Weak market for critical minerals seen dampening Western efforts to counter China

The LME annulled $12 billion in nickel trades in 2022 when prices shot to records above $100,000 a metric ton in a few hours of chaotic trade.

Indonesia is in the market for a wide-ranging critical minerals pact to boost its economy as the US-China rivalry intensifies.

Chilean Cobalt will supply Glencore with 100% of the cobalt and copper production from La Cobaltera for an initial period of five years.

Newmont remains the top gold producer with 5.5 million oz. across its global operations, which span four continents.

Investors are worried Trump will repeal the IRA, which has created over 300,000 jobs as of June 20.

Analyst expects upside risks – including but not limited to potential supply disruptions and a weakening of the US dollar to place a floor under prices throughout the year.

The push to resuscitate it and add new responsibilities would, supporters argue, allow Washington to craft a unified critical minerals policy.

Bullion is up more than 2% for the week so far.

August futures on Comex on Friday climbed to a five-week high of $4.6965 a pound or $10,354 a metric ton.