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Why Are Antimony Prices Exploding?

A supply shortage has triggered the steepest rally in price “ever recorded” in the global antimony market since April, according to FastMarkets who began recording prices from January 1980.

In May, prices reached US$17,588.88 per metric ton of antimony ingot, up 54% in 2024, according to the Shanghai Metals Exchange; prices in Europe reached US$22,700 a ton on June 14, up more than 75% on 2023.

And now China has announced it will impose export limits on antimony because of “national security.”

You can read more on the matter here.

What’s going on?

• Anwar Ibrahim: Oil Exploration to Continue Despite Chinese Claims (theDeepDive)

• Northvolt to cut jobs and sell off unit to survive EV chill (FT)

• Newsom’s Veto Blocks Undocumented Immigrants from State Home Loan Program (theDeepDive)

• Canada tried to quash First Nation land claim with this handwritten 1889 ruling. It failed (NP)

• Outrage Grows as MP Hints at Media Obedience in Exchange for Subsidies (theDeepDive)

• US proposes requiring reporting for advanced AI, cloud providers (Reuters)

• New Survey Shows One-Quarter of Advertisers Plan to Cut Spending on X (theDeepDive)

• Peter Nygard sentenced to 11 years in prison for sexual assault convictions (Globe)

• Blaze Media Fires Lauren Chen Amid Alleged Link to Russian Influence Campaign (theDeepDive)

• WTO Warns Nations That Protectionism May Widen Rich-Poor Gap (Bloomberg)

• Taiwan’s President Challenges China’s Territorial Claims: Why Not Reclaim Land from Russia? (theDeepDive)

What’s the latest?

• AI: The U.S. Commerce Department proposed mandatory reporting for advanced AI developers and cloud providers to ensure safety and resilience against cyberattacks. This includes detailed reporting on AI development, cybersecurity measures, and testing for harmful capabilities. The move follows President Biden's order requiring AI systems with national security risks to undergo safety testing before public release, amid stalled legislative action on AI in Congress.

• Oil: Oil prices rose after hitting their lowest levels since 2021, with Brent near $72 a barrel and WTI above $68, recovering from a nearly 10% drop last week. The decline was driven by slowdowns in the US and China, signaling weaker demand amid ample supply. Traders await key reports from OPEC, the EIA, and the IEA this week for demand outlook insights, while Saudi Aramco cut its flagship grade price for Asia due to poor demand.

• Telecom Sector: Bell Canada’s sale of Northwestel Inc. for $1 billion marks BCE Inc.’s shift to selling standalone assets amid industry challenges like slower growth and rising competition. Analysts expect major telecoms, including Rogers, BCE, and Telus, to continue divesting assets such as cell towers, media, and sports properties to cut costs and manage debt from 5G expansions. While selling sports assets like stakes in the Toronto Maple Leafs and Raptors could bring significant returns, companies see these as key to their core business and are unlikely to sell.

• Argentina Inflation: Argentina's inflation rate is expected to have dipped to 3.9% in August, slightly down from 4% in July, marking the lowest level since early 2022, according to a Reuters poll of economists. The slight decline is driven by higher service and transportation costs, with core inflation stagnating around 4% since May.

• Air Canada: Air Canada is preparing for a potential shutdown of most operations next week as contract talks with the pilots union, ALPA, remain stalled over "excessive" wage demands, according to CEO Michael Rousseau. Unless an agreement is reached, either side could issue a 72-hour strike or lockout notice as early as September 15.

Searching for silver w/ Dolly Varden Silver

The stock market and stuff

• Elon Musk’s xAI Pursues Revenue Share Deal with Tesla (theDeepDive)

• Argentina inflation seen at 31-month low of 3.9% in August (Reuters)

• Air Canada preparing for potential shutdown as contract talks remain far apart (BNN)

• Russia Dramatically Increases Gold Purchases As Oil and Gas Revenue Surges (theDeepDive)

• Canada’s Canola Pile Hits Four-Year High as China Probes Dumping (Bloomberg)

In the juniors

• G Mining Ventures Acquires Brazilian Gold Project From BHP (theDeepDive)

• First Phosphate Signs New Quebec Plant for Iron Phosphate Production (theDeepDive)

• Regulatory Restrictions Are Starting To Force Canadian Firms to Relocate Overseas (theDeepDive)

FULL DISCLOSURE: Golden Cariboo Resources is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is long the equity of Golden Cariboo Resources. The author has been compensated to cover Golden Cariboo Resources on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.