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  • 21 Mar 2025

BOL


Boliden Ab (BOL:STO), 0 | Boliden AB (BOL:OME), 0 | Glencore plc (GLEN:LON), 283

  • BNP Paribas Exane
    • Zeng Qiang QZ

    • 12 pages


 

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BOL


Boliden Ab (BOL:STO), 0 | Boliden AB (BOL:OME), 0 | Glencore plc (GLEN:LON), 283

  • Published: 21 Mar 2025
  • Author: Zeng Qiang QZ
  • Pages: 12
  • BNP Paribas Exane


In a nutshell: . BOLIDEN (-): Completion of share issuance Daily Prices as of March 20th / PRICE MOVERS . MACRO/COMMODITY WRAP: As part of a broader effort to boost development of natural resources, Trump has invoked emergency powers to boost the ability of the US to produce critical minerals, including potentially coal. An executive order was signed yesterday which taps the Defense Production Act as part of the effort to provide financing, loans and encourage faster permitting for critical minerals which will include uranium, copper, potash and gold as well as ''any other element, compound or material as determined by the chair'' of the National Energy Dominance Council which could include coal. The Defense Production Act was a 1950s law that was used to ramp up steel production for the Korean War. Former President Biden also invoked the law to encourage domestic production of critical minerals including lithium, nickel, graphite, cobalt and manganese. A committee on China previously recommended creating a strategic reserve of critical minerals in an attempt to insulate against price volatility. Base metals weaker in trading on the SHFE this morning; copper -0.8%, aluminium -0.5%, zinc -0.3%, nickel -0.2%. Alumina largely unchanged w/w at USD 433/t amidst ample supply in the morning. Despite the copper price touching USD 10,000/t the other day, the Yangshan copper cathode premium has actually increased 30% since the end of last week to USD 65/t, back to highs last reached in early February. Iron ore futures trading -0.8% lower in Singapore this morning and back below the USD 100/t level on concerns about demand in China as the steel industry is reportedly considering paying firms to shutter old plants in an effort to reduce overcapacity. Gold (3,030/oz) holds near record levels amid concerns over US tariffs which is supporting safe haven assets. . Macro data this week: US initial jobless claims (prev 220k) and Eurozone...

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