February 21, 2017

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COPPER

Indonesia’s mining ministry has issued the local unit of U.S. copper and gold miner Newmont Mining Corp with a recommendation to continue copper concentrate exports for the next six months,

a ministry official said on Tuesday. Newmont, Indonesia’s second-biggest copper miner, will be allowed to export “around 400,000” tonnes of copper concentrate from its mine.

 COPPER

Indonesia’s mining ministry has issued the local unit of U.S. copper and gold miner Newmont Mining Corp with a recommendation to continue copper concentrate exports for the next six months,

a ministry official said on Tuesday. Newmont, Indonesia’s second-biggest copper miner, will be allowed to export “around 400,000” tonnes of copper concentrate from its mine.

Crude oil:

June 2nd Oil Producers Meeting Looming Closer

Traders are now focusing on the June 2nd production meeting which failed in April to reach an understanding. The Organization of the Petroleum Exporting Countries is focusing on market share rather than on

supporting oil prices, Iraq’s OPEC governor said on Tuesday in comments that will dampen expectations that OPEC might agree steps to support prices at a meeting next week.

“After two years, the market is starting to balance but it nearly destroyed many countries,” Falah Alamri, Iraq’s OPEC governor and head of the State Oil Marketing Organization (SOMO), said at an Iraq oil

conference in London. The “two years” is a reference to OPEC’s meeting in November 2014, when the producers group refused to cut output to support prices.

Representatives from the 13-nation oil cartel, however, are not expected to reach a deal on a comprehensive production freeze at the meeting in Vienna, as Iran stands firm on a stance of increasing

output to reach 2007 pre-sanction levels.

The global oil supply decreased by nearly four million barrels per day this month after a series of incidents, such as fires in Canada and military attacks in Nigeria, caused temporary outages worldwide.

        

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