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For the buyers and category managers out there, especially those of you deep in the weeds of buying and managing commodities, here’s a quick rundown of news and thoughts from particular commodity markets, including GM and its environmental targets, China s massive property market and more.
MetalMiner, a sister site of ours, scours the landscape for what matters. This week:
GM to invest nearly $800 million for Canadian EVs plant
The drive toward electrification continues apace in the automotive sector.
This month, General Motors announced plans to invest nearly $800 million to build “Canada’s first large-scale commercial electric vehicle plant.”
Copper breaks links with Chinese bond yields
January 28, 2021
Very high levels of speculation in the red metal
Looking back at 2020, it appears that copper was a perfect story for the bulls to ride on. Stockpiling in China, strong industrial recovery, disrupted mines and flip-flop on Chinese scrap import policy created a deficit of metal.
The metal’s exchange inventories fell by 67 per cent in a year. The International Copper Study Group (ICSG) assessed nearly 500 kt of seasonally-adjusted deficit in last 12 months.
While fundamentals had supported higher prices from March lows, the key question is whether prices have gone too far. If Chinese bond yields are any guide, it looks like speculators have built-in premium beyond Chinese growth potential. Any country’s 10-year bond yield is a typical indicator of its growth trend. Generally, bond yields rise ahead of economic recovery. Inversely, yields fall once market anticipate peaking of growth cycle.
Annual benchmark copper smelter treatment charges: tmsnrt.rs/2M8Nd0d
LONDON, Jan 26 (Reuters) - The deadly coronavirus has taken a heavy toll on the world’s copper mines.
Output in key producer countries such as Peru cratered over the second quarter of 2020 as lockdowns and quarantine measures caused many mines drastically to reduce operations.
Recovery has been patchy. Peruvian mines had just about returned to normal run-rates by October, but output in Chile, the world’s largest copper producer, started sliding in the third quarter after a robust first half of the year.
Global mine output in the first 10 months of 2020 was still 0.5% lower than 2019 levels, according to the International Copper Study Group (ICSG).
The deadly coronavirus has taken a heavy toll on the world’s copper mines.
Output in key producer countries such as Peru cratered over the second quarter of 2020 as lockdowns and quarantine measures caused many mines drastically to reduce operations.
Recovery has been patchy. Peruvian mines had just about returned to normal run-rates by October, but output in Chile, the world’s largest copper producer, started sliding in the third quarter after a robust first half of the year.
Global mine output in the first 10 months of 2020 was still 0.5% lower than 2019 levels, according to the International Copper Study Group (ICSG).