AISC) will be between 1,200 and 1,275 per ounce. Analysts previously expected the company's gold production to be approximately 500,000 ounces.
