First Quantum Minerals produced 96,469 tons of copper in the first quarter of 2026, down 4% from the previous quarter, mainly due to lower output in Zambia. The Canadian company disclosed the figures in its quarterly report published on April 28. Despite the decline, it raised its full-year production guidance to between 405,000 and 475,000 tons, up from a previous range of 375,000 to 435,000 tons, driven by expected volumes from the Cobre Panamá mine.
In Zambia, the Kansanshi mine produced 45,345 tons in the first three months of the year, 2,310 tons less than in the fourth quarter of 2025. The company attributed the drop to lower ore grades and recovery rates but maintained its annual guidance at 175,000 to 205,000 tons. At the Sentinel mine, production reached 45,252 tons, down 2,983 tons quarter over quarter, also due to weaker grades and recoveries. Annual targets there remain unchanged at 190,000 to 220,000 tons.
In Mauritania, the Guelb Moghrein mine produced 2,910 tons in the first quarter. The company raised its full-year target to 7,000 tons after delaying the full transition of the operation to gold production until 2027. However, this contribution remains limited in the overall revision of group targets, as the main shift comes from Panama.
Cobre Panamá, which had been shut since late 2023 following a political and legal dispute over its mining contract, was not included in the company’s initial 2026 outlook. On April 7, Panamanian authorities allowed First Quantum to process and export stockpiled ore at the site. The stockpile is estimated at 38 million tons, containing about 70,000 tons of recoverable copper, of which 30,000 to 40,000 tons could be produced in 2026.
These additional volumes come at a time of tightening global copper supply. In Chile, the world’s largest producer, the halt of Chinese sulfuric acid shipments in March has raised concerns over part of the production based on leaching processes, which depend on that input. In the Democratic Republic of Congo, the start-up of the Kamoa-Kakula smelter provides an alternative source of sulfuric acid, but volumes remain insufficient to meet the country’s full demand.
Emiliano Tossou
Following Starmer's threats, 98 vessels of the Russian Federation's shadow fleet were recorded in British waters. The movement dynamics of the sanctioned ships remained unchanged.
Despite UK Prime Minister Keir Starmer's decision to allow inspections of Russian "shadow fleet" vessels, the number of such passages through British waters has not significantly changed. At least 98 vessels were recorded in the month following the statement. This is stated in a Reuters analysis, reports UNN.
LSEG monitoring data shows that 63 vessels passed within 12 nautical miles of the coastline in the English Channel — the shortest route between the Baltic Sea and Southern Europe.
Another 35 vessels passed through the UK's Exclusive Economic Zone, which extends 200 nautical miles from the coast, mostly around northern Scotland.
"Action must be taken quickly regarding vessel inspections, otherwise these ships will conclude that it was an empty threat — and that is exactly the unfortunate situation we are in now," - noted Elizabeth Braw, a maritime security expert at the Washington-based Atlantic Council.
Other European countries, including France, Belgium, and Sweden, have inspected and detained Russian "shadow fleet" vessels in recent months.
The Kremlin claims that sanctions against its ships are illegal and called the UK's latest policy an "extremely hostile step" that could lead to retaliatory measures.
Analysts say the UK's lack of enforcement reflects several challenges, including the absence of a specialized law enforcement coast guard unlike France or Sweden, as well as legal and economic complexities associated with dealing with such a large number of vessels.
As a reminder
UK Prime Minister Keir Starmer stated the need to block Russia's "shadow fleet" to increase pressure. Hundreds of entities have already fallen under sanctions, including 48 "shadow fleet" vessels and Transneft.
As traders approach another pivotal day for financial markets, a series of crucial economic data releases that could sway market dynamics are expected on Thursday, April 30, 2026. The day’s agenda features the advance Gross Domestic Product report, which provides the broadest measure of economic health, alongside Initial Jobless Claims, a key indicator of labor market conditions. Additionally, the Core Personal Consumption Expenditure Price Index, a preferred inflation gauge closely monitored by the Federal Reserve, will be released. These reports will offer valuable insights into the current state of the U.S. economy across growth, employment, and inflation metrics.
Major Economic Events to Watch
• 8:30 AM ET - GDP (Forecast:2.2%, Previous: 0.5%) - Measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy, serving as the primary indicator of economic health.
• 8:30 AM ET - Initial Jobless Claims (Forecast:213K, Previous: 214K) - Tracks the number of individuals who filed for unemployment insurance for the first time during the past week, providing an early gauge of labor market conditions.
• 8:30 AM ET - Core PCE Price Index (Forecast:0.3%, Previous: 0.4%) - Measures monthly changes in consumer prices excluding food and energy, weighted by expenditure per item, and serves as a key inflation indicator.
Other Important Economic Events to Watch
• 8:30 AM ET - PCE Price Index (Forecast:0.7%, Previous: 0.4%) - Indicates the average increase in prices for all domestic personal consumption including food and energy.
• 8:30 AM ET - PCE Price Index (Forecast:3.5%, Previous: 2.8%) - Annual measure of the average increase in prices for all domestic personal consumption.
• 8:30 AM ET - Core PCE Price Index (Forecast:3.2%, Previous: 3.0%) - Annual measure of core consumer prices excluding food and energy components.
• 8:30 AM ET - Personal Spending (Forecast:0.9%, Previous: 0.5%) - Tracks the change in inflation-adjusted value of all consumer spending, which accounts for the majority of economic activity.
• 8:30 AM ET - GDP Price Index (Forecast:3.8%, Previous: 3.7%) - Measures the annualized change in prices of all goods and services included in GDP, serving as the broadest inflationary indicator.
• 8:30 AM ET - Core PCE Prices (Forecast:4.10%, Previous: 2.70%) - Annual measure of price changes in consumer goods and services excluding food and energy.
• 8:30 AM ET - Employment Cost Index (Forecast:0.8%, Previous: 0.7%) - Measures the change in the price businesses and government pay for civilian labor.
• 8:30 AM ET - Continuing Jobless Claims (Forecast:1,820K, Previous: 1,821K) - Tracks the number of unemployed individuals who qualify for unemployment insurance benefits.
• 8:45 AM ET - Chicago PMI (Forecast:54.8, Previous: 52.8) - Determines the economic health of the manufacturing sector in the Chicago region, with readings above 50 indicating expansion.
• 9:00 AM ET - Atlanta Fed GDPNow - A running estimate of real GDP growth based on available economic data for the current quarter, based solely on mathematical model results.
• 3:30 PM ET - Fed’s Balance Sheet (Previous:6,707B) - Weekly report detailing the assets and liabilities of the Federal Reserve System.
• 3:30 PM ET - Reserve Balances with Federal Reserve Banks (Previous:2.915T) - The amount of money that depository institutions maintain in their Federal Reserve accounts.
Other Economic Events to Watch
• 8:30 AM ET - Real Personal Consumption (Previous:0.1%) - Personal consumption adjusted for inflation, divided into durable goods, non-durable goods, and services.
• 8:30 AM ET - Personal Income (Forecast:0.3%, Previous: -0.1%) - Measures the change in total value of income received from all sources by consumers.
• 8:30 AM ET - PCE Prices (Previous:2.9%) - Tracks changes in the price of goods and services purchased by consumers.
• 8:30 AM ET - GDP Sales (Previous:0.3%) - Measures sales component of GDP calculations.
• 8:30 AM ET - Real Consumer Spending (Previous:1.9%) - Inflation-adjusted amount of money spent by households in the U.S. economy.
• 8:30 AM ET - Employment Wages (Previous:0.70%) - Tracks changes in employment compensation.
• 8:30 AM ET - Employment Benefits (Previous:0.70%) - Measures changes in employee benefits costs.
• 8:30 AM ET - Jobless Claims 4-Week Avg. (Previous:210.75K) - Four-week moving average of initial jobless claims, smoothing weekly volatility.
• 9:00 AM ET - US Leading Index (Forecast:-0.2%, Previous: -0.1%) - Composite average of several indicators designed to signal peaks and troughs in the business cycle.
• 9:00 AM ET - Dallas Fed PCE (Previous:1.80%) - Trimmed-mean PCE inflation rate that excludes extreme price changes to gauge core inflation.
• 9:30 AM ET - Natural Gas Storage (Forecast:83B, Previous: 103B) - Measures the change in cubic feet of natural gas held in underground storage during the past week.
• 10:30 AM ET - 4-Week Bill Auction (Previous:3.595%) - Yield on short-term Treasury bills auctioned by the U.S. government.
• 10:30 AM ET - 8-Week Bill Auction (Previous:3.605%) - Yield on Treasury bills with eight-week maturity auctioned by the U.S. government.
As the United Arab Emirates announced its exit from the oil alliance OPEC, MK Surana, former CMD of Hindustan Petroleum Corp., said it could open up a major opportunity for India to strengthen crude oil ties with the Gulf nation, given its close proximity and the suitability of UAE crude for Indian refineries.
Speaking to NDTV Profit, Surana said, "UAE had an excellent relationship with India and it has only strengthened in recent times and due to geographical proximity, which definitely opens up an opportunity for India to tie up for crude."
He mentioned that UAE produces the type of crude which is required by Indian refineries.
Surana further explained that the UAE currently produces around 3.6 million barrels of crude oil per day and has the capacity to ramp up output to nearly 5 million barrels. It remains one of the few oil producers with significant spare capacity. The Gulf nation has often sparked debate within OPEC to increase production as it has made substantial investments, he added.
On Tuesday, April 28, the UAE announced its exit from both OPEC and OPEC+, marking a significant setback to the oil producers' bloc and its de facto leader, Saudi Arabia, at a time when the ongoing Iran war has triggered a historic energy shock and rattled the global economy, Reuters reported. The exit will come into effect from May 1.
The development came as Gulf producers continue to face challenges in exporting crude via the Strait of Hormuz, a critical passage through which roughly one-fifth of global oil and LNG supplies transit. Following UAE's exit OPEC's membership will be cut to 11 and, according to BBC, it will hit roughly 15% of its production capacity, marking one of the most significant structural shifts in the cartel in recent years.
U.S. gas prices have hit a fresh record since the start of the war with Iran, rising to an average nationwide of $4.23 per gallon Wednesday, according to AAA.
The milestone comes as oil prices have surged higher over the past week amid a dual blockade by the United States and Iran of the Strait of Hormuz, the key chokepoint in the region for transiting crude and petroleum-based products out of the Persian Gulf.
The price of Brent crude, the international benchmark that influences the price of U.S. gasoline prices, stands at $114.60, up nearly 25% from the recent low seen April 17 and just a few dollars away from the recent high of $118.
A day earlier, AAA recorded the biggest single-day increase in more than a month, with prices rising $0.07. Gasoline prices have climbed $1.25 a gallon, or more than 40%, since prior to the war’s start in late February.
The surge in oil prices has compounded the typical price increases seen this time of year as refineries undergo maintenance and the spring-summer driving season begins to kick off.
Many gas stations have also sought to artificially keep prices below the $4 threshold by reducing their own profit margins, said Tom Kloza, chief energy adviser to Gulf Oil. But they can only stomach lower margins for so long, he said.
“This is the most serious squeeze, in terms of margin suppression, we’ve seen for retailers since 2020,” he said.
Gas prices have hit their highest point this year, at $4.23 per gallon. Mario Tama / Getty Images file
In a report whose data was largely compiled before the recent run-up, Bank of America analysts found that so far, only lower-income households were seeing a significant impact on their budgets from higher gas prices. And despite the price surge, households are still spending less of their budgets on gasoline than during peaks seen in 2008, 2011 and 2012.
At some point, however, those buffers will start to get eroded — especially if higher fuel costs start showing up in household staple goods.
“A significantly bigger risk arises if higher gasoline and oil prices leak into other necessities such as grocery and utility prices — though so far there is little evidence for this,” the analysts wrote.
They continued, “While there may be capacity for some to ‘ride out’ a gasoline shock by relying more on credit card borrowing, this appears somewhat limited — particularly for lower-income households,” they wrote.
Consumer confidence continues to remain subdued. On Tuesday, The Conference Board reported an uptick in its principal index, likely tied to the Iran ceasefire announced earlier in the month that sent stock prices to record levels.
However, the index remains well below both its pre-pandemic levels and the readings seen in the weeks following President Donald Trump’s second electoral victory in November 2024.
https://www.nbcnews.com/business/energy/gas-prices-new-high-iran-war-rcna342578
The US Department of Interior (DOI) has announced that it has reached a deal to end two additional US offshore wind leases, namely Bluepoint Wind and Golden State Wind, in exchange for USD885m in pledged investments in domestic fossil fuels (US DOI statement, 27/04/2026).
Both projects are joint ventures. Ocean Winds, a joint venture between France's ENGIE and Portugal's EDP Renewables, partnered with Global Infrastructure Partners (a unit of asset manager BlackRock) on Bluepoint Wind (2.4 GW) off the coast of New York and New Jersey, and with Reventus Power, a UK-based offshore wind investment firm, in the Golden State Wind project (2 GW) off California.
Under the Bluepoint Wind agreement, Global Infrastructure Partners has agreed to invest USD765m, the initial bid amount for Bluepoint Wind, in a US LNG facility, and Bluepoint Wind has decided not to pursue any new offshore wind developments in the United States.
Under the Golden State Wind agreement, the joint venture will be refunded USD120m in lease fees in exchange for an agreement to invest an equal amount in the development of US oil and gas assets, energy infrastructure, and/or LNG projects along the Gulf Coast. As well, Golden State Wind has also decided not to pursue any new offshore wind projects in the United States.
The announcement comes a month after French energy company TotalEnergies reached a similar agreement with the DOI to redirect USD928m from offshore wind leases to US oil and gas production. Refunded lease fees will fund the 29 Mt/year Rio Grande LNG plant construction and Gulf of Mexico oil and gas development. The company also signed a LOI with Glenfarne (Alaska LNG lead developer) for 2 Mt/year LNG offtake over 20 years, pending FID (KEI, 25/03/2026).
South32 and Eskom have advanced discussions on a new long term electricity solution for the Hillside Aluminium Smelter in KwaZulu Natal, with implementation targeted for 2031 subject to regulatory approvals.
The two organisations confirmed a shared ambition to secure a power framework that maintains the competitiveness of Hillside, supports regional economic stability and industrial growth, and aligns with South Africa’s decarbonisation pathway.
To support this objective, the companies have established a joint working group to explore mechanisms that would enable competitively priced renewable energy to be introduced into the national grid, supported by affordable firming capacity within existing regulations. While the initiative is focused on meeting Hillside’s long term energy needs, the proposed solutions could also deliver broader benefits for Eskom and its wider customer base.
The Hillside Aluminium Smelter remains one of Southern Africa’s most significant industrial assets. The operation sustains about 3,650 direct and indirect jobs and contributes to an estimated 29,000 jobs across the wider economy, while playing a key role in supplying aluminium to the domestic downstream sector.
South32 Chief Operating Officer Noel Pillay said the engagement builds on three decades of operations at Hillside and ongoing collaboration with government and Eskom to secure the smelter’s long term future.
He noted that progress to date has been encouraging, with continued momentum needed to deliver a viable low carbon energy solution from 2031, when the current electricity agreement expires.
Eskom Group Chief Executive Dan Marokane said the utility values its longstanding partnership with South32 and recognises the strategic importance of Hillside to South Africa’s industrial base.
He added that the joint process is focused on delivering an energy solution that enhances industrial competitiveness while supporting the transition to a lower carbon power system. The collaboration is also expected to contribute to strengthening the resilience and sustainability of the national grid through the integration of renewable energy backed by appropriate firming solutions.
Author: Bryan Groenendaal
Grains
Posted 08:32 -- July corn is up 2 3/4 cents per bushel, July soybeans are up 6 cents, July KC wheat is up 13 3/4 cents, July Chicago wheat is up 9 3/4 cents and MIAX July Minneapolis wheat is up 8 3/4 cents. The Dow Jones Industrial Average is down 123.52 points. The U.S. Dollar Index is up 0.180 and June crude oil is up $4.61 per barrel. June gold is down $60.00 per ounce. Wheat and bean oil are sharply higher with corn and beans moderately stronger to start. December corn is headed for a ninth consecutive gain but is likely to meet resistance at $5.00. Wheat continues to rise as estimates for the hard winter crop look to be sub-600 million bushels following the drought.
Livestock
Posted 11:48 -- June live cattle are up $0.80 at $254.30, August feeder cattle are down $1.15 at $371.925, June lean hogs are up $1.68 at $103.65, July corn is up 3/4 cent per bushel and July soybean meal is down $3.60. The Dow Jones Industrial Average is down 308.86 points and the NASDAQ is down 86.83 points. Some more cash cattle trade has been noted in Texas at $256 which is $10.00 higher than last week's weighted average. More trade will need to develop before the weeks over, but packers could delay until Thursday or Friday following the cattle they bought early this week.
https://www.dtnpf.com/agriculture/web/ag/news/article/2026/04/29/periodic-updates-grains-livestock
Agnico Eagle Mines Ltd. (AEM) is consolidating its position in the Central Lapland region of Finland with three related transactions. The acquisitions are in line with Agnico’s oft-stated strategy to be a dominant, long-term player in a small number of low-risk jurisdictions, advises Adrian Day, editor of Global Analyst.
It acquired Rupert, whose Ikkari gold deposit is pre-feasibility stage and likely the next major mine in Finland. It also acquired Aurion Resources Ltd. (AIRRF) and B2Gold’s (BTG) interest in a joint venture with Aurion. The total purchase price is about C$3.7 billion, with high premiums.
B2Gold, for example, had agreed to sell its share in a joint-venture with Aurion for $100 million two years ago. This past week, Agnico offered $325 million. Given Agnico needed all three and all parties knew that, the negotiations were a little like the prisoner’s dilemma in reverse.
Agnico Eagle Mines Ltd. (AEM)
The acquisition of the B2Gold/Aurion joint-venture provides ground essential to optimize the Ikkari mine plan, while the Aurion acquisition also adds significant exploration ground which has demonstrated its potential. Agnico said it would spend between C$60 million and C$100 million on a three-year regional exploration program.
We see this as a positive for the company. We expect Agnico to conduct an optimized mine plan incorporating the B2/Aurion JV ground, which Rupert had stubbornly refused to acquire on reasonable terms. First gold pour could be early 2031, which fits in well with Agnico’s other development pipelines.
As we have often stated, Agnico is the gold standard of gold mining companies, with top management, a straightforward strategy well executed, and a deep pipeline. If you do not own it, buy now.
Recommended Action: Buy AEM.
Gold prices could soar to $8,000 per ounce within five years, an almost 80% increase from current levels, as central banks in emerging markets accelerate their shift away from the US dollar, according to a new analysis by Deutsche Bank.
The German investment bank projects that gold’s share of global central bank reserves might climb to 40%, up from 30% today, driven by a deepening mistrust in dollar-dominated financial systems. Since the 2008 financial crisis, these banks have added over 225 million troy ounces to their gold holdings while slashing their US dollar reserves from a peak of over 60% in the early 2000s to roughly 40% now. This trend, fueled by fears of Western sanctions, positions gold as a critical financial safety net.
Major players like China, Russia, India, and Turkey lead the charge, but the buying spree is expanding. Countries such as Kazakhstan, Saudi Arabia, Qatar, Egypt, Poland, and the United Arab Emirates are also stockpiling bullion, particularly since geopolitical tensions escalated following the 2022 invasion of Ukraine. Deutsche Bank notes that nations militarily aligned with China and Russia tend to hold larger gold reserves compared to those tied to Western blocs.
The bank’s simulation suggests that even if emerging market foreign exchange reserves drop from $8 trillion to $5 trillion, a targeted 40% gold allocation could still propel prices to the $8,000 mark. This figure, while not an official forecast, reflects a conceptual framework highlighting gold’s evolving role beyond a mere inflation hedge.
Financial security drives this shift, especially after events like the 2022 freezing of Russian dollar and euro assets underscored the vulnerability of traditional reserve currencies. Gold, which can be stored locally without reliance on any issuer, offers a tangible alternative amid rising economic and geopolitical uncertainty.
Deutsche Bank’s analysis points to a broader fragmentation of the global monetary architecture. As trust in US assets wanes, gold emerges as a barometer of geopolitical strain and a declining dollar hegemony. The trajectory hinges on sustained central bank purchases and the dollar’s future role in global trade.
The bank’s projection aligns with industry sentiment that gold stands to gain the most from de-dollarization. Current data shows central banks’ gold reserves are already at historic highs, with the potential for further accumulation through 2030.
TEMPO.CO, Jakarta - China has the world's largest reserves of 14 types of mineral resources, including rare earths, tungsten, tin, molybdenum, antimony, gallium, germanium, indium, fluorite, and graphite, according to the country's latest mineral resources data.
As reported by ANTARA, by 2025, the country will also rank first globally in the production of 17 types of mineral resources, including coal, vanadium, titanium, zinc, rare earths, tungsten, tin, molybdenum, antimony, gallium, indium, gold, and tellurium, according to China's Ministry of Natural Resources on Wednesday, April 29.
China's mining industry output is expected to reach approximately 32.7 trillion yuan (about 4.77 trillion U.S. dollars) in 2025. This figure accounts for over 23 percent of China's gross domestic product (GDP), confirming the country's position as the world leader in mineral production, smelting, and processing.
At a press conference on Wednesday, ministry officials said that China is also a dominant supplier to the global smelting and processing industry. They added that China's resource base helps maintain the stability of the country's industrial chain, supports the development of new sectors, and contributes to global prosperity.
https://en.tempo.co/read/2101034/china-reports-14-mineral-reserves-as-worlds-largest
According to its first-quarter 2026 results, the mining group Anglo American plc reduced its production of premium iron ore by 2% year-on-year – to 15.2 million metric tons. This is stated in the company’s quarterly production report.
The decline in volumes was recorded in both South Africa and Brazil. Production at Kumba Iron Ore’s facilities in South Africa totaled 8.8 million tons, down 2% compared to the same period last year. The main factor was a 15% year-on-year drop in production at the Kolomela mine to 2.6 million tons. The company attributed this to a planned reduction in finished product inventory at the site to free up space ahead of scheduled work on the railway infrastructure in the second quarter.
At the same time, production at Sishen, Kumba’s largest asset, partially offset the losses through improved raw material feed quality and more stable operations at the processing facilities. Kumba’s quarterly sales rose by 2% year-on-year – to 9.14 million tons, driven by improved operations at the Saldaña port and the availability of finished product inventory.
At the Minas-Rio complex in Brazil, production fell by 1% year-on-year – to 6.4 million tons. The company notes that stable results were ensured by better plant utilization and a more consistent supply of ore during the rainy season, although lower iron content partially limited output.
Despite the quarterly decline, Anglo American maintained its iron ore production forecast for 2026. For Kumba, it stands at 35–37 million tons, and for Minas-Rio, at 22–24 million tons. This indicates that the company expects performance to improve in the coming quarters.
As a reminder, global iron ore exports in 2025 rose by 2.6% year-on-year – to 1.76 billion tons. Australia remains the largest exporter, with shipments increasing by 2.4% year-on-year – to 924 million tons. Brazil shipped 419.8 million tons of raw materials (+7.6% year-on-year).
https://gmk.center/en/news/anglo-american-reduced-its-iron-ore-production-by-2-y-y-in-q1/amp/
