On Monday, April 21, renowned investment bank Macquarie announced an upward revision of the copper production target for global mining giant BHP Group, citing strong performance at the Escondida mine in Chile. Macquarie projected that BHP's copper production would increase by 3%, 11%, and 5% during the fiscal years 2029, 2030, and 2031, respectively. The bank noted that BHP navigated the rainy season, marked by tropical cyclones Zelia and Sean, more effectively than its competitors in Q1. BHP reported a 10% increase in copper production to 513,200 mt in the first quarter.

Macquarie Asset Management has signed an agreement with Hydro relating to the future acquisition of 49.9 per cent of Hydro’s renewable energy company Hydro Rein.

According to foreign news on May 31, an analyst at Macquarie said that with the rapid increase in Indonesian production, the global nickel market is expected to face a supply glut every year, at least until 2027.

SHANGHAI, May 31 (SMM) - At the SMM 2023 Indonesia Nickel and Cobalt Industry Chain Conference, Jim Lennon, senior commodity consultant at Macquarie Group, made a detailed analysis of Indonesia's role in meeting the soaring demand for nickel.

APNI Secretary General Meidy Katrin Lengkey stated at a meeting with the Indonesian House of Representatives Legislative Body (Baleg DPR RI) on Wednesday, January 22, "Yesterday, we discussed the issue of reducing production to 150 million mt. Just this news alone prompted Macquarie London to issue a statement saying that if the production quota in the Work Plan and Budget (RKAB) is reduced to 150 million mt, nickel prices will return to the level of $20,000 per mt. Meanwhile, today's price is still around $15,000 per mt.

APNI：The total approved nickel ore mining Work Plan and Budget (RKAB) for 2025 is 298.49 million mt APNI Secretary General Meidy Katrin Lengkey stated during a meeting with Indonesia's House of Representatives Legislative Body (Baleg DPR RI) on Wednesday, January 22, "Yesterday, we discussed the topic of cutting production to 150 million mt. Just this news alone prompted Macquarie London to issue a statement saying that if the production quota in the Work Plan and Budget (RKAB) is reduced to 150 million mt, nickel prices will return to the level of $20,000 per mt. Meanwhile, today's price is still around $15,000 per mt." Meidy explained that the total approved nickel ore mining Work Plan and Budget (RKAB) for 2025 is 298.49 million mt. On the other hand, Indonesia's current nickel ore production accounts for 63% of global production. This situation has led to a supply surplus in the global nickel market. The day before, on Tuesday, January 21, Meidy stated in an interview, "Production cuts may target newly established companies that have not yet received government-approved RKABs. For companies that have just submitted applications, they may be subject to re-evaluation. Currently, there are still many companies that have not received approval."

SMM will be holding our FREE webinar “Unveiling the Shifting Dynamics of the Global Nickel Market: Insights from Indonesia's Conference and Beyond” at 4-5 PM, Wednesday, 13th March 2024 (Beijing time).

On February 3, the production disruptions in major copper producing regions in Latin America and Africa led to higher possibility of a tighter supply, but analysts said it was too early to lower global supply forecasts.

According to foreign news on April 25, the Central Economic Planning Commission of the Wa State in Myanmar issued a document this month stating that the mining and excavation of all mineral resources in the Wa State will be suspended from August 1.

In the US dollar continued to fall and metal prices rose, with lithium carbonate increasing by 3.39% and European shipping futures falling by 4.88%. The decline of the US dollar led to a rise in metal futures, with Shanghai zinc, aluminum, and lead prices increasing. Additionally, black metal products and LME metals saw an increase in prices. European shipping futures continued to fall, and there are concerns about the supply of ferro-nickel raw materials for stainless steel. The overall resumption of work in the lithium carbonate market has been slow after the Chinese New Year, with market demand expected to gradually warm up in the second quarter. The US dollar index continued to fall, with expectations for a rate cut by the Federal Reserve in March decreasing. US and Brent oil prices rose, with the focus on OPEC's production policies for the next quarter in early March. The recent geopolitical tensions and new sanctions on Russia have also impacted the oil market.