Athena Gold finds nearly 24 grams of gold per tonne near the surface in Ontario

BHP reported a 19% drop in Q1 FY27 copper production due to operational disruptions and lower feed grades. Full-year guidance remains unchanged at 1.65-1.8mt. Escondida mine output fell 23% to 252,600t. Copper prices rose 53% to $7.01/lb. Iron ore and coal production increased. BHP signed a MoU with KGHM and increased stake in Faraday to 32%.

CME Group plans to launch the world's first tungsten futures contract in early 2027, aiming to provide price transparency and hedging opportunities. The contract will be settled against Fastmarkets' Western benchmark for ammonium paratungstate (APT). Almonty Industries, a tungsten producer, presented its operating outlook and expansion projects, highlighting its role in supplying conflict-free tungsten to Western markets.

Rio Tinto's Q3 iron ore shipments rose 2% y/y to 83.90Mt, despite CMRG tensions, leaving annual guidance achievable. BHP posted record Q3 exports, while FMG's shipments fell 7% y/y due to CMRG disputes. Vale's Q3 exports dropped 7% y/y, raising guidance risk due to freight costs and demand pressures.

Copper prices fell for the third day due to US inflation data and easing supply concerns. Comex copper dropped 1.2% to $6.5810 per pound, while London copper fell 0.9% to $14,360 per tonne. Analysts cited profit-taking and technical deterioration. Antofagasta reported a 7% rise in Q3 production but lowered 2027 guidance, causing its stock to drop 6.4%. Other miners like Freeport-McMoRan and Southern Copper also declined.

The U.S. DOE authorized the release of up to 4M barrels from the SPR to address hurricane-related supply disruptions, with 2M allocated to ExxonMobil and 2M to BP America. The oil must be returned by 2027 with additional barrels. The DOE aims to stabilize refinery operations and supply chains, but no price impact was reported.

The US released 4 million barrels of crude oil from its strategic reserves to ExxonMobil and BP to offset supply disruptions caused by Hurricane Isaias. The companies must return the oil with a premium by 2027. Isaias disrupted Gulf Coast production, and oil prices settled higher despite earlier declines due to geopolitical developments.