Australian (ASX) Stock Market Forum

Copper

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Sean K said:
Not a bad summary of copper stocks on the ASX to consider.
Click to expand...
That talks about Cu hitting $10,000 .. .. and managed to do so already, if only temporarily


Copper futures on the London Metal Exchange rose as much as 1.9 per cent to more than $US10,000 a tonne, while copper contracts on New York’s Comex rose as much as 1.4 per cent to near an all-time high before surrendering gains.

The Comex price started surging above its international benchmarks in January as traders bet on tariffs for US imports of the metal. The price gap hit a fresh all-time high of more than $US1400 a tonne on Monday (Tuesday AEDT), surpassing late February’s record after Trump announced a Commerce Department probe into potential levies.

The large price differential between London and New York has created a worldwide dash among traders and dealers to ship the red metal into America to capture the lucrative premium. Such a move has left the rest of the world, especially top consumer China, short of the crucial industrial metal.

At day end, Copper on the LME was 1 per cent higher to settle at $US9956 a tonne near 6pm in London. Comex copper was 0.4 per cent lower to settle at $US5.0925 a pound in New York.
 
A year ago copper prices threatened to go ballistic and stay higher in anticipation of longer term supply shortages.
That never happened and its price returned to the lower $4/lb range.
Step in Trump.
Step in a tariff war that is expected to require American importers to pay an extra 25% for the metal, and voila.
Yesterday's copper price was the highest closing price ever, and today we hit an intra-day high 20cents/lb higher than the previous record before falling back to the mid$5.20s.
While there's price action on screens, the real action in the past month has been on the oceans, where ships traditionally carrying more copper to China have been redirecting some of those cargoes to America.
Trump has yet to announce a date for copper's tariffs, but there is widespread expectation that it will be sooner rather than later.

1743018579759.png

US stockpiling is expected to continue, maintaining the present high prices for a good while longer.
Which then begs the question of how non-US markets will react.
LME's stockpiles are ok for now, but its copper price has not been immune from what's going on elsewhere.
That leaves the ultimate question of whether or not the diversion of physical metal to US stockpiles will squeeze the global market such that there will be a massive short term spike before a rebalance.
Watch that space.
1743020221968.png
 

Glencore delivers latest blow to Made in Australia vision with warning on copper jobs​

3 min read
April 3, 2025 - 7:04PM
The Australian Business Network

Glencore has warned local communities that its Mount Isa copper smelter and Townsville copper refinery are hanging by a thread and unlikely to survive without financial support from the Queensland and federal governments.
The smelter and refinery employ about 550 people and a closure would have a knock-on effect on copper miners in Queensland who rely on the smelter and on an Incitec Pivot acid plant at Mount Isa.

It is understood Glencore has approached the Queensland and federal governments for help in recent weeks. Queensland has indicated it is willing to discuss financial support but there has been no response from the Albanese government.

Swiss-based Glencore said the smelter and refinery were under immense pressure due to an unprecedented decline in the global smelting market.

Glencore chief operating officer for zinc and copper assets Sam Strohmayr updated the Mount Isa community on the plight of the smelter and refinery at a community meeting on Wednesday night.

“We are assessing the future of our copper processing assets against a backdrop of the largest drops in treatment and refining charges in 25 years, with smelters in countries like China and Indonesia heavily subsidised by their governments,” he said.

“Our copper smelter and refinery are strategic assets for the state of Queensland. We have approached both the Queensland and federal governments about the future of these assets and their support for a regional solution that benefits the whole northwest Queensland.”

Mount Isa is one of only two copper smelters still in operation in Australia – BHP owns the other one – and the only smelter that treats ore produced by third-parties, including small and mid-sized miners in the northwest of Queensland.

Glencore has tolling agreements in place with Carnaby Resources and True North Copper, and toll treats concentrate stockpiles from 29Metals’ Capricorn Copper mine.

Glencore’s warning on copper processing follows global commodities company Trafigura sounding the alarm over the future of its zinc and lead smelters in Australia.

The crisis in metals smelting – BHP shut Australia’s only nickel smelter last year – comes as the federal government promotes its Future Made in Australia policy in the countdown to the federal election.

Glencore will cease copper mining in July, as flagged by the company almost 18 months ago. It will then rely on ore from third parties to keep the smelter and refinery open.

The smelter supplies a sulphur by-product to Incitec Pivot, which in turn supplies acid to the smelter.

Glencore originally estimated the end to copper mining at Mount Isa would cost 1200 jobs. It now expects about 500 job losses with many workers redeployed, including to zinc and lead operations within the wider Mount Isa Mines business.

Gary Nagle-led Glencore is due to make a call on whether to invest in prolonging the life of the smelter before the end of 2025. Every four years, the plant requires what is known as a rebrick due to the intense heat involved in smelting copper, at a cost of about $40m.

Mr Nagle told The Australian in February that high power costs were a major disincentive to keeping the copper smelter and refinery running.

“The smelter is challenged given high power costs. We’ve seen power costs in Australia more than double some other places in the world,” he said.

“The only way to survive that you have a competitive cost line, and a big input into that is the cost of power. Unfortunately, the cost of power in Australia, versus where other smelters are in the world, is significantly higher.”

Mr Strohmayr assured the community meeting on Wednesday that Glencore was “not going anywhere” despite the cloud over the copper smelter and refinery.

“Mount Isa Mines is an important asset for Glencore globally and we’re continuing to invest in these operations,” he said.

“The future for our long-life George Fisher mine, which produces zinc, lead and silver, is bright. With its life of mine to 2042, we are upskilling our workforce, expanding production and advancing our fleet,” he said.

“Importantly, we’ve already transferred 89 people from the impacted underground copper operations to George Fisher, with 71 additional transfers pending. Our goal here is to replace contractor fly-in, fly-out roles with local workers.”

In the past five years, Glencore has invested about $1.8bn in the Queensland Metals business, including $653m on zinc mining and processing, and $87m in exploration.
 
rcw1 said:

Glencore delivers latest blow to Made in Australia vision with warning on copper jobs​

3 min read
April 3, 2025 - 7:04PM
The Australian Business Network

Glencore has warned local communities that its Mount Isa copper smelter and Townsville copper refinery are hanging by a thread and unlikely to survive without financial support from the Queensland and federal governments.
The smelter and refinery employ about 550 people and a closure would have a knock-on effect on copper miners in Queensland who rely on the smelter and on an Incitec Pivot acid plant at Mount Isa.

It is understood Glencore has approached the Queensland and federal governments for help in recent weeks. Queensland has indicated it is willing to discuss financial support but there has been no response from the Albanese government.

Swiss-based Glencore said the smelter and refinery were under immense pressure due to an unprecedented decline in the global smelting market.

Glencore chief operating officer for zinc and copper assets Sam Strohmayr updated the Mount Isa community on the plight of the smelter and refinery at a community meeting on Wednesday night.

“We are assessing the future of our copper processing assets against a backdrop of the largest drops in treatment and refining charges in 25 years, with smelters in countries like China and Indonesia heavily subsidised by their governments,” he said.

“Our copper smelter and refinery are strategic assets for the state of Queensland. We have approached both the Queensland and federal governments about the future of these assets and their support for a regional solution that benefits the whole northwest Queensland.”

Mount Isa is one of only two copper smelters still in operation in Australia – BHP owns the other one – and the only smelter that treats ore produced by third-parties, including small and mid-sized miners in the northwest of Queensland.

Glencore has tolling agreements in place with Carnaby Resources and True North Copper, and toll treats concentrate stockpiles from 29Metals’ Capricorn Copper mine.

Glencore’s warning on copper processing follows global commodities company Trafigura sounding the alarm over the future of its zinc and lead smelters in Australia.

The crisis in metals smelting – BHP shut Australia’s only nickel smelter last year – comes as the federal government promotes its Future Made in Australia policy in the countdown to the federal election.

Glencore will cease copper mining in July, as flagged by the company almost 18 months ago. It will then rely on ore from third parties to keep the smelter and refinery open.

The smelter supplies a sulphur by-product to Incitec Pivot, which in turn supplies acid to the smelter.

Glencore originally estimated the end to copper mining at Mount Isa would cost 1200 jobs. It now expects about 500 job losses with many workers redeployed, including to zinc and lead operations within the wider Mount Isa Mines business.

Gary Nagle-led Glencore is due to make a call on whether to invest in prolonging the life of the smelter before the end of 2025. Every four years, the plant requires what is known as a rebrick due to the intense heat involved in smelting copper, at a cost of about $40m.

Mr Nagle told The Australian in February that high power costs were a major disincentive to keeping the copper smelter and refinery running.

“The smelter is challenged given high power costs. We’ve seen power costs in Australia more than double some other places in the world,” he said.

“The only way to survive that you have a competitive cost line, and a big input into that is the cost of power. Unfortunately, the cost of power in Australia, versus where other smelters are in the world, is significantly higher.”

Mr Strohmayr assured the community meeting on Wednesday that Glencore was “not going anywhere” despite the cloud over the copper smelter and refinery.

“Mount Isa Mines is an important asset for Glencore globally and we’re continuing to invest in these operations,” he said.

“The future for our long-life George Fisher mine, which produces zinc, lead and silver, is bright. With its life of mine to 2042, we are upskilling our workforce, expanding production and advancing our fleet,” he said.

“Importantly, we’ve already transferred 89 people from the impacted underground copper operations to George Fisher, with 71 additional transfers pending. Our goal here is to replace contractor fly-in, fly-out roles with local workers.”

In the past five years, Glencore has invested about $1.8bn in the Queensland Metals business, including $653m on zinc mining and processing, and $87m in exploration.
Click to expand...
A great victory for NetZero, the Basilio and teals of this country are overjoyed
 
rcw1 said:

Glencore delivers latest blow to Made in Australia vision with warning on copper jobs​

3 min read
April 3, 2025 - 7:04PM
The Australian Business Network

Glencore has warned local communities that its Mount Isa copper smelter and Townsville copper refinery are hanging by a thread and unlikely to survive without financial support from the Queensland and federal governments.
The smelter and refinery employ about 550 people and a closure would have a knock-on effect on copper miners in Queensland who rely on the smelter and on an Incitec Pivot acid plant at Mount Isa.

It is understood Glencore has approached the Queensland and federal governments for help in recent weeks. Queensland has indicated it is willing to discuss financial support but there has been no response from the Albanese government.

Swiss-based Glencore said the smelter and refinery were under immense pressure due to an unprecedented decline in the global smelting market.

Glencore chief operating officer for zinc and copper assets Sam Strohmayr updated the Mount Isa community on the plight of the smelter and refinery at a community meeting on Wednesday night.

“We are assessing the future of our copper processing assets against a backdrop of the largest drops in treatment and refining charges in 25 years, with smelters in countries like China and Indonesia heavily subsidised by their governments,” he said.

“Our copper smelter and refinery are strategic assets for the state of Queensland. We have approached both the Queensland and federal governments about the future of these assets and their support for a regional solution that benefits the whole northwest Queensland.”

Mount Isa is one of only two copper smelters still in operation in Australia – BHP owns the other one – and the only smelter that treats ore produced by third-parties, including small and mid-sized miners in the northwest of Queensland.

Glencore has tolling agreements in place with Carnaby Resources and True North Copper, and toll treats concentrate stockpiles from 29Metals’ Capricorn Copper mine.

Glencore’s warning on copper processing follows global commodities company Trafigura sounding the alarm over the future of its zinc and lead smelters in Australia.

The crisis in metals smelting – BHP shut Australia’s only nickel smelter last year – comes as the federal government promotes its Future Made in Australia policy in the countdown to the federal election.

Glencore will cease copper mining in July, as flagged by the company almost 18 months ago. It will then rely on ore from third parties to keep the smelter and refinery open.

The smelter supplies a sulphur by-product to Incitec Pivot, which in turn supplies acid to the smelter.

Glencore originally estimated the end to copper mining at Mount Isa would cost 1200 jobs. It now expects about 500 job losses with many workers redeployed, including to zinc and lead operations within the wider Mount Isa Mines business.

Gary Nagle-led Glencore is due to make a call on whether to invest in prolonging the life of the smelter before the end of 2025. Every four years, the plant requires what is known as a rebrick due to the intense heat involved in smelting copper, at a cost of about $40m.

Mr Nagle told The Australian in February that high power costs were a major disincentive to keeping the copper smelter and refinery running.

“The smelter is challenged given high power costs. We’ve seen power costs in Australia more than double some other places in the world,” he said.

“The only way to survive that you have a competitive cost line, and a big input into that is the cost of power. Unfortunately, the cost of power in Australia, versus where other smelters are in the world, is significantly higher.”

Mr Strohmayr assured the community meeting on Wednesday that Glencore was “not going anywhere” despite the cloud over the copper smelter and refinery.

“Mount Isa Mines is an important asset for Glencore globally and we’re continuing to invest in these operations,” he said.

“The future for our long-life George Fisher mine, which produces zinc, lead and silver, is bright. With its life of mine to 2042, we are upskilling our workforce, expanding production and advancing our fleet,” he said.

“Importantly, we’ve already transferred 89 people from the impacted underground copper operations to George Fisher, with 71 additional transfers pending. Our goal here is to replace contractor fly-in, fly-out roles with local workers.”

In the past five years, Glencore has invested about $1.8bn in the Queensland Metals business, including $653m on zinc mining and processing, and $87m in exploration.
Click to expand...
The last thing we should be doing is providing support for Glencore or any other foreign producer.
Tell em to f off, nationalise the place and keep producing copper.
The world has changed thanks to Trump. instead of trying to continually take the high the morssl ground, we need to get down and get dirty.
Mick
 
rcw1 said:

Glencore delivers latest blow to Made in Australia vision with warning on copper jobs​

3 min read
April 3, 2025 - 7:04PM
The Australian Business Network

Glencore has warned local communities that its Mount Isa copper smelter and Townsville copper refinery are hanging by a thread and unlikely to survive without financial support from the Queensland and federal governments.
The smelter and refinery employ about 550 people and a closure would have a knock-on effect on copper miners in Queensland who rely on the smelter and on an Incitec Pivot acid plant at Mount Isa.

It is understood Glencore has approached the Queensland and federal governments for help in recent weeks. Queensland has indicated it is willing to discuss financial support but there has been no response from the Albanese government.

Swiss-based Glencore said the smelter and refinery were under immense pressure due to an unprecedented decline in the global smelting market.

Glencore chief operating officer for zinc and copper assets Sam Strohmayr updated the Mount Isa community on the plight of the smelter and refinery at a community meeting on Wednesday night.

“We are assessing the future of our copper processing assets against a backdrop of the largest drops in treatment and refining charges in 25 years, with smelters in countries like China and Indonesia heavily subsidised by their governments,” he said.

“Our copper smelter and refinery are strategic assets for the state of Queensland. We have approached both the Queensland and federal governments about the future of these assets and their support for a regional solution that benefits the whole northwest Queensland.”

Mount Isa is one of only two copper smelters still in operation in Australia – BHP owns the other one – and the only smelter that treats ore produced by third-parties, including small and mid-sized miners in the northwest of Queensland.

Glencore has tolling agreements in place with Carnaby Resources and True North Copper, and toll treats concentrate stockpiles from 29Metals’ Capricorn Copper mine.

Glencore’s warning on copper processing follows global commodities company Trafigura sounding the alarm over the future of its zinc and lead smelters in Australia.

The crisis in metals smelting – BHP shut Australia’s only nickel smelter last year – comes as the federal government promotes its Future Made in Australia policy in the countdown to the federal election.

Glencore will cease copper mining in July, as flagged by the company almost 18 months ago. It will then rely on ore from third parties to keep the smelter and refinery open.

The smelter supplies a sulphur by-product to Incitec Pivot, which in turn supplies acid to the smelter.

Glencore originally estimated the end to copper mining at Mount Isa would cost 1200 jobs. It now expects about 500 job losses with many workers redeployed, including to zinc and lead operations within the wider Mount Isa Mines business.

Gary Nagle-led Glencore is due to make a call on whether to invest in prolonging the life of the smelter before the end of 2025. Every four years, the plant requires what is known as a rebrick due to the intense heat involved in smelting copper, at a cost of about $40m.

Mr Nagle told The Australian in February that high power costs were a major disincentive to keeping the copper smelter and refinery running.

“The smelter is challenged given high power costs. We’ve seen power costs in Australia more than double some other places in the world,” he said.

“The only way to survive that you have a competitive cost line, and a big input into that is the cost of power. Unfortunately, the cost of power in Australia, versus where other smelters are in the world, is significantly higher.”

Mr Strohmayr assured the community meeting on Wednesday that Glencore was “not going anywhere” despite the cloud over the copper smelter and refinery.

“Mount Isa Mines is an important asset for Glencore globally and we’re continuing to invest in these operations,” he said.

“The future for our long-life George Fisher mine, which produces zinc, lead and silver, is bright. With its life of mine to 2042, we are upskilling our workforce, expanding production and advancing our fleet,” he said.

“Importantly, we’ve already transferred 89 people from the impacted underground copper operations to George Fisher, with 71 additional transfers pending. Our goal here is to replace contractor fly-in, fly-out roles with local workers.”

In the past five years, Glencore has invested about $1.8bn in the Queensland Metals business, including $653m on zinc mining and processing, and $87m in exploration.
Click to expand...

Couldn't a wind farm or some solar panels power this?
 
I had an entry on copper copx in the US but exited last night with a small loss.
I doubt even if the market crash ends tomorrow, it could be a while before copper reemerges on a long positive trend
 
qldfrog said:
Stop it Sean, Stop it ..it hurts....
Sadly the 600 or so people losing their jobs...that is a lot of cafes to open...
Click to expand...
since i hold AIS i am still calculating if this is a plus or negative ( more skilled labor up for grabs , but maybe there are detriments lurking as well )
 
The probable shutdown of the Glencore copper smelter should be a wake up call for all Aussies. Indonesia with China has shutdown our nickel refining industry. Now it seems that China will shut down our copper smelting industry (only two remaining, BHP, Glencore). Steel manufacturing on life support.

It won't be long before all we'll do is dig it up and ship it out. We've no one making any plans for this country. We're unable to get bipartisan support to rub two sticks together.
 
peter2 said:
The probable shutdown of the Glencore copper smelter should be a wake up call for all Aussies. Indonesia with China has shutdown our nickel refining industry. Now it seems that China will shut down our copper smelting industry (only two remaining, BHP, Glencore). Steel manufacturing on life support.

It won't be long before all we'll do is dig it up and ship it out. We've no one making any plans for this country. We're unable to get bipartisan support to rub two sticks together.
Click to expand...
I am deeply convinced this country has lost its way..
Mining is our last tenuous attach to a semblance of working society
No dream, just complaining and begging for more ndis, or more cg, or more taxes on the rich...like student loans of the idles paid by the working poor pushing your supermarket trolleys, hatred of anyone richer, whiter, maler, stronger, more intelligent or luckier, or just able to use its brain out of the constant propaganda.
An economy in collapse for now a decade, and not even mentioned in the campaign.FFS
Crazy netzero policies which regardless of your adoption of the co2 scam, will not change a thing, more public servants , BS jobs and debt,billions in antiquated and useless weapon systems.
Painful to watch, but as much as you can blame politicians, they are just a reflection of the voters.
So instead of a nation engaged in Putin, Trump or Xi blaming, high time Australians look at themselves in the mirror.
I felt the same sentiments about France 3 decades ago, i invite you to look at where this can led a country in a few decades
Nickel, copper, coal and iron are going down, gold the next target?
If smelters are bad, imagine the damages of mineral extraction...
 
peter2 said:
The probable shutdown of the Glencore copper smelter should be a wake up call for all Aussies. Indonesia with China has shutdown our nickel refining industry. Now it seems that China will shut down our copper smelting industry (only two remaining, BHP, Glencore). Steel manufacturing on life support.

It won't be long before all we'll do is dig it up and ship it out. We've no one making any plans for this country. We're unable to get bipartisan support to rub two sticks together.
Click to expand...
so i bought ATM and NIC , if that is the trend ( and the big companies acquire or crush the local guys ( like MCR , PAN and WSA ) what else can i do

we have regulators but here we are ( i also held Arrium )
 
qldfrog said:
I am deeply convinced this country has lost its way..
Mining is our last tenuous attach to a semblance of working society
No dream, just complaining and begging for more ndis, or more cg, or more taxes on the rich...like student loans of the idles paid by the working poor pushing your supermarket trolleys, hatred of anyone richer, whiter, maler, stronger, more intelligent or luckier, or just able to use its brain out of the constant propaganda.
An economy in collapse for now a decade, and not even mentioned in the campaign.FFS
Crazy netzero policies which regardless of your adoption of the co2 scam, will not change a thing, more public servants , BS jobs and debt,billions in antiquated and useless weapon systems.
Painful to watch, but as much as you can blame politicians, they are just a reflection of the voters.
So instead of a nation engaged in Putin, Trump or Xi blaming, high time Australians look at themselves in the mirror.
I felt the same sentiments about France 3 decades ago, i invite you to look at where this can led a country in a few decades
Nickel, copper, coal and iron are going down, gold the next target?
If smelters are bad, imagine the damages of mineral extraction...
Click to expand...
the good part is i won't be around in 30 years , and if by chance i am i will have horribly crackly laugh to go with my dark sense of humor , because i will be laughing and laughing at all those that didn't see this coming ( and paid for the indoctrination that killed their brains )
 


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