copper pipe
Haywood’s Heritage Moment: In Switzerland, ores and other mineral resources were already being extracted by mining methods 3500 years ago. There has been no mining activity in this country since 1967 – there is however an interest in its history. Source: Geology Portal
Iron Ore Price Surge Short-Lived as Long-Term Fundamentals Take Hold
It appears the two week surge in the price of iron ore was short-lived as reality surrounding the steelmaking industry in China (accounting for ~50% of global steel production) took hold. The 62% Fe import price failed to break the $60 psychological barrier and suffered a 4% drop on Wednesday after rising over 26% since mid-April. It is believed that the two-week surge in the price of iron ore relates to short-term restocking by Chinese steelmakers as the struggling industry saw the closure of a number of high-cost marginal producers; however, commentators still see significant over-supply in them mid-term. The recent spike in iron ore was reflected in the performance of a number of iron ore producers, including the share price of one major Brazilian producer which rose almost 27% from three 21st to the 27th April. Meanwhile, the price of gold rose above the $1,200 per ounce mark on Monday before falling to $1,178 per ounce Friday (↓0.05%). Silver, platinum and palladium prices were all up marginally during the week finishing at $16.15, $1,132 and 774 per ounce respectively. Base metals surged during the week, led by copper (↑6%), nickel (↑4%), lead (↑2.8%) and zinc (↑5%), each of which finished at $2.91, $6.22, $0.96 and $1.07 per pound respectively. The price of WTI crude also rose during the week, almost reaching the $60 per barrel mark before settling at $59.20 per barrel. Finally, uranium finished at $35.69 per pound lower (↓6.5%).
Here’s an overview of what’s in the Dig this week:

Click here for the full report.

Important Information and Legal Disclaimers
All prices are in C$ unless noted