The hub bub in the mining world this morning has been the surging price of palladium, it is almost equivalent to the price of gold. Palladium surges to record highs as the Chinese auto industry is expected to buoy global demand amid tight supplies consumed in ICE vehicle pollution-control catalytic converters.
Also, the smoke around vanadium is starting to clear and it looks like prices are going to cool off a bit, as the price spreads between buyers and sellers are thinning. Copper markets are buoyed by a recent closure of one of the world's dirtiest copper smelters owned and operated by Vedanta mining in India. The Indian government recently cut off power to the smelter as protests over environmental concerns trebled. However, the smelter is set to reopen in early 2019. Zinc markets are seeing support as LME warehouse levels are dwindling and the market is moving into a supply deficit. Gold is being supported by a messy Brexit process in the UK, as Theresa May single handily delivered a bum brexit deal that was never going to get approved which has sent her cabinet in disarray, prompting cries from the opposition party for a vote of confidence, and potentially another referendum on Brexit and/or election. This has sent the pound down in forex markets. On the whole, everyone still hates metals because of the horrible management and investment returns, and we are in a technical bear market for the foreseeable future.
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