AXMIN Inc (TSXV: AXM)
AXMIN Inc. (TSXV:AXM) is a Canadian-based exploration and development company with a strong focus on central and West Africa.
Since the beginning of this year, spot gold prices have risen by 29%, poised to achieve the largest annual increase in 14 years. On September 26, spot gold reached a historic high of $2,685.42 per ounce.
Representatives at the London Bullion Market Association (LBMA) annual meeting, held on Tuesday (October 15 local time), predict that gold prices are expected to rise from the current $2,661 per ounce to $2,941 per ounce within the next 12 months. A poll conducted at the meeting also anticipates price increases for silver, platinum, and palladium in a year.
Delegates from around the world forecast that silver prices will jump from around $31.46 per ounce on Tuesday to $45 per ounce in a year. Silver prices have already increased by 32% this year. In 2011, silver reached an all-time high of $49 per ounce.
Platinum prices are predicted to rise from the current $984 per ounce to $1,148 per ounce, while palladium prices are expected to rise slightly from around $1,012 to $1,059 per ounce.
On Tuesday, copper prices fell to a three-week low amid concerns about how China’s recent growth stimulus measures will affect copper demand. Due to a renewed downturn in sentiment in China’s financial markets, copper prices on the London Metal Exchange dropped by more than 1%. The price of December futures copper on the New York Mercantile Exchange fell by 1.54% from Monday’s settlement, dipping to $4.33 per pound ($9,526 per ton) during early trading.
Since the end of September, the Chinese government has significantly increased policy stimulus efforts to revive the economy and ensure that this year’s economic growth meets the government’s target of around 5%. However, a survey indicates that China’s economy may grow by 4.8% in 2024, below the government’s target. In 2025, the growth rate could further decline to 4.5%, putting pressure on policymakers to consider additional stimulus measures.
Iron ore prices have fallen, as major mining companies are set to release quarterly production reports next week.
Iron ore futures in Singapore dropped to $106 per ton, following more comprehensive plans detailed by China to support the economy, after rising over 3% in the previous two trading days. This week, data will be released by Australia’s BHP Group and Rio Tinto, as well as by Brazil’s Vale.
So far this year, iron ore prices have fallen nearly a quarter, making it one of the worst-performing major commodities in 2024.
