Base metals on the London Metal Exchange had a mixed start in morning trading on Friday November 16, with investor sentiment improving amid easing US-China trade tensions and a slight downturn in the US dollar index.Both lead and nickel futures were the biggest climbers over the morning, appreciating more than 1% respectively amid depleting LME stocks and strong demand from the electric vehicle an...Read More
Seaborne iron ore prices rose on Friday November 16, amid a likely shortage in the supply of Australian fines.MB 62% Fe Iron Ore Index: $75.31 per tonne cfr Qingdao, up $0.38 per tonne.MB 62% Fe Pilbara Blend Fines Index: $75.11 per tonne cfr Qingdao, up $0.38 per tonne.MB 62% Fe Iron Ore Index-Low Alumina: $78.40 per tonne cfr Qingdao, up $0.43 per tonne.MB 58% Fe Premium Index: $64.73 per tonne...Read More
The Singapore Exchange (SGX) will launch high-grade iron ore derivatives settled against the daily MB 65% Fe Iron Ore Index published by Fastmarkets MB in the first week of December."The SGX MB Iron Ore cfr China (65% Fe Fines) over-the-counter swap contracts for clearing and the futures equivalent for trading and clearing will be introduced on Monday December 3," the exchange said on Friday Novem...Read More
An overview of the minor metals markets and the reasons for any price moves.Read More
The following Fastmarkets minor metals prices changed on Friday November 16:Bismuth MB China domestic, yuan/tonne: 50,000-52,000 yuan per tonne from 48,000-51,000 yuanChromium MB free market alumino-thermic, $/tonne: $10,700-11,100 per tonne from $10,800-11,200Cobalt MB free market high grade, $/lb: $33.50-34.25 per lb from $33.50-34.50Cobalt MB free market low grade, $/lb: $33.50-34.20...Read More
The manganese flake market is one of the most volatile markets today and will remain so for the near future, Arnaud Vigier, the vice president for manganese alloys sales at Eramet, told delegates of Fastmarkets' International Ferro-alloys conference in Lisbon on November 11-13. Manganese flake prices started 2018 at $1,800-1,950 per tonne and have been moving upward for most of the year mainl...Read More
The European stainless steel market was stable this week, but with prices remaining depressed because of competition among sellers, Fastmarkets heard on Friday November 16.Imported material continued to arrive from Asia and combined with domestic materials to give consumers a glut of purchasing options.But although it remains a buyers' market, prices have not moved any lower...Read More
The following Fastmarkets non-ferrous European free market scrap prices changed on Friday November 16:Aluminium scrapFloated Frag: ?,?1,000-1,050 per tonne from ?,?990-1,050Mixed turnings...Read More
Asia ferrous scrap prices are still falling this because because of weak demand from steel mills and ample supply from various origins.There were further price falls in the key import markets of Taiwan and Vietnam falls across most grades of heavy melting scrap, with containerized prices for Vietnam matching that of Taiwan.Vietnamese containerized ferrous scrap prices typically fetch a premium of...Read More
Good morning from Fastmarkets MB's offices in Asia as we bring you the latest news and pricing stories on Friday November 16.Base metals prices on the Shanghai Futures Exchange were mixed during Asian morning trading on Friday, with zinc, copper and tin registering gains while the rest of the complex weakened.Check Fastmarket MB's live futures report here. The availability of copper scrap units in...Read More
(Kitco News) - Palladium and rhodium continue to be the two shining starts in the precious metals sector, both seeing surging momentum this week due to a growing imbalance in their supply and demand fundamentals.Palladium is closing out the week at a new record high; December palladium futures last traded at $1157.90 an ounce, up 5.5% from the previous week. Meanwhile, rhodium is currently trading...Read More
(Kitco News) - Optimism in the gold market is picking up as prices bounced off critical support to end the week in positive territory.However, some analysts are warning investors to not expect too much excitement in the near-term as markets will see a shortened trading week as American investors celebrate Thanksgiving. December gold futures last traded at $1,223.10 an ounce, up 1% from the previou...Read More
As you read this, the calendar is halfway into November. For some folks, this means heading south to a warm place like Florida. For some, it means breaking out the winter coats and hats. For top resource investors, it means tax loss selling bargain season. It means Christmas comes early...and the presents can lead to hundreds of thousands - even millions - of dollars in extra profit. At the end...Read More
(Kitco News) - Fifteen market professionals took part in the Wall Street survey. Nine respondents, or 60%, predicted higher prices by next Friday. There were three votes, or 20%, for both lower and sideways prices.Meanwhile, 502 people responded to an online Main Street poll. A total of 311 respondents, or 60%, called for gold to rise. Another 123, or 26%, predicted gold would fall. The remaining...Read More
(Kitco News) - The surplus in the global silver market will rise to 35.3 million ounces in 2018, an increase from 2.4 million in 2017, the GFMS team at Refinitiv reported late Thursday.Johann Wiebe, lead analyst for the GFMS team, reported on the GFMS/Silver Institute Interim Silver Market Review during the annual silver industry dinner hosted by the Silver Institute. The report includes provision...Read More
Palladium prices hit a record high Thursday and at one point were within $30 an ounce of gold, Commerzbank says, although the spread has since widened again. Nevertheless, palladium’s recent gains may have been “excessive,” Commerzbank says. “We attribute the price surge - which happened very quickly - to buying on the futures market, as the trading volume yesterday was twi...Read More
(Kitco News) - Gold prices are solidly higher and setting new daily highs in early U.S. trading Friday, on safe-haven demand as U.S. stock indexes are pointed toward lower openings when the New York day session begins. The U.S. dollar index is also selling off and hitting its session low, further supporting buying interest in the precious metals markets. December gold futures were last up $9.60 a...Read More
Editor's Note: Welcome to Kitco's new Bitcoin Daily Technical Alert. Every trading day veteran Kitco technical analyst Jim Wyckoff will provide you with a concise and easy-to-understand near-term technical brief on Bitcoin. Importantly, Jim will glean the short-term charts and technical studies, and then alert you to the signals he sees regarding upcoming potential bigger price moves or price tren...Read More
Like a gymnast, gold stuck a perfect landing as it tumbled from the $1,240 level, holding the $1,200 support level the last few days. The pattern for gold remains solid, although the selling before the landing was rather uncomfortable.Traders and investors look to the news for reasons to buy or sell when the simple truth is all the news plays out in the chart long before it ever hits the mainstrea...Read More
Zinc futures on the London Metal Exchange rallied 3% at the close on Thursday November 15, ending a weeklong downtrend and supported by a decade-low downdraft in total LME inventories.Across the entire base metals asset class, volumes traded on the exchange were moderately high, with the trading of zinc's 15,062 lots the most since Thursday August 16 and second on the day to copper's 16,465 lots."...Read More