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Happy Thursday! Today we look at what’s behind gold’s record rally, why copper substitution worries may be overblown, a cut in Chinese lithium production and more.

Also, you can find the latest in Benzinga’s mining coverage here.

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TOP STORY

Gold Miners Eye Best 1-Day Rally In 6 Months As Gold Hits Fresh Record Highs

Briefly: Gold mining stocks rallied Thursday as the precious metal reached an all-time high above $2,550 per ounce.

The Context: Gold’s gains came as the latest U.S. producer inflation report was mixed and the European Central Bank reduced its deposit facility rate.

What’s Next: Market participants are expecting a similar rate cut from the Federal Reserve next week.

Click here to read more.

ZINGERS

Contemporary Amperex Technology Co. said it plans to make adjustments to lithium carbonate production in Yichun based on market conditions.

AngloGold Ashanti (NYSE: AU) announced its intent to acquire Centamin (OTC: CELTF) in a $2.5 billion all-share deal.

Canada Nickel Co. (OTC: CNIKF) has received a letter of interest from Export Development Canada for a potential $500 million loan to support the development of its Crawford nickel project in Ontario.

DIGGING IN

Copper Deficit To Reach 4 Million Tons By 2030, Analyst Predicts

Briefly: Despite the global copper market’s looming long-term supply deficit, talk of substitution as a savior is more smoke than fire, according to JPMorgan.

The Context: Concerns about copper being swapped out for cheaper materials have been frequent.

Why it Matters: The energy transition has put copper in the spotlight, with demand surging due to its vital role in electric vehicles and renewable energy infrastructure.

What’s Next? Even though improvements in battery technology could reduce copper intensity in EVs, growing vehicle size and battery density are likely to offset that.

Click here to read more.

ANALYST RATINGS

Warrior Met Coal (NYSE: HCC) - Date: 09/6/2024, Analyst Firm: B. Riley Securities, Rating: Maintains Buy, Target: Lowers to $90 from $92

Dakota Gold (AMEX: DC) - Date: 09/6/2024, Analyst Firm: BMO Capital, Rating: Initiates Outperform, Target: $6

INSIDER TRADES

Notable Purchases

United States Antimony Corp. (AMEX: UAMY) - Purchase Date: 9/8/2024, Insider: Richard Isaak (CFO), Value: $3.44K, Delta Own: 7.5%

Peabody Energy (NYSE: BTU) - Purchase Dates: 8/13-15/2024, Insider: Thomist Capital Management, Value: $1.79M, Delta Own: 11.72%

Notable Sales

Newmont (NYSE: NEM) - Sell Date: 9/2/2024, Insider: Thomas Palmer (CEO), Value: $1.05M, Delta Own: -6.42%

Golden Minerals Co. (AMEX: AUMN) - Sell Date: 9/4-5/2024, Insider: Sentient Global Resources, Value: $82.35K, Delta Own: -9.75%

Go Deeper: Learn where the insiders are buying and selling.

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