Metal

Gold demand in India experienced a notable increase this week due to festival purchases, although overall volumes lagged behind typical levels because of record-high prices. Here are the key highlights: Retail Buying Surge: Retail gold purchases surged as consumers sought to buy during the auspicious festival period. However, many buyers opted for token purchases due […]

Russian aluminium giant Rusal has escalated its legal dispute against Vladimir Potanin, the CEO and largest shareholder of metals producer Nornickel, by introducing fresh claims. Here are the key details: New Allegations: Rusal’s latest claims assert that the development of the digital exchange platform Atomyze and the launch of an employee incentive scheme by Nornickel […]

Sumitomo Corp, a major Japanese trading house, announced on Thursday that it is gradually resuming production at the Ambatovy nickel and cobalt project in Madagascar following a pipeline issue last month. Here are the key details: Production Resumption: The company is slowly restarting operations and is currently reviewing future output volumes to stabilize production and […]

South Korea’s financial market watchdog is conducting an investigation into Korea Zinc’s decision to issue new shares, amid concerns of potential unfair practices. Here are the key points: Share Issuance Announcement: Korea Zinc, the world’s largest zinc refiner, announced plans to issue new shares valued at approximately $1.8 billion, which analysts view as a strategy […]

Codelco, Chile’s state-owned copper miner, reported a decline in copper production for the first nine months of the year, with key highlights including: Production Figures: Codelco produced 918,000 metric tons of copper from January to September, down 4.9% compared to the same period last year. In the third quarter alone, production was 338,000 tons, reflecting […]

Trafigura announced it will make provisions of $1.1 billion following an internal review that uncovered fraud within its Mongolian petroleum products supply business. Key points include: Fraud Discovery: The internal review revealed manipulation of data and documents, leading to inflated payments and concealment of overdue receivables over five years. External Investigation: An external investigation confirmed […]

The European Steel Association (Eurofer) has revised its steel demand outlook for 2024, predicting a decline due to ongoing economic challenges. Key points include: Demand Reduction: Eurofer downgraded its forecast from a 1.4% growth to a 1.8% decline in steel demand for the EU, marking the fourth revision this year. This reflects the impact of […]

Indian consumers are actively purchasing gold for the Dhanteras and Diwali festivals, undeterred by record-high prices. Key highlights include: Strong Demand: Despite local gold prices reaching 78,919 rupees per 10 grams—over 31% higher than last year’s Diwali—demand remains robust. This is attributed to gold’s perceived better returns compared to the cooling stock market. Cultural Significance: […]

Anglo American’s strategic shift towards becoming a copper-focused mining company could significantly influence its future, particularly in light of BHP Group’s previous $49 billion takeover bid that was rebuffed earlier this year. Key points include: BHP’s Previous Bid: BHP attempted to acquire Anglo in May but withdrew after being rejected three times. With the six-month […]

Brazil has finalized a significant compensation agreement totaling 170 billion reais (approximately $29.85 billion) with mining companies BHP, Vale, and Samarco, following the catastrophic Mariana dam collapse in 2015. Key details of the agreement include: Background of the Disaster: The dam collapse, which occurred at a Samarco iron ore mine, resulted in the deaths of […]