(Kitco News) - Geopolitical uncertainty is causing gold prices to spike in the United Kingdom as investors react to two high-profile resignations Monday.Spot gold, priced in British pounds, has spiked higher and is holding on to gains as uncertainty ripples through the country following the resignation of Brexit Minister David Davis and British Foreign Minister Boris Johnson. Spot gold against the...Read More
(Kitco News) - Gold and silver prices are modestly higher in early-afternoon U.S. trading Monday. Mild support comes from some bargain hunting in the cash market and short covering in the futures market, following recent losses that drove the two precious metals prices to multi-month lows last week. The metals were well down from their daily highs as the U.S. dollar index recovered early losses to...Read More
(Kitco News) - Expected exponential demand for electric vehicles (EV) is breathing new life into a well-established polymetallic project in Canada’s Yukon Territory.Nickel Creek Platinum (TSX: NCP), formerly known as Wellgreen Platinum is well positioned to take advantage of growing need for battery-grade nickel sulfide, according to the company executives.It has been nearly two years since...Read More
INTL FCStone looks for gold prices to perform better in July than they did during a “miserable” month for the metal in June. Analysts expressed surprise that gold fell last month, considering the dollar index “flatlined,” Treasury yields fell, inflation picked up in the U.S. and Europe and equity markets were wobbly. They chalked up gold’s declines to the general rout...Read More
(Kitco News) - Barrick Gold Corp. (NYSE: ABX, TSX: ABX) has entered into an “enhanced strategic cooperation agreement” to share information with China’s Shandong Gold Group Co., Ltd. and possibly undertake new projects or acquisitions together, Barrick said Monday.The document builds on an April 2017 deal in which Shandong acquired 50% of Barrick’s Veladero mine in Argentin...Read More
As we wrote on Friday, gold had at least another $20 to rally before it would find resistance. Gold is now up $15 from Friday's low and should start to run into some resistance. The $1,275 level should act as the first stopping point for this current rally. The rally -- whether it's real or just a dead-cat bounce from oversold conditions --should see some sellers come in between $1,275 an...Read More
Coeur Mining, Inc. (NYSE: CDE) has upped full-year production guidance. The company lists second-quarter production of 3.2 million ounces of silver and 94,052 ounces of gold, or 8.8 million silver-equivalent ounces. Output was higher than in the year-ago period at most Coeur mines. The company says it hiked full-year production guidance to a range of 37.3 million to 40.5 million silver-equivalent...Read More
NEW MADRID COUNTY, Mo. (Reuters) - People don't talk about trade tariffs in this stretch of the Mississippi River basin, where grains and metals have paid the bills for generations.They skirt the subject at church fundraisers and sidestep it at Jerry's Caf?(C) and Quick Stop, where farmers and aluminum workers gossip about everything else.Here, the winners and losers in U.S. President Donald Trump...Read More
* Copper cash to threes discount narrows * Lead cancelled warrants at 50 percent (Recasts, adds comment, changes dateline from Melbourne)By Pratima DesaiLONDON, July 9 (Reuters) - Copper rallied on Monday alongside other commodities and equities as worries about growth receded, but an escalating trade dispute between the United States and China is expected to cap prices.Benchmark copper on the Lon...Read More
Brazilian slab export prices increased this week, with bookings for August shipment being concluded and companies preparing to launch new offers.Metal Bulletin's weekly assessment of Brazilian export slab prices went up to $585-595 per tonne fob on Friday July 6, from $570-585 per tonne fob a week earlier.Local producers have not made any offers or bookings in the past week as they are still...Read More
Demand was low last week in most global markets for steel billet, such as Turkey, Egypt and Southeast Asia, which led to cuts in prices in most regions.Producers from the Commonwealth of Independent States reduced their offers in the previous week, but buyers' interest was even lower. In Southeast Asia, demand was also reduced in several countries by seasonal factors.CIS, Turkey, EgyptMetal Bullet...Read More
Brazilian slab export prices increased this week, with bookings for August shipment being concluded and companies preparing to launch new offers.Metal Bulletin's weekly assessment of Brazilian export slab prices went up to $585-595 per tonne fob on Friday July 6, from $570-585 per tonne fob a week earlier.Local producers have not made any offers or bookings in the past week as they are still...Read More
Demand was low last week in most global markets for steel billet, such as Turkey, Egypt and Southeast Asia, which led to cuts in prices in most regions.Producers from the Commonwealth of Independent States reduced their offers in the previous week, but buyers' interest was even lower. In Southeast Asia, demand was also reduced in several countries by seasonal factors.CIS, Turkey, EgyptMetal Bullet...Read More
Base metals on the London Metal Exchange made a notable recovery from recent lulls at the close of trading on Monday July 9, led by a 1.9% price surge in nickel and aluminium prices. Edging back over $14,000 per tonne throughout the day, nickel prices reached a daily high of $14,240 per tonne after closing at their lowest point since May 10 on Friday.The metal experienced a sharp sell-off last wee...Read More
Juli??n Gonzalez has left his position as global head of refined zinc and lead trading at Trafigura, being replaced by Kyen Resources' European chief Matt Hadfield who will start next week, sources close to the company told Metal Bulletin. Gonzalez started in a junior-middle office role at Trafigura in 2009 and worked his way through the ranks to head up the key position. Hadfield will be re-...Read More
Comex copper prices bounced back from a one-year low in US morning trading on Monday July 9, with a softer dollar and equity recovery supporting the base metals complex. Copper for September settlement on the Comex division of the New York Mercantile Exchange recovered 2.15 cents or 0.8% to $2.8455 per lb. Last week, the red metal traded at the lowest point since July 2017. "The outlook across the...Read More
Metal Bulletin presents a timeline of key dates and events related to the manganese flake rally this year and the reasons behind the moves.Manganese flake prices are now trading at levels last seen in July 2012 amid ongoing production curtailments at major Chinese producer Ningxia Tianyuan, with the impact now spreading into the ferro-chrome and selenium markets. Metal Bulletin's assessment for in...Read More
Chinese ferro-chrome prices plunged late last week after ferro-chrome smelters in the major production hub of Inner Mongolia restarted operations, while muted buyer interest and uncertainty weighed on cif China UG2 chrome ore and charge chrome indices. Spot domestic ferro-chrome prices drop in China Chrome ore and charge chrome cif China dip Alloys in South Korea and Japan unmoved&nbs...Read More
The Federation of Copper Workers in Chile has rejected copper producer Codelco's response to a threatened strike at its Chuquicamata copper mine, and will form a new group to meet next week and discuss its next steps, the federation's board of directors said on Monday July 9.The move follows a meeting of the federation on Friday at which it discussed a potential stoppage by trade unions 1, 2 and 3...Read More
Lead-zinc producer Recylex has started the hot commissioning phase of the new reduction furnace at its lead smelter at Nordenham in northern Germany, operated by Weser-Metall.The hot commissioning phase is used to test furnaces before they go into production mode, and is expected to last for a few weeks before ramping up to commercial levels of production in the third quarter of 2018, the...Read More