Copper fell to about $13,779 a tonne on the London Metal Exchange by late Friday, its lowest since July, and TD Securities warned of further downside after Democratic gains in the United States midterm elections weakened expectations for refined copper import tariffs and raised doubts about data centre demand. TD’s Bart Melek said another $500 a tonne drift lower would not be a major surprise from Thursday’s $13,843 close, and estimated United States copper inventories at about 1.6 million tonnes, which reduces the incentive for further stockpiling. BMI, part of Fitch Group, expects mine constraints and electrification demand to cushion any correction, with average prices of $13,500 a tonne in 2026 and $12,900 in 2027. In the site’s market tables, copper closed Friday at $6.22 a pound, down 0.5 percent on the day and 3.72 percent on the week, while gold miners rose 2.16 percent on the day, a divergence that fits a tariff unwind hitting copper specifically rather than metals generally.
Canadian Uranium (CSE: CANU) is building an Athabasca strategy around the Rook II property in northern Saskatchewan, which it acquired in June through Rook 2 Uranium Corp. for 9,663,156 shares at a deemed $0.75. An NI 43-101 technical report filed on October 27 documents 28 uranium occurrences and historical estimates including one of as much as 45 million pounds of uranium oxide; those estimates are unverified and are not current mineral resources or reserves. The company plans modern geophysics, twinning of historical holes drilled to about 100 metres, and deeper testing at 300 to 400 metres, with a recommended 6,000 metre drill phase subject to financing, and says acquisition talks involving a public company, another property and joint ventures are under way.
Jubilee Metals’ sale of its Zambian Large Waste Project remains in process. Jubilee received two binding offers in August 2026, selected a preferred purchaser for total consideration of $35.0 million, and on October 8 said legal due diligence was complete, triggering a 45 day period for technical due diligence and final documentation, with a $2.25 million deposit due and the balance payable over three years from a first instalment in December 2026. The proceeds, with the remaining $65 million from the South African disposal, fund expansion of its operating Zambian copper assets including the Molefe mine.