COPPER: South China Largest Copper-Sulfur Beneficiation Plant Put into Production in Guangdong.
Largest copper-sulfur recycling project in South China was put into production April 26 in Shaoguan City, Guangdong Province, Southern Daily reported. The Dabaoshan copper-sulfur beneficiation plant has daily designed capacity of 7,000 tonnes of raw ore. Maximum daily ore processing capacity reaches 10,000 tonnes. It produces 10,000 tonnes of copper, and a combined 1.10 million tonnes of sulfur concentrate and magnetic sulfur iron ore per year. It also recycles by-product ores and associated resources.
Chile-based Antofagasta reported Wednesday its copper production increased 9.4% year-on-year in the first quarter of 2017 and left its annual production target unchanged this year, according to wenhua.com.Antofagasta’s copper output grew 9.4% year-on-year to 171,900 tonnes due to improvement at two mines. But production fell 16.4% on a quarterly basis due to lower ore grade.
Gold: Gold Rebounds as Market Digests Trump’s Tax Plan
Gold prices rebounded from two-week lows in after-hours trading Wednesday, following President Donald Trump’s proposal to slash tax rates for businesses and on overseas corporate profits.
Trump’s tax plan proposes to cut the income tax rate paid by public corporations to 15% from 35% and slash the top tax rate assessed on pass-through businesses to 15% from 39.6%, according to the White House.
Changes to the U.S. tax rate could affect gold since a reduction in taxes could fuel further gains in risk assets, Long Leaf Trading founder Tim Evans told Kitco News in an interview.
Gold To Drop 2% In 2017 As Interest Rates Rise — World Bank
Gold prices will see a decline of 2% this year as the Federal Reserve continues to raise interest rates and safe-haven buying subsides, this according to the World Bank’s April Commodity Markets Outlook.
The World Bank estimates that in
• 2017 gold prices will average $1,225 an ounce in nominal U.S. dollars.
• 2018, price target $1,206,
• 2019 price target $1,187.
• 2020 price target $1,169
• By 2030, the World Bank sees gold hitting $1,000 an ounce.
The upside risks to the forecast include
• widening geopolitical tensions,
• stronger-than-expected physical demand in China,
• delays in anticipated central bank rate increases, and
• mine supply shortfall
The downside risks are
• stronger economic growth,
• faster-than-expected increases in U.S. interest rates, and
• Weaker physical demand.
“A number of factors have pushed investors towards gold as a safe-haven asset, notably
• Rising global tensions surrounding Afghanistan, Syria, and North Korea;
• The deterioration of U.S./Russia relations; and
• Upcoming elections in several countries amid rising populist sentiment.
Gold mine supply, on the other hand, is continuing to advance, driven by lower costs.
In 2016, the biggest producers of gold were
• China, with 464 tons, followed by
• Russia with 288 tons,
• Australia with 285 tons, the
• U.S. with 236 tons, and
• Canada with 163 tons.
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