The Bloomberg physical commodity index is up 67 per cent from its 2020 low
The Bloomberg Commodity Spot Index, which tracks prices of 23 raw materials, rose 1.6 per cent on Monday to its highest level since March 2013.
The index has risen 67 per cent since hitting a four-year low in March 2020.
Bart Melek, head of commodity strategy at TD Securities, said the flood of hedge funds into commodities meant the rally was likely to continue for some time, largely because of expected supply shortages.
Copper surged above $9,000
Copper prices continued their surge on Monday and are now close to the all-time high set in 2011.
The reason is that investors are betting that copper supply constraints will intensify as the world recovers from the Covid-19 outbreak.
The March copper contract was up 1.0 percent at $9,073.13 a metric ton as of 11:45 a.m. in New York on Monday.
The rise in copper prices, which have risen 17% so far this year, has also led to a broad rally in commodities.
Cross-border mining deals in North America totaled $2.4 billion in the fourth quarter of 2020
According to the latest data from GlobalData, North American metals and mining cross-border transaction activity fell 6.98% in the fourth quarter of 2020 compared to the average for the last four quarters.
In the fourth quarter of 2020, the region announced 40 cross-border deals valued at $2.4 billion, compared to an average of 43 deals over the past four quarters.
Of all transaction types, M&A activity accounted for 38, accounting for 95 per cent of the region;
The remaining deals, including a private equity deal and a venture finance deal, each accounted for 2.5 per cent of total cross-border activity.
Global primary aluminium production rose 4.31 per cent in January from a year earlier
Global primary aluminum production rose 4.31 percent to 5.707 million tons in January from a year earlier, according to data released on Monday by the International Aluminium Association.
IAI said China's estimated primary aluminium production for January was 3.3 million tonnes.
Anglo Gold Corp. raised its dividend fivefold
Anglo Gold Corp. on Monday reported a jump in annual earnings thanks to soaring gold prices.
The company reported full-year underlying earnings of 238 cents a share in 2020, more than double the 91 cents a share it reported in 2019.
Like other gold miners, Anglo also raised its dividend to shareholders.
The company declared a full-year dividend of 48 cents a share, more than five times its 2019 dividend.
Hastings has raised $79 million for the Yingibana Rare Earth Project
Hastings Technology Metals has received a commitment to raise more than A $100 million (US $78.6 million) through two placements to fast-track construction of its Yingibana rare earth project in Western Australia.
The project involves the development of five open-pit mines, groundwater extraction, onsite treatment of ore, tailings storage facilities, access and transport roads, as well as supporting infrastructure such as accommodation facilities, administrative buildings and airports.
Anglo Platinum plans to increase production by 20 per cent
Amplats on Monday announced a 63 per cent rise in overall earnings per share for 2020 to $7.83 as supply shortages pushed up prices of metals such as platinum, palladium and rhodium.
Amplats plans to increase its PGMs production from 3m ounces to 3.6m ounces by 2030, with most of the increase coming from its Mogalakwena open-pit mine in Limpopo province.
Another million-ton oil and gas discovery has been made in China's Bohai Sea
China's Bohai Sea has made another major oil and gas discovery, with proven reserves of 100 million tons of oil and gas equivalent in the Bozhong 13-2 oil and gas field, China National Offshore Oil Corporation (CNOOC) announced on Feb. 22.
The well has been tested to produce an average of 300 tons of crude oil and 150,000 cubic meters of natural gas per day.
This discovery has further consolidated the reserve basis of China's offshore oil and gas resources, and is of great significance for the stable production of offshore oil and gas fields and the guarantee of national energy security.
Mexico's president puts pressure on Canadian mining companies
Mexico's president, Andres Manuel Lopez Obrador, urged a Canadian mining company on Monday to pay unpaid taxes, saying it had used the threat of international lawsuits to evade its obligations.
Mr Lopez Obrador earlier called on Canada's mining sector to update its tax policies as the government pushes for corporate tax collection.
Peru's presidential candidate has issued a warning to mining companies
Yohny Lescano, Peru's presidential candidate, warned mining companies on Monday that if elected he would seek to make Peru the ultimate owner of copper resources.
Lescano is currently in second place in the polls ahead of the April 11 election.
Mr Lescano says that while he does not favour nationalisation, Peru must always be the owner of its resources, which are currently rented out on a concession basis, and this must be modified.
