Copper eased on Friday as the dollar firmed despite underwhelming U.S. jobs data that tempered expectations for a quick monetary policy tightening, though supply issues limited losses. Markets were also on the edge due to the Omicron variant of the coronavirus, with countries introducing new restrictions to slow its spread which could potentially derail the global economic recovery.
Aluminium prices gained on Friday amid low inventories and China's plans to raise the benchmark price for long-term coal contracts in 2022. Three-month aluminium on the London Metal Exchange gained 1.5% to $2,640 a tonne by 0710 GMT, while the most-traded January aluminium contract on the Shanghai Futures Exchange was up 0.5% at 18,975 yuan a tonne.
* Oil prices dip to multi-month lows. * Treasury's Yellen: Fed's job to avoid 'wage-price spiral' By Asha Sistla. Gold dropped over 1% to a one-month low on Thursday, as investors latched on to signs of a seemingly hawkish tilt in U.S. monetary policy that could rein in rising consumer prices in future.
Newmont Corp (NEM) projected a jump in gold production for 2022 on Thursday as its operations recover from a pandemic-driven hit and investments to boost output at its Boddington mine in Australia and Ahafo in Ghana pay-off. The world's top gold producer forecast output of 6.2 million ounces for next year, up from the 6 million ounces it expects to produce in 2021.
Newmont Corp (NEM) on Thursday forecast higher gold production of 6.2 million ounces in 2022, compared with the 6 million ounces it expects to produce this year, highlighting increases in output from Boddington and Ahafo mines.
Aluminium prices in London eased on Thursday, hit by worries over the potential economic impact of the Omicron coronavirus variant, but low inventories cushioned losses. Three-month aluminium on the London Metal Exchange fell 0.9% to $2,640.50 a tonne by 0704 GMT, while the most-traded January aluminium contract on the Shanghai Futures Exchange closed down 1.2% at 18,765 yuan a tonne.
Aluminium prices in London inched higher on Thursday, supported by falling warehouse inventories and improving demand, although gains were capped by uncertainties over the Omicron coronavirus variant and its economic impact.
By Andy Home. China, the world's largest aluminium producer, is still running short of primary metal. The country imported another 140,000 tonnes in October, bringing the year-to-date total to 1.27 million tonnes. Multiple Chinese smelters have been ordered to reduce or curtail production as provincial governments try to meet quarterly energy usage and efficiency targets.
Yamana Gold Inc (AUY): * YAMANA GOLD ANNOUNCES THE DISCOVERY OF NEW MINERALIZED ZONES AT WASAMAC AND PROVIDES AN UPDATE ON ITS GROWTH PROJECTS Source text for Eikon: Further company coverage:
* Stock market stages strong rebound. * U.S. tightens travel rules, countries impose restrictions. * Fed policy must address range of plausible outcomes- Powell. By Ashitha Shivaprasad.
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