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
Metals managed a small gain on Wednesday as equities regained all of Tuesday's losses. The fear, no-fear trade has had no effect on the metals the last couple of days, which supports our views that markets trade independently and are not always correlated. Gold has been consolidating for the last four days as it tries to hold gains and keep the bottoms in place. Silver has been in congestion for m...Read More
SHANGHAI, May 31 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar index fell from a six-month high to around 94 overnight due to the lower-than-expected data on employment and gross domestic product (GDP) from the US, intensified worries over China-US trade conflicts and a rebounded euro as the reaction to Italy’s poli...Read More
SHANGHAI, May 31 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar index fell from a six-month high to around 94 overnight due to the lower-than-expected data on employment and gross domestic product (GDP) from the US, intensified worries over China-US trade conflicts and a rebounded euro as the reaction to Italy’s poli...Read More
SHANGHAI, May 31 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar index fell from a six-month high to around 94 overnight due to the lower-than-expected data on employment and gross domestic product (GDP) from the US, intensified worries over China-US trade conflicts and a rebounded euro as the reaction to Italy’s poli...Read More
The latest news and price moves to start the Asian day on Thursday May 31. Base metals prices on the London Metal Exchange rose further on Wednesday May 30, with nickel climbing 1.4% at the close and copper volumes trading at their highest level since April 19. Only aluminium bucked the trend with a slight decline. Read more in our live futures report. Here are how prices looked at...Read More
The latest news and price moves to start the Asian day on Thursday May 31. Base metals prices on the London Metal Exchange rose further on Wednesday May 30, with nickel climbing 1.4% at the close and copper volumes trading at their highest level since April 19. Only aluminium bucked the trend with a slight decline. Read more in our live futures report. Here are how prices looked at...Read More
The latest news and price moves to start the Asian day on Thursday May 31. Base metals prices on the London Metal Exchange rose further on Wednesday May 30, with nickel climbing 1.4% at the close and copper volumes trading at their highest level since April 19. Only aluminium bucked the trend with a slight decline. Read more in our live futures report. Here are how prices looked at...Read More
Comex copper prices inched up in the US morning on Thursday May 31, after falling to a three-week low on Wednesday. Copper for July settlement on the Comex division of the New York Mercantile Exchange rose 0.5 cents to $3.074 per lb. "Metals ended mixed yesterday, with copper falling to a three-week low...Read More
The prolonged shutdown of Sterlite Copper's Tuticorin smelting and refining complex has driven up premiums for copper cathodes in India and increased demand for duty-free Japanese cathodes.Premiums for grade A copper cathodes basis cif to major Indian ports were quoted at $95-105 per tonne over LME cash prices for the metal, a survey of market participants by Metal Bulletin showed.Tuticorin,...Read More
Base metals on the London Metal Exchange were mostly higher during morning trading on Thursday May 31, with nickel prices recording the strongest upward move of the complex while zinc bucked the broadly positive trend. Continuing to trade in positive territory above $15,000 per tonne, nickel prices are up 0.5% on the morning amid a strong upward trend for the metal. Buoyed by robust demand from th...Read More
Metal Bulletin proposes to migrate its existing price assessment for battery-grade lithium carbonate, ex-works China, to an index. Data collected by Metal Bulletin shows that there is sufficient liquidity in China's domestic market to warrant the conversion of the existing assessed price to a tonnage-weighted index. The Chinese lithium market is also closely watched by lithium producers and the ba...Read More
The recent rebound in manganese ore prices was partly due to a consumer backlash losing momentum because a recent ore price decline had outpaced that of silico-manganese, market sources told Metal Bulletin. Manganese alloy smelters have held a series of meetings in recent months in an effort to dictate manganese ore price ceilings, citing squeezed margins and warning of possible production cuts. T...Read More
The recent rebound in manganese ore prices was partly due to a consumer backlash losing momentum because a recent ore price decline had outpaced that of silico-manganese, market sources told Metal Bulletin. Manganese alloy smelters have held a series of meetings in recent months in an effort to dictate manganese ore price ceilings, citing squeezed margins and warning of possible production cuts. T...Read More
Cobalt prices fell midweek amid slower spot demand and easing immediate supply concerns, Metal Bulletin heard on Thursday May 31.Benchmark low-grade cobalt prices fell by 1% to $42.25-43.40 per lb, in-warehouse, on May 30. This was down from the previous assessment of $42.75-43.75 per lb.High-grade cobalt prices were assessed at $42.25-43.50 per lb, in-warehouse, down by 1.2% compared with the pre...Read More
Key data from the Wednesday May 30 pricing session in Shanghai.Key drivers:- Limited spot availability of Jinchuan cobalt, a major cobalt brand, in China supported domestic metal prices despite weakening local futures prices. - Offers and deals for Jinchuan cobalt were about 600,000-610,000 yuan per tonne (equivalent to approximately $36.54-37.15 per lb China VAT-free) midweek; meanwhile imported...Read More
Turkish steel mills have continued their transactions in the deep-sea scrap markets for June deliveries, with prices going down slightly and a further decrease expected, sources said on Thursday May 31.A steel mill in the Izmir region booked a UK cargo, comprising 21,000 tonnes of HMS 1&2 (80:20) at $331.50 per tonne cfr, late on May 29. This was the second cargo booked late on Tuesday.As a result...Read More
A dismal economic situation in Turkey is piling pressure on prices in ferrous scrap markets around the world, delegates said at the Bureau of International Recycling (BIR) international conference in Barcelona. Sentiment among delegates was mainly downbeat during the four-day event in Spain. Ferrous scrap exporters pointed to a strong US dollar compared to key importer currencies and traders compl...Read More
Comex copper prices inched up in the US morning on Thursday May 31, after falling to a three-week low on Wednesday. Copper for July settlement on the Comex division of the New York Mercantile Exchange rose 0.5 cents to $3.074 per lb. "Metals ended mixed yesterday, with copper falling to a three-week low...Read More
China's manufacturing purchasing managers' index (PMI) for May surprised to the upside at 51.9, having been expected to remain at April's level of 51.4, though the positivity surrounding this release has yet to filter through to base metals prices on the London Metal Exchange. Three-month base metals prices on the LME were for the most part little changed during morning trading on Thursday May 31....Read More