Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
The copper price fell on Monday, as a stronger US dollar and renewed worries over demand due to partial lockdowns in China weighed on sentiment.
Copper for delivery in July fell 2.7% from Friday’s settlement, touching $4.17 per pound ($9,188 per tonne) Monday morning on the Comex market in New York.
Click here for an interactive chart of copper prices
The most-traded July copper contract in Shanghai fell 0.5% at 72,490 yuan ($10,831.53) a tonne.
Beijing raced to contain a “ferocious” outbreak, with millions facing mandatory testing and thousands under targeted lockdowns, after the capital city recently relaxed curbs.
Mass testing was also announced in the Shanghai commercial hub, following a recent two-month lockdown, while an outbreak was detected in Inner Mongolia.
China’s factory-gate inflation cooled in May, official data showed on Friday, depressed by weak demand for steel, aluminum, and other key industrial commodities due to tight covid-19 curbs.
(Files from Reuters)
