Copper prices have picked up this week, but investors are anxious that a slowdown in China’s economic growth could reduce demand for the red metal.
Speculation regarding Chinese demand continued to keep the red metal in flux this week.
To help investors understand where the company is currently seated in regards to the status of the Land Bill’s trek through Congress and the importance of the Pumpkin Hollow deposit, not only to Nevada Copper but also to the surrounding communities, Copper Investing News recently spoke with Giulio Bonifacio, the company’s president and CEO.
Heavy is the head that wears the crown, especially when that crown is the indicator of the global economy.
Bloomberg reported today that Gecamines, the Democratic Republic of Congo’s state mining company, is planning growth in copper production this year as it looks for funding for new projects. The company is also looking for financing for its 100% owned Deziwa and Ecaille C mining concessions,m according to Bloomberg.
Northern Life reported yesterday that Vale (NYSE:VALE) stopped operations at its Copper Cliff mine after an equipment malfunction on Sunday.
Copper Fox Metals Inc. (TSXV:CUU) provided an update on the Van Dyke oxide copper deposit in Arizona. Diamond drilling has commenced on the property, with two additional drill holes pre-collared into bedrock.
Reuters reported that Glencore Xstrata plc (LSE:GLEN) has sold its interest in the Peruvian Las Bambas copper mine to a Chinese consortium led by MMG Ltd. (HKEX:1208).
NovaCopper Inc. (TSX:NCQ,NYSEMKT:NCQ) Vice President Corporate Communications Patrick Donnelly talks about the Arctic deposit and the Bornite carbonate replacement style deposit in the Ambler mining district in Alaska, near the Teck-operated Red Dog Mine.
PolyMet Mining Corp. (TSX:POM) Investor Relations, Jenny Knudson, talks about the NorthMet copper-nickel-platinum-palladium project, which is in "the later stages of regulatory compliance"
Western Copper and Gold Corporation (TSX:WRN,NYSEMKT:WRN) President & COO, Paul West-Sells, spoke to Resource Investing News at the Prospectors and Developers Association of Canada (PDAC) Convention about the Casino copper-gold deposit in the Yukon.
Reuters reported today that the State Reserves Bureau for China has bought 2000,000 tonnes of imported copper between March and April. According to its sources, Reuters said that the stockpiler plans to move the copper stocks to state warehouses by June, and will also sell off older copper to rotate stocks.
Three-month copper on the London Metal Exchange fell 0.6 percent or $39.67 to trade at $6,611.75 a tonne on Tuesday, according to Reuters. As an economic slowdown seems only likely to continue in China, the red metal is still feeling the impact of concerns regarding Chinese demand.
Reuters reported that Hong Kong Exchanges and Clearing Ltd. will start trading copper, aluminum and zinc mini futures in the coming year. HKEx Chief Executive Charles Li told Reuters he hopes to meet the needs of the commodities industry in Asia with the new platform.
Copper for delivery in three months on the London Metal Exchange rose $8 to trade at $6566 per tonne, according to Investing.com.