Weekly Mining Commentary

Author: Sid Rajeev, Head Of Research

All of the seven global equity indices we track were up WoW.

Copper and nickel prices retreated again. LME inventory levels of copper were up 13% WoW. Gold prices were up 3.3%, and hit US$1,900/oz today.

Valuations of gold producers were up 3% WoW; base metal producers were down 5% due to lower copper and nickel prices.

Source: S&P Capital IQ & FRC

For two weeks in a row, all of the top 15 hardest hit nations reported flat or WoW declines in new COVID-19 cases.

Daily New Cases in the United States, India, Turkey, United Kingdom, Mexico, Iran

Source: https://www.worldometers.info/coronavirus/

We continue to be surprised by the rapid vaccination rates in Canada. 52.0% of Canada’s population has received at lease one dose vs 45.1% at the same time last week. This compares to 49.0% in U.S. (up from 47.1%) and 56.1% in the U.K. (up from 53.9%). Health Canada has stated that restrictions could be lifted when 75% have at least one dose, and 20% have their second dose. At current rates, we suspect this could happen by August 2021.

Share of people vaccinated against COVID-19, May 24, 2021

We are maintaining our price forecasts.

FRC Forecasts

Source: FRC

Weekly Mining Commentary

Author: Sid Rajeev, Head Of Research

Source: https://www.researchfrc.com/weekly-mining-commentary-68