Member Info for gotreal

Https://twitter.com/FormulaGe/status/1685888656857284608 The people know thier minds even if the government doesn't.

"Activists block busses heading to the Batumi port to pick up Russian tourists aboard the second cruise ship that has docked in the Black Sea port city earlier this morning. The Police fenced off and cordoned the docking area in order to prevent protest rally in the sea port. Ruling Party Chair Irakli Kobakhidze called the protest ‘savage.’"

METALS – London copper prices set for best monthly gain since January

04:48

July 31 (Reuters) – Copper prices in London were on track on Monday for their best monthly performances since January as traders cheered the prospects of further stimulus in top consumer China and that the U.S. Federal Reserve will pause rate hikes for the year.

Three-month copper on the London Metal Exchange was up 0.2% at $8,679 per metric ton by 0301 GMT. On a monthly basis, the contract was up 4.4%. The most-traded September copper contract on the Shanghai Futures Exchange increased nearly 1% to 69,450 yuan ($9,724.44) per metric ton. It is set for the second straight month of gain, up 3.6%.

U.S. annual inflation logged its smallest increase in more than two years in June, raising hopes that the Fed is close to ending its interest rate-hike cycle, which could potentially halt a dollar rally that has made greenback-priced metals pricier for holders of other currencies. The dollar was headed for a monthly loss.

Pledges from the Chinese authorities to boost the country's troubled property sector – which accounts for a vast amount of metals consumption – have also been fuelling bullish sentiment in the metals market.

That's amazing, Jack, for a company of JLP's size.

Jack Dorfan would know, Mikey. Annual production is around 19 million tonnes. I think we are fourth or fifth largest at present and that probably wouldn't change.

Well, ths explanation of the price collapse is new to me! Glass fibre manufacture .... https://matthey.com/products-and-markets/pgms-and-circularity/pgm-markets/pgm-market-reports

Rhodium remained in surplus last year, as substitution efforts in the glass industry continued to accelerate in response to the exceptional price levels of 2021 and early 2022. The rhodium content of platinum alloys used in glass fibre production has fallen further and faster than we had previously anticipated, allowing glass companies to sell significant quantities of unneeded rhodium back to the market. As a result, non-automotive demand for rhodium declined by 43% to just 41,000 oz - less than a quarter of the 2017 peak, and the lowest level for nearly thirty years. Although primary and secondary supplies also fell sharply, this was not enough to bring the market back to balance.

That report is well worth the read if you have time.

Seis, sorry I missed your post with the link to the metals prices v JLP share price graphs - great work and so clear that JLP still tracks the PGM basket price with little influence from the Copper price at present. This must change soon as the copper production ramps. Chrome as you say is more difficult to guage. I wonder if you could make the date scales more granular ... by month or qtr? BTW which / how are you deriving that PGM basket price? I see Amplats just reported on H1 to 30/6 and its basket price was down cf same period last year:

"The world's top PGM company by value said its realised basket price per PGM ounce of $1,885 was 29% lower compared to the same period last year, worsening the impact of production challenges."

This the their basket split by mine and the average.

Mine Name Pt Pd Rh Others

Mogalakwena 42% 46% 3% 9%

Amandelbult 51% 23% 9% 17%

Mototolo 46% 29% 8% 17%

Unki 45% 39% 4% 12%

Modikwa 40% 37% 8% 15%

Kroondal 49% 25% 9% 17%

Average 46% 33% 7% 15%

Buttercup ....the higher the price, the higher the profit. Seems odd to have to say that .... currently $8,670/t.

METALS – Copper prices rise with reinforced Chinese stimulus hopes

11:58

By Polina Devitt

LONDON, July 25 (Reuters) – Prices for copper and most base metals rose in London on Tuesday after top consumer China pledged to step up policy support for the economy, focusing on boosting domestic demand. Three-month copper on the London Metal Exchange was up 1.5% to $8,646 per metric ton by 1037 GMT, after touching $8,675.5, its highest since July 14. China's top leaders on Monday signalled there would be more to come for the property sector that consumes a vast amount of metals.

"Although details are yet to be released and it is not like the big bazooka that some were hoping for, but one clear signal is that supportive measures will keep coming to stabilise growth," said Amelia Xiao Fu, head of commodity market strategy at Bank of China International. "The omission of 'houses are for living, not for speculation' is likely to help to stabilise market sentiment. Nevertheless, how effective the actual policies are on base metals demand could still take some time to feed through," she said.

Copper, used in power and construction, is still down 9.5% from mid-January peaks achieved during a short-lived period of bright expectations for a post-pandemic boom in China. The yuan also bounced on Tuesday on China's promises to step up economy support, making dollar-denominated metals more attractive for Chinese buyers. FRX/

Hi Jack, I quite agree; small investors are like headless chickens at times of uncertainty. Fortune favours the brave. This is a good article and the video also worth a watch with regard the activity in SA to promote the use of PGMs ... https://www.miningweekly.com/article/south-africa-dare-not-fail-in-securing-future-demand-for-platinum-2023-07-19 Hydrogen, which I believe will become a major energy platform, will need Platinum, the major cracking catalyst, for it to succeed.

METALS – Most base metals rise on China stimulus pledge

05:57

July 25 (Reuters) – Prices of most nonferrous metals rose on Tuesday, supported by pledges from Chinese leaders to shore up economic growth in the world's biggest metals consumer.

Three-month copper on the London Metal Exchange advanced 0.8% to $8,587 per metric tonne by 0347 GMT, while the most-traded August copper contract on the Shanghai Futures Exchange climbed 0.8% to 68,930 yuan ($9,636.25) per metric tonne.

Chinese top leaders pledged on Monday to ramp up policy support for the economy, with investors hoping for further easing in restrictions in the troubled property market, a sector that consumes a vast amount of metals.

LME aluminium advanced 0.5% to $2,221 per metric tonne, zinc increased 0.6% to $2,430.50, tin was up 0.9% at $28,850, while nickel fell 0.2% to $21,385 and lead was down 0.1% at $2,172.

SHFE aluminium rose 0.7% to 18,390 yuan per metric tonne, zinc was up 1.6% at 20,385 yuan and tin climbed 1% to 234,590 yuan.

SHFE nickel climbed as much as 2% to 172600 yuan per metric tonne, a level unseen since May 9, and SHFE lead reached its highest since December 2022 of 16,210 yuan.

China's major state-owned banks were seen selling U.S. dollars to buy yuan in early Asian trade to prop up the Chinese currency, three people with direct knowledge of the matter said.

A stronger yuan makes dollar-denominated metals more affordable for Chinese buyers.

Copper currently has broken through $8,600/t.

Copper market in 65,000 metric tons deficit in May 2023 – ICSG

20 Jul 2023

July 20 (Reuters) – The global refined copper market showed a 65,000 metric tons deficit in May, compared with a 33,000 metric tons surplus in April, the International Copper Study Group (ICSG) said in its latest monthly bulletin.

For the first 5 months of the year, the market was in a 287,000 metric tons surplus compared with a 74,000 metric tons deficit in the same period a year earlier, the ICSG said.

World refined copper output in May was 2.32 million metric tons , while consumption was 2.38 million metric tons.

When adjusted for changes in inventory in Chinese bonded warehouses, There was a 108,000 metric tons deficit in May compared with a 16,000 metric tons surplus in April, the ICSG said. .

BRIEF – UBS Sees Platinum Undersupplied for the Rest of 2023

06:51

July 24 (Reuters) – UBS:

Sees Platinum Undersupplied For Rest Of 2023 Due To Substitution In Autocatalysts, Lower S. African Mine Production

Says "Closely Monitoring Two Possible Headwinds For Platinum: Fewer Registered Diesel-powered Vehicles In Europe And A Lower Palladium Price"

Sees Platinum Prices Move Back Above $1,000/oz

Wrong. And the forecast for 2024 was never 25kt... and its not 3kt now. You are wrong again.

Judging by the trades the RNS has been viewed positively. We should see a rise from here...

JLP should clear approx. $3,500 - $4,000/t of copper at a 45% margin, so $30+ million dollars....

Cu up at $8,420 on a weaker dollar today, Jack. Pt, $937; Pd $1,247 .... the strength of the dollar is a major factor in base metal prices.

Yes he does if approached civilly.

Our cost of production of Cobalt is only about $16,000/t....

In July '24 we will be producing between 10 and 20,000 ozs more PGMs than that and 200 - 400,000 tonnes more Chrome. Why are you asking...? You don't mention Cobalt ....

Large investors will always get more information than retail; we don't know for sure its true but if it is why complain?

With thanks to and from coinbase at the other place...

25 Jun '23 - 17:32 - 53910 of 53984

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I spoke to Leon last week and he assured me and the others on the call that he hoped to exceed copper guidance.

coinbase

25 Jun '23 - 18:21 - 53912 of 53984

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Leon was in London doing the rounds. WH Ireland arranged the call for those not able to attend in person. He covered all aspects of the business, but the focus was on chrome. He told us that a more detailed presentation would be published for all to see last week but apparently Tavistock haven’t finished topping and tailing it yet.

28 Jun '23 - 11:48 - 53979 of 53984

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.....it wasn’t for any one individual or Institution. Mark (Slater) wasn’t on the call but he would’ve definitely spoken to him. Leon often does the rounds after an RNS, it’s nothing to get your knickers in a twist about. So few mug punters, as I like to call them, do any research these days. They act like lemmings, controlling the price on low volume, and dominating the bulletin boards. If Jubilee are able to exceed copper guidance, or even get close, the company’s intrinsic value would go through the roof. I can see bids of over a pound coming from the likes of Glencore (our new chrome offtake partner) or Sibanye-Stillwater before the end of the year.

DYOR