Metal

China’s near-total control of the global gallium market—a metal critical for semiconductors, defense tech, and next-gen electronics—has sent prices soaring to 14-year highs after Beijing restricted exports in 2023. Now, the U.S. and Europe are scrambling to break China’s dominance, turning to mining waste streams and reviving long-dormant refining techniques. Why Gallium Matters: The West’s Counterattack: China’s Next Move:

Shanghai copper inventories are poised for another sharp decline this week, traders say, exacerbating a supply squeeze that has already driven stockpiles down 60% in April—the steepest monthly drop on record. The shortage is fueling a price surge and deepening backwardation, with traders scrambling to redirect global supplies to China. Key Developments: Market Impact:

As the U.S. finalizes a critical minerals deal with Ukraine, it is quietly advancing a far more ambitious play in Africa’s Great Lakes region, where a potential peace agreement between Congo and Rwanda could unlock access to the world’s richest deposits of tin, tungsten, and coltan—and challenge China’s dominance in the global metals race. Key Developments:

Gold surged to a two-week high on Tuesday, climbing 2.4% to $3,413/oz, as post-holiday Chinese buying and fears of new U.S. tariffs on pharmaceuticals bolstered safe-haven demand. Investors now await the Federal Reserve’s policy meeting for clues on rate cuts, which could further sway the metal’s momentum. Key Drivers: Market Moves:

The Indian government is finalizing its response to a Supreme Court ruling that nullified JSW Steel’s 2021 acquisition of Bhushan Power & Steel under insolvency proceedings, ordering liquidation instead. The deal, worth ₹197B ($2.35B), had already repaid creditors, but the court’s surprise reversal has left banks and officials scrambling. Key Developments:

Goldman Sachs predicts gold will continue its dominance over silver in 2025, citing strong central bank purchases and heightened geopolitical/recession risks as key drivers. The gold-silver ratio—now at 102 oz of silver per 1 oz of gold (vs. 84.7 a year ago)—reflects this divergence. While silver (+12% YTD) benefits from gold’s rally, its upside is capped by slowing Chinese solar demand and industrial weakness. Gold (+26% […]

The Metals Company (TMC) has become the first deep-sea mining firm to formally request U.S. approval to extract minerals from international waters, capitalizing on President Trump’s recent executive order to fast-track seabed mining and counter China’s dominance in critical minerals. Key Developments: Market & Legal Implications:

As the U.S. pushes for a share of Ukraine’s vast mineral wealth in exchange for military aid, communities in the country’s mining heartlands are voicing fierce resistance, fearing exploitation. President Volodymyr Zelenskiy, negotiating a mineral revenue fund with Washington, insists the deal will be “equitable”—but locals in Kryvyi Rih and Zhovti Vody, where iron ore and uranium […]

U.S. steel giant Nucor (NUE.N) outperformed Wall Street expectations in Q1 2025, reporting **adjusted earnings of 0.77/share∗∗(vs.0.77/share∗∗(vs.0.64 estimates) and **revenue of 7.83B∗∗(vs.7.83B∗∗(vs.7.23B forecast). The strong results were driven by higher steel prices and increased demand following President Trump’s tariffs on imported steel and aluminum. Key Highlights:

Barrick Gold’s showdown with Mali’s military government has triggered mass layoffs at its Loulo-Gounkoto gold complex, with subcontractors cutting hundreds of jobs after months of unpaid work and frozen operations. The cuts mark a sharp escalation in a two-year dispute that has halted production at Africa’s largest gold mine and strained relations between the Canadian […]