FINWIRES · TerminalLIVE
FINWIRES

Copper Equities Down 5.5% Week over Week, RBC Says

By

-- Copper equities fell 5.5% over the past week driven by a pullback in gold, a firming U.S. dollar, and a sharp oil rally, as markets digest the spillover effects of the war in Iran, RBC Capital Markets said Monday.

Sulfuric acid availability remains in focus as China plans to halt acid exports in May to prioritize domestic fertilizer and battery production. Prices are reaching about $1,000 per tonne, threatening leaching operations that represent 20% of global copper output, while operations in the Democratic Republic of Congo rely primarily on Middle Eastern acid.

Ivanhoe Mines (IVN.TO) stands out as a clear beneficiary of this acid supply squeeze, with the newly commissioned Kamoa-Kakula smelter producing 1,200 tonnes per day of acid that could generate over $400 million in annual byproduct revenues at spot prices.

Capstone Copper (CS.TO) and Lundin Mining (LUN.TO) face potential cost headwinds from their

Chilean leaching operations, although local supply chains and term contracts could provide insulation in the near term, RBC said.

Price: $78.52, Change: $-3.72, Percent Change: -4.52%

Related Articles

Asia

China International Capital's Profit Jumps 75% in Q1

China International Capital (HKG:3908, SHA:601995) posted profit attributable to shareholders of 3.58 billion yuan for the first quarter, up 75% from 2.04 billion yuan a year earlier, according to a Wednesday Hong Kong bourse filing.Hong Kong-listed shares of the investment bank were down 2% in Thursday afternoon trade.Earnings per share came in at 0.703 yuan, compared with 0.382 yuan a year earlier.Operating revenue rose 54% to 8.8 billion yuan from 5.7 billion yuan in the prior-year period.

$HKG:3908$SHA:601995
Asia

NARI Technology's Q1 Profit Rises 6%, Revenue Climbs 8%; Shares Down 3%

NARI Technology's (SHA:600406) net profit attributable to shareholders in the first quarter rose 6% to 721.3 million yuan from 680.2 million yuan a year earlier, according to a Shanghai bourse filing on Thursday.Earnings per share increased year on year to 0.09 yuan from 0.09 yuan.Operating revenue climbed 7.5% to 9.56 billion yuan from 8.90 billion yuan in the previous year.The Chinese electrical equipment manufacturer's dropped less than 3% during the afternoon trade.

$SHA:600406
Asia

Japan Shares Drop on Soft Output Data, Middle East Risks

Japan stocks closed lower Thursday, pressured by weaker factory output data that signaled mounting economic strain from Middle East tensions.The Nikkei 225 fell 1.06%, or 632.54 points, to close at 59,284.92.Industrial production fell 0.5% in March from a month earlier, missing expectations for a 1.1% rise and marking a second straight decline after a 2.0% drop in February, government data showed.Manufacturers expect output to fall 0.7% in April. The weak trend underscores the challenge for the Bank of Japan, as rising oil prices lift inflation while weighing on the import-reliant economy.In other economic news, Retail sales rose 1.7% year on year to 14.3 trillion yen in March, rebounding from a 0.1% decline, as gains in food and beverage offset a drop in fuel sales.On the corporate front, Yamaichi Electronics (TYO:6941) rose 4% after restoring systems at its Philippines unit following a ransomware attack, with no operational or data leak impact.Globe-ing (TYO:277A) fell 4% after shifting its listing to the Prime Market from the Growth segment on the Tokyo Stock Exchange.Toho Holdings (TYO:8129) gained 3% after saying it will seek shareholder approval to activate takeover defenses against a large-scale share purchase by 3D Investment Partners.

$^N225$TYO:277A$TYO:6941$TYO:8129