Positive economic news and hints of interest rate cuts in Europe supported oil and copper prices this week, while central banks and buyers of gold bars and coins gave the yellow metal a much-needed lift.
Copper – The absence of stellar economic growth data out of China and gold’s largest single-day drop in decades together pushed copper to an 18-month low this week. The red metal traded dangerously close to bear market conditions.
Copper – Amid declining ore grades and rising mining costs, investors may want to look closely at regions with low geopolitical risk. After a couple of years of declining production, the United States is set to increase its copper output for a second year on the back of a slew of promising projects.
Copper – Amid dismal economic data out of Europe, copper made slight gains from an eight-month low as Chile’s port strike caused a supply squeeze.
Rising consumer spending, a pick up in hiring and surging stock markets boosted confidence in the world’s biggest economy this week, while the tiny nation of Qatar made a huge gas find.
Copper – This week, copper yielded all the gains it has made this year, weighed down by concerns about a proposed Chinese property tax and signals that the Fed's asset purchases may come to an end.
The state-owned oil and gas producer made two big deals this week, while talks to resolve the fiscal cliff stalled in the US.
Copper – Nevada Copper (TSX:NCU) has filed the NI 43-101 Technical Report Feasibility Study for its Pumpkin Hollow Copper project on SEDAR. The Feasibility Study confirmed that constructing and operating an underground Stage 1 mine development on the East deposit is financially and technically viable.
Copper – Nevada Copper (TSX:NCU) announced the signing of drill contracts for the NC12-34 area at Pumpkin Hollow. Drill mobilization is expected to commence later this month.
Signs of improvement in the country’s manufacturing sector boosted investor confidence — and resource prices — this week.
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