Copper – prices fell overnight falling 3% at one stage before recovering to US$7,970/t this morning from US$8,008/t yesterday
Chinese traders were reported to have bought the dip on the close and as the stronger US dollar weakened again.
The US dollar had strengthened as the Fed appeared to be tolerating the return of a stronger dollar and may also start tapering its bond buying later this year
SP Angel . Morning View . Tuesday 12 01 21
Metal prices recover as US dollar pulls back from short term strength
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Arc Minerals* () – Placing raises £2m at 3.5p
Ariana Resources () – Kiziltepe exceeds 2020 production guidance
BlueRock Diamonds () – Kareevlei production shows significant improvement as diamond sales rise
Orosur Mining* () – Nick von Schirnding joins board of Orosur
* () – Exploration at Haneti continues as nickel prices continue to rally
Copper – prices fell overnight falling 3% at one stage before recovering to US$7,970/t this morning from US$8,008/t yesterday
Chinese traders were reported to have bought the dip on the close and as the stronger US dollar weakened again.
The US dollar had strengthened as the Fed appeared to be tolerating the return of a stronger dollar and may also start tapering its bond buying later this year
The Fed is also seen as potentially tolerating an increase in long-term interest rates.
Sterling rose overnight against the US dollar as the BoE Governor downplayed the use of negative interest rates.
Disruption at ports due to freezing weather in China and Covid regulations in other parts of the world is disrupting trade causing delays to shipments.
The situation is likely to slow global trade and potentially economic recovery.
Freight companies are having a tough time in the current environment.
Delays in shipments is raising prices for ferrochrome and other industrial minerals and is likely to cause significant delays for consumers awaiting shipments of other metals
Two cities are already under lockdown in Hubei province in China
Coronavirus protection measures are holding up containers coming out of South Africa
Chinese ports suffering disruption in freezing weather
Dalian port in China also recently issued a notice for Frozen Reefer cargos to divert to other ports
Containers are increasingly hard to source in China
European customs officials continue to hold up shipments claiming incorrect paperwork locking up yet more containers
The Baltic Dry Index has put on another 10% rising to a new three-month high
Dutch confiscate UK lorry drivers ham sandwich at border
Dutch Media has filmed border officials confiscating ham sandwiches from lorry drivers arriving in the Netherlands from the UK, due to post-Brexit rules.
Under EU rules, travellers from outside the bloc are banned from bringing in meat and dairy products.
Lorry drivers must feel like they are playing “piggy in the middle” between the UK…
Read More: Today’s Market View – Arc Minerals; Ariana Resources; BlueRock