李冈峰 欧洲天然资源基金 Commodity Discovery 特约分析师 这是一个主要从美国每周的CFTC数据公布基金(Managed Positions)在当地期货市场的各种部署，继 而反映现时市场对贵金属的情绪和对短/中期的一个价格判断。美国每周五收市后公布的CFTC数据， 记录日为刚过去的周二(如果过去一周原本工作日是假日的话数据出炉会延期)。 概要 因为美国政府停摆，因此CFTC公布期货市场多空持仓数据仅更新至9月23日。 目前市场认为明年1月再降息的几率也从4周前的67.6%下跌至17.4%(假如12月不降息，1月降的几 率则从两周前的80.4%跌至66.1%)。 这是近年(自疫情以来)美联储首次说话不算话 ——早前明明 用肯定的语气说今年会降3次，然后一个政府停摆，就令美联储对12月降息变得有保留？他们是认 为美国政府停摆反而会刺激经济上升，还是觉得对通胀会有长久性的影响？说到底政治什么都是 一场交易。 上周亚特兰大联储银行总裁波斯提克宣布明年2月任期完结后便退休，市场对此感到意外，并普遍 认为特朗普在背后发功，皆因波斯提克的立场偏鹰。部分美联储人员反击特朗普，均表示12月不 应该降息(仅在一 ...

A London judge ruled Friday that global mining company BHP Group is liable in Brazil’s worst environmental disaster when a dam collapse a decade ago unleashed tons of toxic waste into a major river, killing 19 people and devastating villages downstream.High Court Justice Finola O’Farrell said that Australia-based BHP was responsible, despite not owning the dam at the time, finding its negligence, carelessness or lack of skill led to the collapse.Anglo-Australian BHP owns 50 per cent of Samarco, the Brazilia ...

🔥 NEW: Canaan Inc. reported Q3 revenue of $150.5M, up ~104% YoY.The company is doubling down on building AI-ready mining infrastructure, aiming to capture new demand beyond Bitcoin mining. https://t.co/Sl7hENrubu ...

Group 1 - The company BHP is navigating an uncertain environment with strategic discipline, emphasizing its diversified, low-cost operations and strong financials [1] - BHP's unique commodity mix includes iron ore, met coal, copper, nickel, and potash, positioning it favorably in the market [1] - The analyst has over 10 years of experience researching companies across various sectors, including commodities and technology, which enhances the quality of insights provided [1] Group 2 - The analyst has a beneficial long position in the shares of VALE, indicating a personal investment interest [2] - The article expresses the analyst's own opinions and is not influenced by compensation from any company mentioned [2]

🔥 LATEST: Bitcoin miner Bitfury is pivoting into tech investing, launching a $1B fund for ethical AI and crypto startups after 14 years in mining. https://t.co/ehyssz5ix8 ...

Group 1 - The article discusses the investment strategies of Vasily Zyryanov, focusing on identifying underpriced equities with strong upside potential and overappreciated companies with inflated valuations [1] - Zyryanov emphasizes the importance of analyzing Free Cash Flow and Return on Capital in addition to profit and sales analysis to gain deeper insights into investments [1] - The research covers a wide range of industries, particularly the energy sector, including oil & gas supermajors, mid-cap, and small-cap exploration & production companies, as well as oilfield services firms [1] Group 2 - Zyryanov acknowledges that some growth stocks may deserve their premium valuations, highlighting the need for investors to investigate whether the market's current opinions are accurate [1]

Core Insights - Luca Mining Corp reported strong year-over-year growth in Q3 2025, with significant increases in production and revenue, alongside strategic investments in development and exploration [1][3]. Financial Performance - The company generated a net free cash flow of $5.3 million in the first nine months of 2025, despite heavy investments in development and exploration [1][3]. - Revenue for Q3 2025 reached $35.0 million, a 94% increase compared to the prior year, driven by higher sales volumes and increased precious metal prices (gold +28%, silver +18%) [2][3]. Production Highlights - Consolidated tonnes milled increased to 250,807, a 66% rise from the previous year, resulting in substantial production increases: Gold up 51%, Silver up 97%, Zinc up 78%, Lead up 81%, and Copper up 43% [2][3]. - Campo Morado produced approximately 30.2 million zinc-equivalent pounds, a 75% year-over-year increase, with cash costs decreasing to $1.09 per payable ZnEq pound, a 14% reduction [5][6]. - Tahuehueto achieved a record of 969 tonnes milled per day, a 187% increase year-over-year, with gold-equivalent production rising 74% [9][10]. Operational Improvements - The company emphasized safe operations and improved throughput, with both mines operating above budget [2][3]. - Sustaining capital investment for Q3 was $8.7 million, aimed at enhancing underground development and exploration drilling [2][3]. Exploration Initiatives - Luca Mining is committed to a three-year, $25 million exploration program to unlock new gold resources at both Campo Morado and Tahuehueto [3][24]. - High-grade drill results were reported from the Reforma deposit at Campo Morado, indicating strong resource potential [8]. Future Outlook - The company anticipates entering higher-grade areas in both mines, which is expected to drive increased production and improved recoveries [15]. - Revised production guidance for 2025 reflects lower-than-expected output due to mining through lower-grade zones, but copper, silver, and lead production are tracking within or above original guidance [14][17].

Core Insights - Teck Resources Limited has been recognized as one of Canada's Top 100 Employers for the ninth consecutive year, highlighting its exceptional human resource programs and innovative workplace policies [1][2]. Group 1: Company Recognition - The recognition by Mediacorp Canada emphasizes Teck's commitment to fostering a supportive work environment that contributes to employee growth and career development [2]. - Teck's President and CEO, Jonathan Price, stated that the company's workforce is crucial for its success and for supporting economic growth in the communities where it operates [2]. Group 2: Evaluation Criteria - Mediacorp evaluates employers based on eight criteria, including health benefits, financial and family benefits, community involvement, employee communications, and training and skills development [2]. Group 3: Company Overview - Teck is a leading Canadian resource company focused on providing essential metals for economic development and the energy transition, with a strong portfolio of copper and zinc operations across North and South America [4]. - The company aims to create value through responsible growth and maintaining resilience based on stakeholder trust [4].

Barrick Mining is overhauling its regional operating model in a shakeup that includes a raft of management changes in a bid to improve performance, according to an internal memo seen by Bloomberg https://t.co/ZqEe3vrW4s ...

Core Viewpoint - A class action lawsuit has been filed against Freeport-McMoran Inc. concerning allegations of securities fraud and unlawful business practices related to a mining incident in Indonesia [2]. Group 1: Lawsuit Details - The lawsuit involves claims that Freeport and certain officers and/or directors engaged in securities fraud or other unlawful business practices [2]. - Investors have until January 12, 2026, to request to be appointed as Lead Plaintiff if they purchased Freeport securities during the Class Period [2]. Group 2: Incident Overview - On September 9, 2025, Freeport announced the suspension of mining activities at its Grasberg Block Cave operation due to a large flow of wet material that trapped seven workers [2]. - Following this announcement, Freeport's stock price fell by $2.80 per share, or 5.99%, closing at $43.87 per share [2]. - On September 24, 2025, Freeport reported that two of the seven trapped workers were fatally injured and the remaining five were still missing, leading to a further stock price decline of $7.69 per share, or 16.95%, closing at $37.67 per share [2].