Q1 earnings will be the mining sector’s time to shine in a higher gold environment – WisdomTree’s Schwartz and Gannatti
(Kitco News) - Although the gold market has seen an unprecedented rally to record highs above $2,400 an ounce, the mining sector continues to see lackluster demand, significantly lagging behind the precious metal.
Nornickel moves closer to biggest buyer with plan for copper plant in China
Nornickel, struggling to import equipment to sanctions-hit Russia, will close its Arctic copper plant and build one in China with an unnamed partner to gain direct access to the world’s biggest metals market, it said on Monday.The project is a major shift for Nornickel, which is simultaneously adapting to sanctions on Russia and to changing buying preferences in its main sales destination, Asia. Until now, Nornickel has mainly sold refined copper, used in power and construction.
Copper demand to boom as new technology drives power consumption, Trafigura says
Flourishing activity in the electric vehicle, power infrastructure, AI and automation sectors will lead to at least 10 million metric tons of additional copper consumption over the next decade, commodity trader Trafigura told Reuters.Technological developments such as artificial intelligence and automation, and the energy transition, which includes electric vehicles and renewable energy, have already driven up demand prospects for copper cable used to conduct electricity.
Sandvik’s Q1 core profit falls more than expected
Swedish metal-cutting and mining equipment maker Sandvik reported on Monday a bigger drop than expected in first-quarter core profit and said demand was mixed in the period.Operating profit before amortization and items affecting comparability was 5.28 billion crowns ($483.64 million) against a year-earlier 6.12 billion and a mean forecast in an LSEG poll of analysts of 5.69 billion, on a sales drop before acquisitions of 5%.Items affecting comparability, mainly restructuring costs, totalled a negative 2.51 billion crowns.