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The Commodities Feed: Record gold ETF inflows

08 July 2020

 

Gold prices have resumed their move higher, with spot gold breaking above the highs seen in 2012, and edging ever closer to the US$1,800/oz mark. In its latest update, the World Gold Council showed that gold-backed ETFs recorded their seventh consecutive monthly increase, with inflows of 104t in June, which took global holdings to a new record of 3,621t. During 1H20, global ETF net inflows totalled 734t; exceeding the previous annual record of inflows, as well as surpassing the levels of net gold purchases seen from central banks in 2018 and 2019.

 

Turning to copper, and  China in its ninth batch of scrap metal import quotas, approved a total of 177kt of copper scrap (third-largest amount so far this year), significantly higher than the 1.6kt approved in the previous batch. Meanwhile, looking at mine supply, First Quantum is set to resume production at its Cobre Panama copper mine, after the government lifted the temporary Covid-19 related suspensions. The mine has been shut for 3 months, and is expected to reach its full capacity by mid-August. For zinc, Huanzala and Palka zinc mines are reported to have restarted operations, after having closed in March.

 

Source: https://think.ing.com/snaps/the-co