Metals & Mining Monitor |Copper Price Experiences Significant Weekly Rise; Pan American Silver Rises on Exploration Results
Hello mooers! Check out the latest market dynamics of the metals and mining industry over the past week.
• Base metals: Copper prices rise to $9040 per tonne
• Energy metals: Li carbonate prices drop 2.6% in the past week
• Precious metals: Gold prices drop 0.52% to $2637 per oz
• Bulk commodities: Iron ore prices drop 1.9% in the past week
Spot Price Snapshot
Key Price Moves
Spot gold fell by 0.5% to $2637 per ounce last week. Even though the price of gold dropped a bit in November compared to the previous month, it's still pretty close to its all-time high. The People's Bank of China added to its gold reserves, which went up to 72.96 million ounces by the end of November, up 160,000 ounces from the end of October. This is the first time the bank has increased its gold holdings since April 2024, after pausing for six straight months. The World Gold Council says that central banks around the world bought a net 60 tons of gold in November, with India buying the most, adding 27 tons. This shows that there's still a strong demand for gold from central banks worldwide.
With all the uncertainties and the need for safe investments, gold is still one of the most attractive precious metals for 2025. Bank of America Merrill Lynch predicts that even though a stronger dollar and rising interest rates might put some pressure on gold prices in the short term, gold prices will break through $3,000 per ounce in the second half of the year, as global debt levels rise and macro risks increase.
Copper prices rose to $9040 per tonne. The global supply of copper ore is getting tighter, especially with a lack of new large-scale mine projects coming online and more disruptions in some mining projects. This could make the supply situation even worse, which might keep pushing copper prices up and maybe even to new record highs. The demand from the new energy sector, a major user of copper, is also supporting the rise in copper prices. Investors are closely watching a big political meeting in China this month, as policy announcements there could affect the demand outlook in the world's largest copper-consuming country, which in turn could influence copper prices.
Top Company News
Pan American Silver Updated Exploration Achievements and Plans
$Pan American Silver Corp (PAAS.CA)$ 's shares rose after the company released its annual exploration update. Noteworthy results included significant gold findings at the Jacobina project, high-grade intercepts at El Penon, and the discovery of 13 new veins at La Colorada. Infill drilling at the La Colorada Skarn project confirmed mineral resource estimates, while promising results were also reported from the Whitney, Huaron, and Minera Florida projects. Christopher Emerson, VP of exploration and geology, noted the success of the exploration program, highlighting its potential for long-term growth and announcing an increased drilling budget of over 450,000 meters for 2024.
Lundin Mining to Sell Neves-Corvo and Zinkgruvan to Boliden for a Potential US$1.52 Billion
$Lundin Mining Corp (LUN.CA)$ announced on Monday its agreement to sell its Neves-Corvo operation in Portugal and the Zinkgruvan operation in Sweden to Boliden, with the transaction valued at up to $1.52 billion. Upon closing, Lundin will receive $1.37 billion, with the possibility of an additional $150 million in contingent payments, contingent on meeting specific conditions. The funds from this sale will be allocated toward bolstering the company's balance sheet and advancing its expansion plans in the Vicuna District of South America. The contingent payments include up to $100 million for Neves-Corvo, linked to the market prices of copper and zinc, and up to $50 million for Zinkgruvan, associated with zinc prices.
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