Shanghai Spot Copper Under Pressure as Imports Rise and Demand Weakens

Venezuela's ruling party-controlled National Assembly on Thursday approved a mining bill expected to open the sector to private and overseas investment, after the US eased restrictions on the country to stimulate external capital investment in its struggling economy.The bill repealed the 1999 and 2015 mining regulations, allowing domestic, overseas, and state-owned and private companies or consortia to mine gold and "strategic minerals." The maximum term for concessions is 30 years, but can be extended by up to two 10-year periods.Under the bill, mineral resources remain state property, disputes can be resolved through arbitration, and a royalty tax of 13% of the total value of minerals is levie.

Nguyen Thu Lan at Commerzbank noted that copper, once among the weakest-performing metals under pressure from rising London Metal Exchange (LME) inventories and mixed supply side news, has now transformed into one of the best-performing metals.Potential inventory sell-offs and the restart of the Panama mine could suppress price gains in the short term, but the sharp decline in Chilean production suggests that once concerns about economic growth ease, supply worries could dominate, supporting copper prices higher over the longer term.Nguyen said: "Copper is one of the best-performing metals. On the one hand, this can be attributed to copper being viewed as a highly cyclical metal.

Argentine lawmakers passed a government-backed reform bill aimed at promoting mining investment in glacier regions. Environmentalists and scientists said the move would weaken related protections and threaten water security.The lower house passed the reform bill with 137 votes in favor, 111 against, and 3 abstentions. The bill took effect immediately upon publication in the official gazette.The reform, driven by the libertarian government of Javier Milei, sparked controversy for allowing provinces to set their own protection standards for glaciers and periglacial areas. Critics said the shift could weaken protections for high-altitude glacial landscapes that serve as vital freshwater reserves.