Shares in Phoenix Copper Ltd (AIM:PXC, OTCQX:PXCLF) surged 46% after the company signed a letter of intent with a US-based investor for a proposed $75 million bond placement to support its growth ambitions in the American mining sector. The deal would see the investor subscribe for secured, floating-rate copper bonds yielding at least 8.5% and maturing between 2029 and 2033.
Copper has been one of the standout performers in global commodities this year, with prices rising sharply on hopes of a looming supply squeeze and growing demand from the energy transition. But according to analysts at RBC Capital Markets, the rally may be a little too hot, too soon.
TNR Gold Corp (TSX-V:TNR, OTC:TRRXF) executive chairman Kirill Klip joined Proactive to discuss the company's transition into a cash-flow-generating royalty business and the major catalysts surrounding the Los Azules copper project in Argentina. Klip described 2024 as a crucial year for TNR Gold, marking its graduation from a project generator to a royalty-focused company.
China's copper stockpiles could run out in just a few months as the US hoovers up supplies of the key metal, according to a report from the Financial Times that cites experts from commodities trading house Mercuria. Fears of US tariffs have led to a spike in demand in the US ahead of the Trump trade levies coming into force.
ACG Metals Ltd (LSE:ACG, OTC:ACGAF) chairman Artem Volynets has described 2024 as a “transformational year” for the London-listed miner, but says the real leap forward will come in 2026 when the company begins producing copper from its Gediktepe mine in Türkiye. From early that year, the mine will start processing sulphide ore, targeting annual copper output of between 20,000 and 25,000 tonnes.
The American bank has raised its near-term copper price target, saying the metal's downside risk has eased, though it still expects a fall as US tariffs bite and demand weakens. Citi has moderated its bearish stance on copper, lifting its three-month price forecast to $8,800/t from $8,000, but said it still expects prices to drift lower over the next two quarters as consumption slows.
UBS has softened its bullish stance on copper as global markets reel from the economic fallout of President Donald Trump's sweeping new tariffs. The metal has tumbled by more than 15% from its March highs, with prices dipping below $9,000 per tonne on the London Metal Exchange, a sharp reversal for a commodity long seen as a bellwether for industrial growth.
Copper, often seen as a bellwether for the global economy, has held up better than expected so far this year
Copper prices continued to fall sharply on Friday amid heightened global economic uncertainty and escalating trade tensions between the United States and China. Copper prices on New York's COMEX fell 6.6% to $4.51 per pound on Friday morning.
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Citi Global Head of Commodities Research Max Layton discusses the impact of potential import tariffs from US President Donald Trump's administration on copper markets. He speaks on Bloomberg Television.
Kathleen Quirk, Freeport-McMoRan CEO, joins 'Closing Bell Overtime' to talk the impact of tariffs, copper mining, copper futures and more.