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Trump to cut off funding for South Africa over expropriation act
2025-02-03 16:22:45

Among industrial metals, benchmark copper futures on the London Metal Exchange fell 1.1% to $8,944.25 a ton, while March copper futures fell 1.9% to $4.1960 a pound.


Copper was also pressured by softer-than-expected private purchasing managers index data from top importer China, as business activity remained soft in the first month of 2025. 


JPMorgan reiterates bull case for gold 

JPMorgan analysts said in a Monday note that they maintained their bullish view on gold in the medium-term, stating that risk aversion in broader markets could still drive investors into the yellow metal. 


The investment bank still expects gold to rise to $3,000 an ounce by late-2025, stating that lower U.S. interest rates and a stabler, albeit slower economy, will drive flows into the yellow metal. 


JPM is set to deliver about $4 billion worth of gold against futures contracts in February. The investment bank is by far the largest dealer of gold in the world.


During his first administration, Trump said the U.S. would investigate unproven large-scale killings of white farmers in South Africa and violent takeovers of land. Pretoria at the time said Trump was misinformed. It is unclear whether the Trump administration carried out an investigation.

Trump's close ally Elon Musk was born in South Africa. In 2023, Musk replied on X to a video of a far-left South African political party singing an old anti-apartheid song, "Kill the Boer (farmer)", by stating: "They are openly pushing for genocide of white people in South Africa."

"@CyrilRamaphosa, why do you say nothing?" Musk asked.

Musk met Ramaphosa in the U.S. in September last year where they discussed investment in South Africa.