Could copper lead the metals upward?
With the precious metals remaining range bound Craig Hemke, Editor of TFMetalsReport.com takes a look at the continued copper and base metals breakout. We try to make sense of this move and what the markets are telling us. We also look ahead to tomorrow’s Jackson Hole meeting and speeches.
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Copper, zinc prices rising as supply tightens, demand grows
Environment regulations in biggest producer China affecting production
August 21, 2017
Copper finds new base level, volatility anticipated: Antofagasta
London (Platts)–22 Aug 2017
The copper market “is currently exhibiting unexpected strength, but it is unclear if this can be maintained although it does appear a new base price level has been established at $2.50-2.60/lb, [$5,512-5,732/mt]” Antofagasta plc said Tuesday.
“The outlook in the mid to longer term continues to be favorable as demand is expected to grow at around 2% while supply growth remains constrained,” the UK-listed Chilean miner said in its half-year results statement.”
“In the shorter term, “the market is moving to a tighter demand-supply position with a small deficit expected this year and next,” Antofagasta said.
China Minmetals to Spend Millions on Copper Smelter Upgrades
State-owned China Minmetals will invest in new smelting technology that eliminates the discharge of industrial wastewater.
Priscila Barrera • August 21, 2017
Copper rally lifts Antofagasta’s profits — up 88% in first half of 2017
Copper prices hit a fresh three-year high on the news.
Cecilia Jamasmie – about 24 hours ago
http://www.mining.com/copper-rally-lifts-antofagastas-profits-up-88-per-cent-in-first-half/
Copper price rallies after Grasberg violence
Frik Els | a day ago
http://www.mining.com/copper-price-rallies-grasberg-violence/
Chile rejects divisive $2.5 billion Dominga copper-iron ore project
Cecilia Jamasmie | 2 days ago
http://www.mining.com/chile-rejects-divisive-2-5-billion-dominga-copper-iron-project/
OZ Minerals to build $700 mln copper mine in Australia
Reuters | 40 minutes ago
http://www.mining.com/web/oz-minerals-build-700-mln-copper-mine-australia/
Congo H1 copper output up 15%, inflation to hit 52%-cbank
Reuters | about 2 hours ago
http://www.mining.com/web/congo-h1-copper-output-15-inflation-hit-52-cbank/
A Warning From Dr Copper
Aug. 24, 2017 – Andrew McElroy
https://seekingalpha.com/article/4101577-warning-dr-copper?ifp=0
Best Run in 11 Years Beckons for Metals as China Drives Rally
August 24, 2017 – Bloomberg News
Iron ore nears $80 a tonne
Prices for the steelmaking material up almost 50% since beginning of the year.
Cecilia Jamasmie | 2 days ago
As for the Jackson HOLE in our pockets from all the central bank scheming I had posted this article earlier this morning at the bottom of some blog:
How one central-bank cowboy at Jackson Hole has fallen behind — and may be spurred to act
Published: Aug 24, 2017
I’m just hoping they announce the news on Yellen’s replacement as new FED chair:
http://cdn.ceo.ca/1cptmjt-Ronald%20McDonald%20new%20FED%20Clown.jpg
Gold Miners Bullish Heading Into Jackson Hole
by @Goldfinger on August 24, 2017
https://ceo.ca/@goldfinger/gold-miners-bullish-heading-into-jackson-hole
Movies and cartoons and books have talked about #Gold & #Silver as valuable for years and subconsciously everyone realizes this.
That’s why we have Gold & Silver Medals, “The Goose that lays the Golden Egg” “The Golden Rule” “The Gold Standard” “Good as Gold”…..etc….
Until the Lannisters start stealing people’s crypto wallets then #ThePetRockLivesOn
*P.S. – #aLannisterAlwaysPaysHisDebts
I recently said that copper looks like it can melt up and it still does. It is up 50% since the start of 2016…
http://stockcharts.com/h-sc/ui?s=%24COPPER&p=D&yr=1&mn=9&dy=0&id=p08763049947&a=487154642
$PLM $POM Polymet Mining Presents At CFA Society of Minnesota 6th Annual Intellisight Conference – #CorporatePresentation Slideshow #mbgtrends #Index
Aug. 24, 2017 – #Copper #Nickel #Platinum #Palladium #Cobalt #Gold
(POM) (PLM) Polymet Geology & Resources:
State Releases Six Draft Water Appropriation Permits for PolyMet Copper-Nickel Project
@businesswire on August 11, 2017
Avi Gilbert’s weekend comments on PMs:
http://news.goldseek.com/GoldSeek/1503670020.php
Copper price rally is only gathering momentum
Frik Els | about 15 hours ago
http://www.mining.com/copper-price-rally-gathering-momentum/
@Goldfinger “Copper on cusp of highly significant breakout on the weekly, ~$3.40 up next:”
Gold is acting very well:
http://stockcharts.com/h-sc/ui?s=GLD&p=D&yr=1&mn=0&dy=13&id=p02922093004&a=540192258
Gold has a crack at closing the weekly candle over $1300 today.
Currently at $1298. (usually triple tops don’t happen and the 3rd time is the charm).
If it doesn’t happen today, I expect gold to make it through this resistance zone next week. Who knows, even OOTB may be happy if Gold can close above $1307 next week 😉
We know spanky won’t be!
YES….. $1307, and stay above without dropping back down…….might make me happy, but then I would like to see $1450 by year end………..wishful thinking……. 🙂
Mnuchin effect………….
@Goldfinger – “Surging EV metals demand:”
$aluminum $cobalt $copper $graphite $lithium $nickel $manganese
http://cdn.ceo.ca/1cpt5q0-EV_metals_demand.png