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What happened to base metals this week? Here’s a look at the top stories covered by the Investing News Network.
Nickel had a very positive week, rising by 4.66 percent, the most of all of the base metals. Nickel started off the week at US$16,190 per tonne and closed Thursday (October 24) at US$16,945.
Similar to nickel, lead also trended upwards, rising dramatically early on and remaining stable to the end. Between Monday (October 21) and Tuesday (October 22) lead’s price increased by 1.4 percent, from US$2,201 per tonne to US$2,234.
Zinc has been on the rise, increasing by 0.76 percent since Monday (October 21). The metal traded at US$2,499 per tonne on Monday and closed Thursday (October 24) at US$2,518.
Copper, on the other hand, struggled a bit at the beginning of the five-day period, but took a turn for the better by Thursday. The red metal began the week at US$5,818 per tonne and closed Thursday (October 24) at US$5,868, increasing by 0.86 percent.
Iron prices also took a downturn this week, starting at US$90.58 per tonne and closing Thursday at US$90.10, representing a 0.53 percent decrease.
Top base metals news stories
1. Top Zinc Stocks of 2019 on the TSX
As zinc’s price cools from the highs it reached this summer, many analysts still expect the metal to do well in the future as supply dries up.
The Investing News Network took a look at the top gainers in the zinc industry for those investors interested in getting into the zinc game. All data relating to stocks came from TradingView’s stock screener and was retrieved on October 22. Only companies with a market capitalization greater than C$50 million prior to the week’s gains were included.
2. Eyes on Chilean Copper
BHP (ASX:BHP,NYSE:BHP,LSE:BLT)and other copper companies experienced work stoppages this week as more and more Chilean miners stood in solidarity with other protesters in Chile. These protests are a part of the larger dissatisfaction with the Chilean government, with the Chilean President Sebastian Pinera going as far to say the country is “at war.”
The Investing News Network spoke to Remi Piet, senior director at Americas Market Intelligence, regarding the protests, as well as other analysts who expect this disruption to have an inevitable effect on the economy and mining industry.
3. Eramet’s Upcoming Indonesian Mine
Multinational miner Eramet (OTC Pink:ERMAY,EPA:ERA) announced it will be accelerating the development of its Weda Bay mine in Indonesia. The company hopes to have it open as early as early 2020, just as the Indonesian nickel ore export ban goes into effect.
This decision follows the momentous year nickel has had, as the metal saw a surge in price following speculation regarding Indonesia’s ban and the projected need for nickel in the process of electrification and decarbonization, which have been popularized by pushes for environmentalism.
Also in the news:
Glencore(LSE:GLEN,OTC Pink:GLCNF)reported a 4 percent drop in copper output this year and decreased its full-year guidance as it prepared to suspend some of its operations in the Democratic Republic of Congo. This move comes as an effort to overcome the challenges of operating in the politically volatile country.
Meanwhile, in Papua New Guinea, the government has ordered the Metallurgical Corporation of China to close one of its nickel processing plans citing the company’s failure to take unnamed “remedial” actions.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Sasha Dhesi, hold no direct investment interest in any company mentioned in this article.
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