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