Commodities turn a corner and Teck makes a deal
Commodities and markets were up this week off the good consumer price index report, which came in below market expectations, noted mining audiences manager Michael McCrae.
On Saturday McCrae recorded Kitco Roundtable.
The GDX, an index of gold miners, was up 5% on the week. The S&P was up half that amount. Gold added about $40 for the week to end in the 1980s range.
Mid-week consumer price index report was below Wall Street estimates. According to CNBC, the annual rate was the smallest increase since September 2021.
Copper was up 4% this week. Even better for miners is that oil prices were mostly flat on the week with WTI trading in the mid 70s.
The big mining news from the start of the week is when Glencore bought 77% of Teck Coal Business for $6.93 Billion. Nippon Steel took the remaining portion.
In a news release Jonathan Price, president and CEO of Teck, said the sale will ensure Teck is well-capitalized and re-focus the company as a Canadian-based critical minerals champion.