Iconic Grasberg copper and gold mine shoots to the top with a 70% surge in production.

Freeport agreed to build a copper smelter in Indonesia within five years of closing a deal last December with the Indonesian government on the operatorship of the giant Grasberg copper mine.

The trade war has returned with a vengeance as copper and other industrial metals come under sustained fund selling pressure.

Gold futures in India, the world's second-biggest bullion consumer after China, hit their highest level since March 1, at 32,834 rupees per 10 grams, earlier this week.

With construction of nuclear power plants at a 10-year low, uranium demand remains weak.

The international group says sales of polished diamonds below 0.50 carats are slow due to excess supply, weak Chinese demand and tight Indian liquidity.

Prime Minister James Marape doubled down on his plans to earn more taxes from the gas-and-gold-rich country's natural resources sector on Wednesday, but said major reform would not take effect for years.

Australia's Lynas is waiting to get an operating licence for its Malaysian processing plant renewed before it expires in September.