Tuesday, February 02, 2021

Mining 59, High world prices of silver, gold, copper, rhodium, iron ore, nickel

I'm curious why these six commodities, metal products, have fast rising prices. Data as of today, around 3:30pm Manila time.

Why the price spikes? I checked some reports.

Silver: https://www.bloomberg.com/news/articles/2021-01-31/silver-spikes-at-the-week-s-open-as-reddit-hordes-pile-in-again

Copper: https://www.spglobal.com/platts/en/market-insights/latest-news/metals/011821-copper-price-to-rise-in-2021-analysts


Now check the huge spike in prices of rhodium. Why? 
This explanation from 

There is no rhodium mines strictly speaking. It’s simply a by-product from the extraction of PGMs mines (platinum, palladium, rhodium, osmium, ruthenium and iridium).

Its annual production is extremely limited. About 25 tons per year (against 2350 tons of gold). Less than 10 mines worldwide extract significantly this metal.

Rhodium main application in the automotive industry (80-90%). Used in the manufacture of catalytic converters (associated with Platinum and Palladium), it reduces the toxicity of gases from exhaust pipes. It is also used in jewelry as a finishing material.

Another story, https://www.wsj.com/articles/emissions-clampdown-sends-rhodium-prices-on-explosive-rally-11606737904#.

Iron ore: https://www.hellenicshippingnews.com/the-rise-and-rise-of-iron-ore/


Nickel: https://www.mining.com/rising-nickel-prices-to-support-project-development-report/

METALS-Nickel prices rise on supply concerns in New Caledonia, Philippines
JANUARY 13, 2021  11:27

The Philippine government's continued paranoid policies against large-scale metallic mining are wrong. Same mining area and mining output producing more corporate revenues plus more tax revenues.

See also:

Mining 56, Presentation at Mining PH Conference 2017, October 05, 2017 

Mining 57, More photos during Mining PH 2017 conference, October 16, 2017 
Mining 58, Rivers and forest, October 30, 2018 
BWorld 261, PPP, tunnels and mining, October 28, 2018.

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