23 min listen
Copper is due for a comeuppance
ratings:
Length:
48 minutes
Released:
Apr 30, 2021
Format:
Podcast episode
Description
While copper has been sizzling the metal is due to fall back to earth in the second half of the year, according to a BMO Capital Markets report. On Friday editor Neils Christensen, correspondent Paul Harris and mining audiences manager Michael McCrae discussed mining and metal events over the past week on Kitco Roundtable. Special guest was Sean Roosen, executive chair of Osisko Royalties and director at Osisko Mining. On Thursday copper poked its head above the $10,000 a tonne mark on the London Metal Exchange before falling back. The last time copper rose above $10,000 was in February 2011, when it touched a record of $10,190. Elevated copper prices in 2021 have resulted in blow out quarters for the copper miners. The world's top copper producer, Codelco, said profits soared to $1.63 billion in the first quarter of 2021. Teck said its profits were 247% higher, thanks to copper. First Quantum, which had been beating off a Chinese suitor a year ago, said revenues were up 42% and Grupo Mexico, the world's fifth-largest copper miner said on Thursday that its revenues were 40.2% higher.But watch for prices to start coming down, warns BMO Capital Markets in a study released this week. Policy normalization in China in the second half of this year will see reduce frenzied buying for copper and other commodities. Goldman Sachs is bullish on copper long term. It had a study out mid-April calling copper the "new oil" due to energy transition. Goldman pegged copper at $15,000 a tonne over the next four years. The Roundtable panel also discussed the Fed's announcement, First Cobalt and Global Sea Mineral Resources' troubled mining robot prototype.
Released:
Apr 30, 2021
Format:
Podcast episode
Titles in the series (100)
Spotted! Recent junior M&A activity that could turn into a sector wave: Australian M&A is heating up amongst the early-stage development companies, which could portend bigger deals worldwide, said Peter Akerley, CEO of Erdene Resources. On Friday Akerley recorded Kitco Roundtable podcast with correspondent Paul Harris; editor Neils Christensen; and mining audiences manager, Michael McCrae. by Kitco NEWS Roundtable