Happy hump day!
Is the copper market set ton explode?
The physical market for copper is “very, very tight and now in deficit”, and with the Federal Reserve rate cut on the horizon, the metal is set to explode this year, said Robert Friedland in an interview with Bloomberg this week.
According to the copper mining executive, the dollar-denominated price of the metal is likely to “go up a lot” by the middle of the year. “We think copper is making a bottom. I’d be willing to wager on $9,500/tonne before you go down to $7,500,” he said.
Market highlights
ASX futures down 10 points or 0.1% to 7557 near 5.30am AEDT
- AUD -0.2% to 65.95 US cents
- Bitcoin +1.2% to $US43,458 at 5.40am AEDT
- On Wall St at 1.42pm: Dow +0.3% S&P -0.06% Nasdaq -0.7%
- In New York: BHP -0.7% Rio -1.4% Atlassian +0.5%
- Tesla +0.6% Microsoft -0.4% Apple -1.9% Amazon -1.4%
- VIX -1.7% QQQ -0.7% TLT +0.4%
- Stoxx 50 +0.5% FTSE +0.4% DAX +0.2% CAC +0.5%
- Spot gold -0.1% to $US2032.15/oz at 1.37pm in New York
- Brent crude +1.1% to $US83.30 a barrel
- Iron ore -1.7% to $US133.15 a tonne
- 10-year yield: US 4.08% Australia 4.14% Germany 2.27%
- US prices as of 1.35pm in New York
Australian shares are poised to fall in line with weakness in New York as investors await key earnings results, the Federal Reserve’s policy statement and more data on the US labour market.
For local investors on Wednesday, the focus will be on consumer price data to be released at 11.30am. [All times are AEDT.]
Microsoft and Alphabet are set to report their results after 8am. Apple, Amazon and Meta are scheduled to report after 8am Friday; Atlassian also will report early Friday morning.
US policymakers will release a statement at 6am Thursday and chairman Jerome Powell will hold a press conference half an hour later.
Apple paced the NYSE Fang Index lower after a report that influential technology analyst Ming-Chi Kuo warned that the company is expecting lower demand for iPhones in 2024. The analyst tipped a sharp drop in weekly shipments in China in particular, Bloomberg reported.
Source: AFR
- Final Phase 3 drill results increase scale of mineralised system at Future Battery Minerals’ Kangaroo Hills project
- Rocky demonstrated to host shallow, highly continuous mineralised system
- Phase 4 drilling to focus on interpreted northern continuity of mineralisation at Big Red
- Drilling at the Nevada project extends high-grade mineralisation at depth
Special Report: Future Battery Minerals has further outlined the prospectivity of its Kangaroo Hills project in WA’s Goldfields region after final assays from Phase 3 drilling returned more lithium intersections.
Kangaroo Hills is just 17km south of Coolgardie and 30km from Mineral Resources’ (ASX:MIN) Mt Marion lithium mine and is regarded by Future Battery Minerals (ASX:FBM) as having the potential to host a lithium deposit of both scale and tonnage.
Since lithium-caesium-tantalum (LCT) pegmatites were discovered at the project in 2022, exploration has outlined the potential scale of its lithium prospectivity, while drilling has consistently returned strong assays that validate the company’s belief in its value.
Earlier results from the Phase 3 drilling have also highlighted the potential of the Rocky prospect to add value to any future development due to its shallow nature and proximity to the Big Red prospect.
Source: Stockhead
Company: Alderan Resources (ASX:AL8)
Sector: Lithium
Deal Type: Placement
Raise Amount: $1.75M
Latest Entry Price: $0.006 with a 1:2 AL8OA
Today’s Price Change: $0.004 Unchanged
Company: Terra Uranium (ASX:T92)
Sector: Uranium
Deal Type: IPO
Raise Amount: $7.5M
Latest Entry Price: $0.13 with 1:1 T92O
Today’s Price Change: $0.16 -5.88%
Company: Patagonia Lithium (ASX:PL3)
Sector: Lithium
Deal Type: IPO
Raise Amount: $8.6M
Latest Entry Price: $0.20
Today’s Price Change: $0.115 -4.17%
Company: Gold Mountain Limited (ASX:GMN)
Sector: Lithium
Deal Type: Placement
Raise Amount: $2.25M
Latest Entry Price: $0.0075
Today’s Price Change: $0.0035 Unchanged
Company: Volt Resources Ltd. (ASX:VRC)
Sector: Battery Metals
Deal Type: Placement
Raise Amount: $5.75M
Latest Entry Price: $0.007 with 1:2 VRCOB
Today’s Price Change: $0.006 -14.29%
Company: Castle Minerals Ltd. (ASX:CDT)
Sector: Battery Metals/Base Metals
Deal Type: Placement
Raise Amount: $1.52M
Latest Entry Price: $0.01 with 1:2 CDTOA
Today’s Price Change: $0.007 Unchanged
Company: Avenira Ltd. (ASX:AEV)
Sector: Phosphate
Deal Type: Placement
Raise Amount: $2.1M
Latest Entry Price: $0.01 with a 1:2 AEVO
Today’s Price Change: $0.012 Unchanged
Company: Latrobe Magnesium Ltd. (ASX:LMG)
Sector: Magnesium
Deal Type: Placement
Raise Amount: $3M & $11.5M
Latest Entry Price: $0.04
Today’s Price Change: $0.059 +3.51%
Company: Askari Metals Ltd (ASX:AS2)
Sector: Mining
Deal Type: IPO
Raise Amount: $5.7M
Latest Entry Price: $0.35 with a 1:3 AS2O
Today’s Price Change: $0.13 +4.00%
Company: Excite Technology Services (ASX:EXT)
Sector: Cloud
Deal Type: Placement
Latest Entry Price: $0.005 with a 1:2 EXTOD
Today’s Price Change: $0.009 Unchanged
Company: Estrella Resources (ASX:ESR)
Sector: Mining
Deal Type: Placement
Raise Amount: $1.65M
Latest Entry Price: $0.006 with a 1:1 ESRO
Today’s Price Change: $0.005 Unchanged
Company: Paradigm Biopharma (ASX:PAR)
Sector: Biopharma
Deal Type: IPO Cornerstone
Raise Amount: $1M+
Latest Entry Price: $0.35
Today’s Price Change: $0.375 -7.41%
Company: Sabre Resources (ASX:SBR)
Sector: Energy
Deal Type: Placement
Raise Amount: $2.6M + $700k strategic
Latest Entry Price: $0.04 with a 1:1 SBROB
Today’s Price Change: $0.025 -7.41%
Company: ECS Botanics Holdings Ltd (ASX:ECS)
Sector: Medicinal Cannabis
Deal Type: Placement
Raise Amount: $6.6M
Latest Entry Price: $0.033 with 1:2 ECSO
Today’s Price Change: $0.022 Unchanged
If you would like more information on future Peak deals, please don’t hesitate to get in touch.
Peak on 1300 304 460
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