Big Picture: Globale Batterie-Kapazitäten vor Vervielfachung

Der Boom bei der globalen Batterie-Herstellung nimmt weiter Fahrt auf. Chinesische Firmen bleiben die großen Zugpferde:

Quelle: Bloomberg

Basismetalle: Hausse setzt sich im August eindrucksvoll fort

Der August 2017 war ein sehr starker Monat für die Industriemetalle:

Quelle: bloomberg.com

Turnaround läuft: Entwicklung der Rohstoffpreise im Vorjahresvergleich

Nach dem aktuellen Status Quo haben bis auf Uran und Pottasche alle relevanten Rohstoffe in 2016 einen Boden gefunden..

Quelle: mining.com

Rohstoff- und Minenbranche: Der Wochenrückblick von Haywood

Werfen Sie einen Blick in den informativen Wochen-Report von Haywood:

The Weekly Dig - September 30, 2016  

Mick Carew, PhD and The Haywood Mining Team

Gold Volatility Continues as Investors Eye End of Year Fed Meeting

Highlights:

• Gold and gold equities continued their volatile run this week as investors adjusted to last week’s decision by the Federal Reserve to not raise interest rates, but keeping the door open for a rate hike before the end of the year. Since mid-August, the price of gold has fluctuated, rising as high as $1,351 per ounce on September 6 to as low as $1,305 per ounce on August 31st. Gold equities have followed suit, with the S&P/TSX Global Gold Index rising and falling twice between 230 and 250 in September. Gold ETF’s, including SPDR Gold Shares (GLD-NYSEARCA), also fell this week. It appears likely that this volatility will persist at least until the end of the year given the impending U.S. election in November and the possibility of a rate rise in November or December, and the question remains will gold remain above the $1,300 per ounce level. Gold (↓1.5%), along with silver (↓2.6%)  and platinum (↓2.6%), were down this week, finishing at $1,317, $19.19 and $1,028 per ounce respectively.  Palladium bucked the trend, finishing higher (↑2.6) at $721 per ounce. Base metals were mixed this week; copper continued to defy sceptical investors and was up slightly to finish at $2.21 per pound, nickel fell 1% to finish at $4.78 per pound, while both lead (↑10%) and zinc (↑5%) finished strongly this week, closing at $0.96 and $1.08 per pound respectively. The price of WTI crude rallied this week after news that OPEC agreed to limit supply to support low prices. This comes as Iraq boosted exports and Libya reopened some of its main terminals. WTI crude finished at $48 per barrel on Friday. Finally, the UxC Weekly Spot Price of uranium fell further (↓7.2%), finishing at $22.38 per pound on Friday.

Click here for today's report

Quelle: stockcharts.com

Quelle: stockcharts.com

Quelle: stockcharts.com

Macquarie Bank: Edelmetalle, Nickel und Zink mit hohen Chance auf Outperformance

Hierzu ein aktueller Bericht auf Mining.com:

Precious metals, nickel, zinc likely to outperform over next 2 years — analysts

Despite some ups and down, 2016 has been a good year for commodities. By June, prices of most metals and minerals were very close to enter into bull market territory (defined by a 20% increase from previous lows), rebounding from their lowest in at least 25 years.

And while some raw materials have lost some of those gains since the Brexit vote, analysts such as those at Macquarie Bank believe the upward trend is here to stay. What’s more, they expect most commodities to either stabilize or increase over the next 12-24 months.

“We have seen a shift to the right for many, with inventories now starting to draw,” Macquarie Bank’s commodity research team writes.

Commodities to lead the pack in the short term, the note adds, are alumina, nickel and cobalt. But when talking about a longer-term outlook, the analysts place their bet on gold, silver, zinc, nickel, chrome and US natural gas..

Link: http://www.mining.com/precious-metals-nickel-zinc-likely-to-outperform-over-next-2-years-analysts/

Quelle: Macquarie Research

Philippinen lösen Chaos in der Minenbranche aus

Hierzu ein aktueller Bericht im WSJ:

Philippines Widens Mining Crackdown, Boosting Nickel Prices

World’s top supplier of nickel ore recommends that 20 more of its mines be suspended over environmental concerns

MANILA—The Philippines widened a crackdown on mines over environmental concerns, sparking a jump in nickel-ore prices and highlighting worries about how to secure reliable sources in Asia of key industrial ores used to make metals.

The government recommended Tuesday that 20 more mines be suspended as part of a nationwide audit in response to complaints that the mining sector flouts environmental regulations. Earlier in the audit, which began soon after the election of Philippine President Rodrigo Duterte, operations were halted at 10 other mines. The combination means that three-quarters of the Philippines’ mines have been warned about environmental compliance..
Link: http://www.wsj.com/articles/philippines-widens-mining-crackdown-boosting-nickel-prices-1474979096


Unter anderem hat es gestern die Goldproduzenten B2 Gold (BTG) und OceanaGold (T.OGC) hart getroffen, die beide bedeutende Minen auf den Philippinen betreiben..

Quelle: stockcharts.com

Quelle: stockcharts.com

Quote - credit to IKN:

The list of 20 Philippine mining firms in the firing line

Right here. And even though Masbate isn't one of them, B2 is off 9% at the bell. Go figure.
Update..oops, my mistake, the subsidiary Filminera is named. Makes more sense, I need to drink my coffee earlier in the day.

• Libjo Mining Corporation
• AAM-Phil Natural Resources Exploration and Development Corporation - Parcel 1 and Parcel 2B
• Krominco Incorporated
• Carrascal Nickel Corporation
• Marcventures Mining ‬and Development Corporation‪
• Filminera‬ Resources Corporation‪
• Strongbuilt Mining Development Corporation
• Sinosteel ‬Philippines HY Mining Corporation
• Oriental Synergy Mining Corporation
• Wellex ‬Mining Corporation
• Century Peak ‬Corporation - Rapid City Nickel Project and Casiguran Nickel Project
• Oriental Vision Mining Philippines Corporation
• CTP Construction and Mining Corporation
• Agata ‬Mining Ventures Incorporated 
• Hinatuan Mining‬ Corporation
• Benguet Corporation
• Lepanto ‬Consolidated Mining Company
• OceanaGold ‬Phils, Incorporated
• Adnama Mining Resources, Incorporated
• SR ‬Metals, Incorporated

Mind you, the drop in OceanaGold (OGC.to) (OGC.ax) this morning does have more fundies to back it up.

Source: http://incakolanews.blogspot.de/2016/09/the-list-of-20-philippine-mining-firms.html

Australien: Entwicklung der Explorationsaufwendungen (2000-2016)

Auf diesem spannenden Langfrist-Chart kann man sehr gut die extreme, zyklische Art der Rohstoffindustrie ablesen. Bemerkenswert ist auf jeden Fall, dass die Explorationsaufwendungen in Down Under im 1. Quartal 2016 auf den tiefsten Stand seit 10 Jahren gefallen waren..

Quelle: ABS, Matau Advisory

Rohstoff- und Minenbranche: Der Wochenrückblick von Haywood

Werfen Sie einen Blick in den informativen Wochen-Rückblick:

The Weekly Dig

Mick Carew, PhD, mcarew@haywood.com

Haywood Mining Team

Fed Minutes Send Gold Higher Before Late-Week Fall

§  It was another up and down week for the yellow metal after minutes from the July Federal Reserve meeting showed officials were split over whether to raise interest rates; Some preferred to wait because inflation remained flat, while others were eager to go sooner as the labour market nears full employment. Precious metals prices are likely to remain volatile at least over the short term as Investors search for additional clues on the body’s next move during Fed Chair Janet Yellen’s speech on the August 26 in Kansas City. Following the Fed’s minutes, the price of gold (↑0.3%) rose briefly above $1,350 before settling at $1,344 per ounce Friday. The rising gold price coincided with a weakening U.S. dollar; in particular, the Canadian dollar finished at 0.78 U.S. cents on Friday. Mining equities were generally flat this week; the S&P/TSX Global Gold index was down slightly, finishing at 261 while the Global Base Metal index was up, finishing at 87.9. The S&P/TSX Venture Composite Index finished flat at 833 on Friday. In other precious metals, Silver (↓2%) and platinum (↓0.8%) both fell, finishing at $19.3 and $1,114 per ounce respectively, while palladium rose 3% to finish at $711 per ounce. Base metals had a positive week, with copper (↑0.77%), nickel (↑0.45%), lead (↑2%) and zinc (↑2%) all up, finishing at $2.18, $4.68, $0.85 and $1.04 per pound respectively. The WTI crude price surged again, rising 6% this week and 17% since August 2nd on continued speculation that major oil producers may freeze production when they meet in Algeria next month.  Finally, the UxC Broker Average Price of uranium was down (↓1%) this week, closing at $25.87 per pound on Friday.

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This report may be distributed in the following states: nil. Otherwise, this report may only be distributed into those states with an institutional buyer state securities registration exemption.  

Quelle: stockcharts.com

Rohstoff- und Minenbranche: Der Wochenrückblick von Haywood

Werfen Sie einen Blick in den informativen Wochen-Rückblick.

The Weekly Dig

Mick Carew, PhD, mcarew@haywood.com

Haywood Mining Team

Gold in Search of Direction Friday After Rapidly Shedding Early Gains at Mid-day

§  Major indices retreated Friday after many set new highs just a day earlier.  The pullback was on the tail of soft U.S. Retail Sales and Producer Price Index (PPI) data points early Friday.  There was an immediate ~$15/oz jump in December Gold futures pre-market, which more or less held up until about noon (PST), when gold retreated ~12/oz in about 20 minutes.  The initial run in gold seemed to be on the back of this economic data that came in below expectations, which could mean slower inflation than anticipated is occurring, potentially pushing back the threat of an interest rate hike. Meanwhile oil posted one of its strongest weekly gains in some time after shedding more than $10/barrel from early June highs of more than $50/barrel to early August lows of sub $40/barrel.  To end the week, Gold and Silver were unchanged at $1,336 (↑0.02%),$19.71 (0%), with platinum and palladium finishing lower at $1,122 (↓2.16%) and $685 (↓1.58%) per ounce respectively. Base metals were mixed; nickel (↓4.05%), zinc (↓1.42%) and copper (↓0.64%) finished lower at $4.65, $1.01 and $2.15 respectively, while lead (↑2.86%) finished higher at $0.83 per pound. The WTI crude price gained 6.38%, while the UxC Broker Average Price of uranium was down (↑0.96%) closing at $26.00 per pound on Friday.

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This report may be distributed in the following states: nil. Otherwise, this report may only be distributed into those states with an institutional buyer state securities registration exemption. 

Quelle: stockcharts.com

Rohstoff- und Minenbranche: Der Wochenrückblick von Haywood

Werfen Sie einen Blick in den informativen Wochen-Rückblick. Die kanadischen Börsenplätze sind heute aufgrund eines Feiertags (Civic Holiday) geschlossen.

The Weekly Dig

Mick Carew, PhD, mcarew@haywood.com

Haywood Mining Team

Gold Price Rises as U.S. Rates Unchanged and Presidential Campaign Heats Up

§  As expected, U.S. interest rates were held steady, as continued global economic uncertainty weighed on the minds of the Federal Reserve’s board members. Following the announcement, a statement from the Federal Reserve suggested a somewhat positive outlook for the U.S. economy, stating that "near-term risks to the economic outlook have diminished" and the job market is "improving". The Fed's decision was not unanimous, however, as one of the 10 board members voted to raise the rate but was outnumbered. Nevertheless, expectations of a rate hike before the end of the year appear to be gathering momentum. The week also saw Hillary Clinton accept the Presidential Nomination for the Democratic Party; with both candidates now confirmed, the stage is set for a fiery campaign leading to the November election. On the back of both announcements, and worse than expected GDP numbers, the price of gold gained 2% for the week and finished at $1,357 per ounce. Gold equities rose accordingly, with the S&P/TSX Global Gold Index regaining much of the losses incurred nsince hitting a multi-year high of 277 on July 11. The Index rose 7% for the week. Meanwhile, the S&P/TSX Venture Composite Index continued its steady rise towards the 800 mark, up 3.5% to finish at 796 on Friday. Silver, Platinum and palladium were also higher, finishing at $20.40 (á3.5%), $1,148 (á5.7%) and $709 (á3.4%) per ounce respectively. Base metals were mixed; lead (â0.8%) was down, while copper (á0.1%), nickel (á2%) and and zinc (á0.1%) rose to finish at $2.23, $4.80 and $1.02 per pound. WTI prices fell 7%, while the UxC Weekly Spot Price of uranium was up (á4.5%) closing at $26.13 per pound on Friday.

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This report may be distributed in the following states: nil. Otherwise, this report may only be distributed into those states with an institutional buyer state securities registration exemption.  

Quelle: stockcharts.com

Rohstoff- und Minenbranche: Der Wochenrückblick von Haywood

Werfen Sie einen Blick in den informativen Wochen-Rückblick:

The Weekly Dig

Mick Carew, PhD, mcarew@haywood.com

Haywood Mining Team

Gold Price Falls as both the Banks of England and Canada Held Rates Steady

§  Equity markets in the U.S. and Canada rose further this week, despite continued sluggish economic growth. Both the Dow Jones Industrial Average and S&P 500 Index extended all-time highs on Thursday, prompting several money managers in the U.S. to issue caution that the rally could be short-lived, with suggestions that the global economy would continue to remain sluggish while concerns over the ramifications of the Brexit vote continued. While equity markets rallied, the price of gold fell during the week, falling as low as $1,320 on Thursday during intra-day trading. On Friday, a truck filled with weapons ploughed into a large crowd of spectators celebrating Bastille Day in Nice, France, only eight months after the Paris attacks in November. The latest death toll at the time of publication was 84; however, despite the tragedy, markets remained relatively steady, with the S&P/TSX Composite index finishing 3.8% higher for the week. Following the attack, gold fell further before finishing at $1,329 per ounce on Friday. The lower gold price coincided with the Bank of England’s surprising decision to keep its key interest rate at 0.5%, while the Bank of Canada also kept its interest rate on hold. Meanwhile, silver (↓0.9%) and platinum (↓0.8%) were also down, finishing at $20.10 and $1,089 per ounce respectively. Base metals rallied during the week, with copper leading the way, gaining 4.1% to finish at $2.22 per pound, while nickel (↑3.9%), lead (↑3.04%) and zinc (↑2.82%) each finished at $4.64, $0.85 and $1.00 per pound respectively. WTI prices rose after last week’s heavy losses, up 1.2% for the week. Finally, the UxC Weekly Spot Price of uranium fell 5% during the week, as the Broker average price closed at $25.13 per pound on Friday.

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This report may be distributed in the following states: nil. Otherwise, this report may only be distributed into those states with an institutional buyer state securities registration exemption.  

Rohstoff- und Minenbranche: Der Wochenrückblick von Haywood

Folgend der informative Wochenbericht von Haywood:

The Weekly Dig

Mick Carew, PhD, mcarew@haywood.com

Haywood Mining Team

Precious Metals Continue to Rise Following Brexit Vote

§  Following last week’s shock Brexit result, financial markets continued to fall early in the week. The S&P 500 Index dropped below the 2,000 level during intraday trading on Tuesday, while the British Pound plummeted to $1.34 per U.S. dollar as confusion reigned over what the ramifications of the decision would be. The mood was compounded by terse comments from officials of the European Union stating that the UK cannot expect to have access to the EU free market without accepting all four principles of free movement: goods, services, people, and capital. On Wednesday, markets corrected following Monday’s and Tuesday’s losses; the FTSE 250 rising from Tuesday through Thursday by over 9% as concerns over the Brexit waned, at least for now. Gold maintained its above-$1,300 per ounce level, finishing at $1,325, while silver (↑8%), platinum (↑6%) and palladium (↑5.7%) also rose during the week to finish at $18.86, $1,026 and $600 per ounce respectively. Interestingly, base metals also have a positive week overall; copper (↑1.3%), nickel (↑2.3%), lead (↑3.4%) and  zinc (↑3.14%) each gained to finish at $2.20, $4.26, $0.81 and $0.95 per pound respectively. Alternatively, WTI crude prices fell for the second week in a row, down 3.55% to finish at $48.38 per barrel. Finally, the UxC Weekly Spot Price of uranium finished lower, closing at $26.50 per pound on Thursday.

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This report may be distributed in the following states: nil. Otherwise, this report may only be distributed into those states with an institutional buyer state securities registration exemption.  

Quelle: stockcharts.com

Rohstoff- und Minenbranche: Der Wochenrückblick von Haywood

Hier der Link zum informativen Wochenrückblick vom Haywood Mining Team.

The Weekly Dig

Mick Carew, PhD, mcarew@haywood.com

Haywood Mining Team

Brexit and U.S. Job Concerns Force Fed’s Hand Prompting Market/Gild Price Jitters

§  As predicted, the U.S. Federal Reserve held rates at 0.25 to 0.50% as concerns grow over the U.S. jobs market and Britain’s referendum scheduled for next week that will decide whether the Country stays in the Eurozone. The debate in Britain has intensified significantly as the day of voting draws nearer, with the “leave” camp gaining significant ground in the polls; one poll showed the Leave vote at 53% and the Remain vote at 47%, an 8 point swing on polls last week. The debate took a turn for the worse when a British member of parliament was shot dead in the street on Thursday, resulting in the suspension of campaigning for next week’s referendum. The likelihood of a U.S. rate rise in 2016 diminished following comments by Janet Yellen and other Federal Reserve officials - while the official outlook sees two rate hikes in 2016, fewer Federal Reserve officials expect the central bank to raise interest rates more than once this year, as policy makers gave a mixed picture of a U.S. economy where growth is picking up and job gains are slowing. The price of gold pierced the $1,300 per ounce level on Thursday and Friday following the Fed’s announcement, before closing at $1,296 per ounce late on Friday. Meanwhile, silver was up slightly (↑1%) finishing at $17.48, while platinum and palladium both fell over 2% to finish at $971 and $535 per ounce respectively.  Base metal prices were volatile this week; copper and nickel finished up higher at $2.06 and $4.09 per pound while lead and zinc were both lower at $0.76 and $0.73 per pound respectively. Finally, both WTI crude and the UxC Weekly Spot Price of uranium finished lower, closing at $48.03 per barrel and $25.94 per pound respectively.

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CRB-Index: Rohstoff-Preise steigen auf neues Jahreshoch

Seit den Tiefständen im Februar 2016 haben sich die Rohstoff-Preise bereits um mehr als 20% erholt und steigen die letzten Tage auf ein neues Hoch in 2016:

Quelle: stockcharts.com

Quelle: stockcharts.com

Rohstoff- und Minenbranche: Der Wochenrückblick von Haywood

Hier finden Sie den Wochenrückblick von Haywood vor.

The Weekly Dig

Mick Carew, PhD, mcarew@haywood.com

Haywood Mining Team

Gold Tests $1,300 Level as Timing of Fed Rate Hike Grows More Uncertain

§  As expected, the Federal Reserve held its key interest rate steady as data continued to point to slowing economic activity and reduced levels of consumer spending. Central to the Fed’s decision were the many conflicting signs in the U.S. economy – consistent job growth and an improving housing market against slowdowns in business investment and exports. The statement from the Fed that accompanied the decision was interpreted by many as considerably “dovish”, with low inflation still a concern, leading to many observers expressing doubts that the Federal Reserve would raise interest rates in June, or later in 2016 for that matter. In response to the decision, the US equities and the dollar fell, with the Dow Jones Industrial Average dropping over 300 points late during the week. The Fed’s decision was positive for gold, with both the yellow metal, and gold equities continuing to rally; gold has risen almost 18% YTD, while the S&P/TSX Global Gold Index is up a whopping 43%; both rose over 4% and 12% this week alone to finish at $1296 per ounce and 60.76 respectively. Despite concerns that gold and gold equities may be overbought, the Federal Reserve’s continued dovish outlook on the U.S. economy could see this upward trajectory continue, albeit amid some shorter-term volatility. The rise in silver prices is even more impressive, up 16% in April alone, and finishing at 17.84 per ounce on Friday. Base metals prices continue to defy calls for a correction, with copper (↑0.4%), nickel (↑4%), lead (↑1%) and zinc (↑1.6%) all up, finishing at $2.30, $4.27, $0.82 and $0.88 per pound. WTI crude finished higher, closing at $46 per barrel. Finally, the UxC Weekly Spot Price of uranium finished at $27.63per pound.

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Rohstoff- und Minenbranche: Der Wochenrückblick von Haywood

Folgend der informative Wochenbericht von Haywood:

Industry Report

April 22, 2016 - The Weekly Dig
Mick Carew, PhD, mcarew@haywood.com
Haywood Mining Team

Commodity Prices Hold Firm Despite Persistent Bearish Calls

§  In previous editions of the Weekly Dig, we noted the guarded optimism surrounding the recovery of metal prices and mining equities. This reluctance to fully embrace the recent surge so far can be attributed the early-year correction in metal prices experienced in previous years since 2011, as well as negative commentary from some influential firms that suggest the rise in commodity prices since the beginning of 2016 is not supported by fundamentals in the physical markets. Certainly, the rise in the price of iron ore over the previous month has taken the market by surprise, with the May CME Iron Ore contract piercing $65 per tonne Thursday before closing $62 per tonne. However, despite calls from certain quarters that the run in commodities would only be temporary, with one prominent firm maintaining its short position in gold, prices have remained buoyant, albeit amid short-term volatility such as the 1.5% drop in the price of gold on Friday, closing at $1.234 per ounce (↓0.14%). It is clear that regardless of the fundamentals governing this year’s price surge in commodities, the duration and apparent sustainability of metal prices so far in 2016 is more significant than what was experienced in previous years. This was further reflected in the performance of the base metals, which continued their rise during the week, with copper, nickel, lead and zinc each finishing at $2.27 (↑4.26%), $4.11 (↑2%), $0.81 (↑4.5%) and $0.86 (↑2.1%) per pound respectively. Precious metals including silver, platinum and palladium also finished higher at $16.95 (↑4.3%), $1,009 (↑2.5%), and $566 (↑5%) per ounce respectively. WTI crude finished higher, closing at $43.75 per barrel. Finally, the UxC Weekly Spot Price of uranium finished at $27.75 (↑2.8%) per pound.

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Rohstoff- und Minenbranche: Der Wochenrückblick von Haywood

Hier der Link zum informativen Wochenrückblick von Haywood:

Industry Report

April 15, 2016

The Weekly Dig

Mick Carew, PhD, mcarew@haywood.com

Haywood Mining Team

Uranium Price Slide Accelerates into Weekend, now Testing 10-Year Lows

§  The uranium spot price has fallen 25.3% in the first 3 ½ months of 2016, posting a worse performance in this short time, than any full-year loss experienced since the Fukushima disaster in March 2011 that led to Japan taking 50 reactors off-line, with only two now operating. Uranium saw three years of back-to-back double-digit percentage losses from 2011-13, but none worse than what we’ve seen thus far in 2016, and at no point since Fukushima, did the spot price dip below $28.00/lb U3O8.  In fact, the last time the UxC Weekly Spot Price of uranium was below $28/lb was May 2, 2005; more than 10-years ago.  Over the past week, uranium prices have rapidly declined, with the UxC Broker Average Price of uranium closing at $25.69/lb U3O8, Friday night. The prospect of a UxC spot uranium price below $28/lb Monday night now seems highly likely, as are the potential headlines picking up the “10-year low” price point.  Uranium continues to be burdened by oversupply as producers fail to curtail production despite very low non-discretionary utility demand currently, exacerbating the global inventory bulge, and placing increasing pressure on uranium price benchmarks.  In precious metals, the gold:silver ratio decline the has emerged since the beginning of March, accelerated this week as gold traded down 0.5%, to close at $1,235 per ounce, while silver was up 5.4%, to close at $16.26 per ounce.  Platinum (↑1.6%) and Palladium (↑4.6%) were both up for the week, closing at $984 and $569 per ounce, respectively. In the base metals, copper (↑3.2%), nickel (↑4.2%), lead (↑0.8%) and zinc (↑6.2%) prices all rose this week. WTI crude was up this week, closing at $40.36 per barrel Friday, off its intra-week high ahead of the Doha OPEC meeting this weekend.

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Rohstoff- und Minenbranche: The Dig - Wochen-Rückblick vom Haywood Mining Team

Hier der Link zum informativen Wochen-Report:

Industry Report

April 8, 2016

The Weekly Dig

Mick Carew, PhD, mcarew@haywood.com

Haywood Mining Team

Copper Price Plunges on the Back of Near-Record Chinese Stockpiles

§  The rise in the price of copper since the beginning of 2016 took many by surprise given the continued gloomy outlook on economic growth in Europe and China in particular. Beginning the year at $2.13 per pound, the red metal fell to as low as $1.95 per pound on January 15 before rising by 18% in two months to March 18th. This rise in copper during Q1/16 also saw a welcome reprieve for several major diversified and copper-focussed companies that experienced a difficult 2015; BHP Billiton (BHP-ASX), Rio Tinto (RIO-ASX), Freeport McMoRan (FCX-NYSE) and VALE (VALE-NYSE) each rose 20%, 14%, 76% and 45% respectively during the same period. However, after its mid-March high’s, copper then slumped 10%, falling 4% this week alone to finish at $2.09 per pound on Friday. News of record stockpiles in China and the possibility that the world’s leading consumer of copper could ramp-up copper exports appears to have applied downward pressure on the copper price. Meanwhile, zinc and lead prices followed suit, falling 7% and 2.7% respectively to finish at $0.79 and $0.77 per pound. Nickel recovered some of the ground it lost in March (falling 12% in just over three weeks), rising 2.7% this week to finish at $3.86 per pound. Following a disappointing 2016 to date (as reported here last week), uranium prices rebounded, with the UxC Broker Average (BAP) Price of uranium recording 4 consecutive daily-gains before finishing at $28.50 per pound (↑1.8%) on Friday. After last week’s drop, WTI crude prices rose over 7% this week as U.S. output fell sharply and a meeting between suppliers scheduled for April 17 to discuss freezing output draws near. WTI crude finished at $39.58 per barrel on Friday. Finally, gold finished 1.4% higher at $1,242 per ounce.

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Rohstoff- und Minenbranche: The Dig - Wochen-Rückblick vom Haywood Mining Team

Der lesenswerte Wochenrückblick von Haywood:

Industry Report 

April 1, 2016

The Weekly Dig

Mick Carew, PhD, mcarew@haywood.com

Haywood Mining Team

Uranium Prices Slide as Lack of Immediate Demand & Excess Inventory Loom

§  Given the surge in metal prices during Q1/16, the uranium price decline over the same period is somewhat of an anomaly. Gold (↑9%), copper (↑2%) and even iron ore (↑23%) have each experienced gains since the end of 2015, albeit coinciding with significant price volatility. However, uranium prices during Q1/16 have been disappointing, again falling below the $29.00 per pound this week; the UxC Broker Average (BAP) Price of uranium finished at $27.33, its lowest price since June, 2009, and potentially sets up the weekly uranium spot price on Monday for its lowest level in over 10 years. The decline in the price of uranium can be attributed to a dearth of non-discretionary buying from utilities combined with an over-supplied market which continues to inflate global inventories, partially attributable to the continued shutdown of Japanese reactors and the ramp-up of production at selected uranium mines including Cigar Lake. Meanwhile, both precious and base metal prices declined this week; the price of gold rose on Tuesday to over $1,240 per ounce during intra-day trading on the back of more dovish comments from Federal Reserve Chair Janet Yellen, but subsequently fell again later in the week following better-than-expected U.S. and Chinese economic data (see page 2). Silver (↓1%) and palladium (↓2%) prices finished at $15.08 and $564 per ounce, which platinum finished slightly higher at $956 per ounce on Friday. Copper (↓2.4%), nickel (↓4%) and lead (↓0.73%) prices each fell during the week, while zinc was the shining light for base metals, finishing up 4.1% at $0.85 per pound as zinc supply concerns following several mine closure last year continue to mount. Finally, WTI crude prices fell sharply to 36.71 per barrel on Friday after OPEC oil output rose again in March.

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This report may be distributed in the following states: nil. Otherwise, this report may only be distributed into those states with an institutional buyer state securities registration exemption.  

Rohstoff- und Minenbranche: The Dig - Wochen-Rückblick vom Haywood Mining Team

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Industry Report

March 24, 2016

The Weekly Dig

Mick Carew, PhD, mcarew@haywood.com

Haywood Mining Team

Gold Price Fails to Find Support after Brief Surge following Brussels Attacks

§  The terror attacks in Brussels dominated this week’s headlines, after simultaneous bombings were reported at Brussels airport and at the City’s Metro Station, resulting in at least 32 people dead and over 200 injured. The tragedy amplified tensions in the region, as Europe still reeled from similar attacks in Paris in November last year. As expected, global markets fell, while safe-haven assets including government bonds and gold rose, with the latter hitting $1,259 per ounce during intra-day trading on Tuesday; markets settled quickly, however, with the Dow Jones Industrial Average down only 41.30 points, while the S&P 500 was largely unchanged at close. Following these brief market gyrations, metal prices across the board declined significantly; precious metals, and gold in particular, fell on the back of a strengthening U.S. dollar, finishing the week at $1,219 per ounce (↓3.7%) on Thursday heading into the Easter holiday period. The strengthening U.S. dollar has been attributed to the view that the Federal Reserve’s Open Market statement last week may have been too “dovish”. In response, silver (↓4.7%), platinum (↓4%) and palladium (↓3.3%) fell, finishing at $15.19, $947 and $574 per ounce respectively, while base metals fared no better, with copper (↓2.4%), nickel (↓2.85%), lead (↓3.5%) and zinc (↓2.5%) each finishing at $2.26, $3.91, $0.79 and $0.81 per pound respectively. One of the worst performers for the week was oil, with U.S. supply data indicating higher-than-expected stockpiles and stubbornly high production; WTI crude prices tumbled 5.4% to finish at $39.53 per barrel. Finally, UxC Broker Average (BAP) Price of uranium underwent a relatively flat week, finishing slightly lower (↓1%) at $29.44 per pound.

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