The China-driven metals ‘super cycle’ is over, Jefferies says

Europe's power crunch is taking a rising toll on the region's industrial metals sector, writes Andy Home.

China's central bank is easing monetary policy, while copper stockpiles are low and import premiums suggest demand is rising.

Nyrstar's decision to close the Budel smelter drove zinc on the LME to $3,819 a tonne on Tuesday, the highest since June 9.

The jump follows a surge in zinc price the prior day after Nyrstar said it would put its zinc smelting operations at Budel on care and maintenance.

India's silver imports are set to triple in 2022 from a year ago to record highs after a dip in prices.

Nearly 20 steel mills in China's southwest regions had suspended operations as of Wednesday.

The company said gold production fell by 77% in the first half following a strike at its South African gold operations.

The FS Chiron Capital Allocation Fund’s exposure to bullion may rise from 4% once the Fed begins to ease aggressively, said Troy Gayeski.

Data Tuesday showed a bigger-than-expected drop in US home construction, while production at US factories increased in July for the first time in three months.