Chile targets million-tonne copper boost in tightening market

Increased demand from both central banks and investors provides further confirmation that precious metals, in particular gold, are the commodities to look at in 2023.

The southern African country has significant deposits of lithium as well as rare earth minerals.

Imports of coal have been robust in recent months as China turned to thermal generation amid lower hydropower output.

Coronation Fund Managers has reduced the Impala Platinum Holdings Ltd. and Northam Platinum Holdings Ltd. shares in its resources fund this year.

Carmakers who faced skyrocketing prices for lithium and other battery metals last year could increasingly adopt sodium-based cells in the future.

Investors look set to pile into the copper market on an unprecedented scale in the next few years, Citi analyst says.

Data suggest Chilean production may be stabilizing after a series of project delays, mine-specific setbacks and plant maintenance.

China raised its gold holdings by about 16 tons in May, according to data from the People’s Bank of China.

However, total assets under management fell slightly by 0.4% to $220 billion due to a lower gold price in the month compared to April.