CPI Hits 3.8% and Gold Stumbles, Copper Targets a New Record, Peru's Election Puts Billions at Stake, and Fortescue Faces a Landmark Ruling

Today on The Mining Insider: The April Consumer Price Index came in at 3.8 percent year-over-year — one tenth above consensus — driven by energy costs surging 17.9 percent annually. Gold fell below $4,700 an ounce after the release and Fed rate hike odds climbed to roughly 30 percent by year-end per CME Group. For miners, the print confirms input cost pressures are not easing. Copper briefly touched $14,000 per tonne on the London Metal Exchange on Monday, within 3.5 percent of the January all-time high. The International Copper Study Group now forecasts a 150,000-tonne deficit for 2026 — driven by Grasberg delays, Escondida and Collahuasi disruptions, and ongoing sulfuric acid shortages. In Peru, leftist Roberto Sanchez is heading into a June 7 runoff against Keiko Fujimori after the first-round vote. Sanchez has pledged to rewrite the constitution, raise mining taxes, and phase out open-pit mining. Business confidence has fallen to a two-year low; Barclays has turned underweight on Peruvian bonds. Mining investment at roughly $6 billion per year is at risk. And in Australia, a Federal Court ordered Fortescue to pay $108 million to the Yindjibarndi people of Western Australia for damage to sacred sites — described by legal experts as the largest native title compensation ruling in Australian mining history. Sources: Bureau of Labor Statistics, CNBC, Kitco, Reuters, Mining.com, International Copper Study Group, Barclays, GEM Mining Consulting, US News and World Report.