Norsk Hydro takes $571 million hit in weak alumina market

LME data this week showed investment fund positioning in copper flipped to a net short — the first since June 2020.

Copper has dived below $8,000 a tonne and iron ore is trading south of $100.

Gold has been trending down this week on robust US economic data.

Weaker-than-expected construction, particularly in the property sector, has pushed iron ore below $100 a tonne.

A detailed plan to suspend all mining activities in a region controlled by Myanmar's ethnic Wa militia force from August 1 was released earlier this month.

The note of confidence from Friedland comes after China’s economic activity disappointed expectations since strict pandemic restrictions were removed late last year.

A weaker yuan added to the gloomy mood.

Metal fell below $8,000 a tonne for the first time in six months as prospects for a quick rebound in China’s economy dim.

The investment bank says its forecasts for major rises in raw materials this year hadn’t panned out so far, but calls for a major rally.