This morning in metals news, Chinese steel futures fell, iron ore has done well to start 2018 and a new copper deposit has been discovered in Ecuador.
Chinese Steel Futures Break Three-Day Upward Streak
Chinese steel futures fell on Thursday, breaking a three-day streak of gains, according to Reuters.
The drop comes as demand is expected to slacken with upcoming winter snows, which will slow down construction projects in the country. According to the report, winter weather is expected to hit the country, in the form of rain and snow, in the coming week.
Iron Ore Rises in the New Year
Meanwhile, iron ore has had a nice start to 2018, according to this report by Business Insider Australia.
Quoting Metal Bulletin numbers, the price for benchmark 62% fines rose 0.3% to $74.97 a ton, an increase which came on the heels of a 2.9% increase on Tuesday.
Miner Makes Copper Discovery in Ecuador
Miner SolGold is “elated” by its recent discovery of a new copper deposit in Ecuador, The Telegraph reports.
According to the report, SolGold confirmed a mineral resource estimate (MRE) of more than 1 billion tons of copper equivalent at its Alpala site in northern Ecuador.
“With a further 120km of drilling planned for 2018 this is likely to be a dynamic resource with many updates to follow,” said Michael Stoner, an analyst at Berenberg, to Business Insider. “It is positive to see the group lay down a sizable first marker for the resource and we are most interested in the high-grade core, which, if expanded, will greatly ease the route to first production.”