Citi’s mega metals trade shows global markets turning to glut

UK Seabed Resources holds a 100% interest in two deep sea mineral licences in the Clarion-Clipperton Zone.

The Critical Raw Materials Act (CRMA) unveiled by the EU adds the two major industrial metals to a list that had previously focused on more niche minerals.

Glencore Plc is willing to walk away from a $16 billion deal to buy aluminum from Russia’s No. 1 producer.

Larger rivals BHP Group and Rio Tinto Group have already made billion-dollar moves to grow in copper in the past year.

The investors service maintained its 12-month price assumptions and medium-term sensitivity ranges for all commodities except coal.

Net profit declined 32% to $1.6 billion on the back of a 14% fall in revenue to $4.3 billion.

The lawsuit, one of the largest in English legal history, was thrown out in 2020 before the Court of Appeal ruled in July that it could proceed.

The latest rally comes despite a sharp jump in the US currency, which would usually weigh on demand for the greenback-priced bullion.

Svetlana Kabanova, who ran operations for Trafigura’s metals trading unit, is leaving the company.