Hedge funds are hoarding cobalt amid battery metal slump

Wuchan Zhongda Group, which had sales of $80 billion in 2023, bought 2,000 tons of refined copper from a Russian smelter that should have been delivered last month.

Macquarie sees a market recovery driven by strong demand from the steel sector.

The cabinet approved the creation of a special purpose vehicle that will invest and trade in Africa’s second-biggest copper producer.

Global inactivity reached 25.4% on May 8, with seasonal maintenance closures remaining a key feature, Earth-i said.

The partnership sold 5 tons of hand-mined gold, worth about $300 million, in its first year of operation.

The government has approved draft legislation that will ensure the security of mining licences and permits in the state, a major producer of iron ore.

By 2025, the global battery industry will be able to produce more than five times as many cells as the world will need, BNEF forecasts.

The country, which produced 698,000 tonnes of copper in 2023, is targeting 3 million tonnes in annual output within the next decade.

Spot gold is trading around $2,300 per ounce after hitting a record $2,449.89 on May 20.