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Copper price drops despite 65% surge in China imports
Copper prices pulled back sharply on Monday despite near-record level Chinese imports and dwindling global inventories of the metal. Customs data released on Monday showed China’s unwrought copper imports (anodes and cathodes) in August declined to 668,486 tonnes from...
Vale to shut New Caledonia mine as buyer walks away
Vale is preparing to potentially shut down its nickel and cobalt operations on the Pacific island of New Caledonia after failing to reach an agreement on the asset’s sale with Australia’s New Century Resources. “Vale will now start the required steps to place VNC on...
Polyus net profit up 63% on higher gold prices
Russian largest gold producer Polyus said on Monday that its second-quarter net profit rose 63% year-on-year to $684 million due to a 31% increase in gold prices. Its second-quarter adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) were at...
World’s biggest copper supplier saw sales slump last month
The biggest copper-producing nation just offered further insight into why markets have been tightening of late. Chile, which had managed to maintain production near pre-pandemic levels, reported copper shipments of $2.76 billion for August, an 11% drop from July,...