Vietnam's ferrous scrap imports more than doubled year on year to 593,119 tonnes in January from 268,203 tonnes in the same month last year, according to the country's Ministry of Finance.This is up 20% from the 493,131 tonnes imported in December 2017.The country imported 268,427 tonnes in the first half of January, while...Read More
Base metals traded on the London Metal Exchange were broadly higher during Asian morning trading on Thursday February 15, though trading remained subdued with Chinese participants out for the week-long Lunar New Year break.Copper and nickel prices led on the upside with aluminium and lead registering slight gains, helped by continued weakness in the dollar, while tin was unchanged and zinc was the...Read More
Manganese flake prices climbed to a fresh multi-month high this week on a continued supply squeeze with the Lunar New Year holiday expected to disrupt supply further. Metal Bulletin assessed the manganese flake in-warehouse Rotterdam price at $2,075-2,220 per tonne on Wednesday February 14, up 1.8% from the previous assessment. The last time manganese flake prices climbed to that level was in...Read More
Global crude stainless steel production is forecast to grow by around 4% year-on-year to 52.10 million tonnes in 2018, according to metals market research company SMR.This would be up from 50.10 million tonnes of crude stainless steel produced in 2017, SMR said. China was the largest producer of stainless steel in 2017 with 27.0 million tonnes, while it consumed more than 20 million tonnes of stai...Read More
Prices for stainless steel in East Asia held steady with manyparticipants exiting the market for the Lunar New Year holiday.Metal Bulletin's assessment of prices for benchmark 304 stainless 2mm cold-rolled coil was $2,250-2,320 per tonne cif East Asian ports for the week ended Wednesday February 14, the same as a week earlier.Metal Bulletin's assessment...Read More
Aluminium scrap prices in the United Kingdom fell this week, following the aluminium price's February decline on the London Metal Exchange.Group 1 pure 99% litho on a delivered consumer works basis fell to ?1,400-1,450 ($1,949-2,018) per tonne on Wednesday February 14, from ?1,420-1,470 per tonne a week earlier.This marks the first decline for the grade since late November 2017, and touched...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 10 points in pre-opening trade. Index futures were virtually unchanged following release of economic news at 8:30 AM EST. Consensus for the January Producer Price Index was an increase of 0.4% versus a decline of 0.1% in December. Actual was an increase of 0.4%. Excluding food and energy, consensus for the January Prod...Read More
(Kitco News) - From here on out, gold prices will be on a downward trajectory until they hit $1,100 in Q4 of 2018, OCBC Bank said in its 2018 Commodities Outlook.“The yellow metal should continue to fade lower into the year as interest rates gradually rise amid a positive global growth backdrop. We keep our outlook at $1,100/oz at year-end,” OCBC’s economist Barnabas Gan wrote in...Read More
(Kitco News) - Agnico Eagle Mines Ltd. (NYSE, TSX: AEM) reported a profitable fourth quarter Wednesday and hiked its output guidance for 2018 and 2019.The company listed quarterly net income of $35.1 million, 15 cents per share, down from $62.7 million, or 28 cents, in the year-ago period.The October-December results included mark-to-market adjustments and derivative losses of $1 million, non-recu...Read More
(Kitco News) - Kinross Gold Corp. (TSX: K, NYSE: KGC) reported late Wednesday that the company posted a profit in the fourth quarter and acquired two hydroelectric power plants in Brazil to provide electricity to its Paracatu mine.Net earnings in the October-November period were pegged at $217.6 million, or 17 cents per share, a turnaround from a net loss of $116.5 million, or 9 cents, in the four...Read More
(Adds Soros, CI Investments, gold price, market background, 13F background)By Renita D. YoungNEW YORK, Feb 14 (Reuters) - New York-based Paulson & Co, led by longtime gold bull John Paulson, kept its stake in gold investments during the fourth quarter of 2017, while other heavyweights including Soros Fund Management LLC, Jana Partners LLC and Caxton Corp all remained unexposed to the metal.Th...Read More
(Kitco News) - Barrick Gold Corp. (NYSE, TSX: ABX) reported a fourth-quarter net loss Wednesday largely due to a previously announced impairment charge, but a profit for adjusted net earnings.The world’s largest gold producer listed a net loss of $314 million, or 27 cents per share, compared to a profit of $425 million, or 36 cents, in the same period a year ago. Adjusted net earnings were $...Read More
The most recent economic data released today clearly indicates that as the economy grows inflation is heating up. The consumer price index for January had its most significant increase in five months. Year on year, the consumer price index is up 2.1%.Add to that the recent upticks in wage growth and the data clearly suggests that inflation has increased. The data also indicates that any apprehensi...Read More
(Kitco News) - Goldcorp Inc. (TSX: G, NYSE: GG) late Wednesday reported that earnings in the fourth quarter more than doubled from the same period a year ago.The gold producer listed a net profit of $242 million, or 28 cents per share, up from $101 million, or 12 cents, in the fourth quarter of 2016.The company said the increased profit was primarily due to higher earnings from Cerro Negro due to...Read More
(Kitco News) - Kitco aficionados, it is now time to have your say in where you think gold prices are heading in the short-term.Will gold prices go higher, lower or remain unchanged next week? Kitco readers will have until 9 a.m. EDT, Friday to cast their vote. The results will be tabulated and released after noon (12 PM EDT) along with the results from our market professional survey.Readers can al...Read More
(Kitco News) - Some market watchers are scratching their heads at the big upside price moves in gold and silver markets Wednesday. What was the main driving force for the strong prices gains? Was it the depreciation of the U.S. dollar index this week? Was it a re-examination of the U.S. consumer price index report that may not be as indicative of problematic inflation as initially thought? Or, was...Read More
(Kitco News) - Gold prices ended the U.S. day session sharply up and hit a two-week high Wednesday. A slumping U.S. dollar index this week and chart-based buying were featured. Buy stop order were triggered in the gold and silver futures markets when near-term technical resistance levels were breached. April Comex gold futures were last up $27.00 an ounce at $1,357.40. March Comex silver was last...Read More
The latest news and price moves to start the Asian day on Wednesday February 14. Base metals prices on the London Metal Exchange were in positive territory across the...Read More
The latest news and price moves to start the Asian day on Wednesday February 14. Base metals prices on the London Metal Exchange were in positive territory across the...Read More
Base metals prices on the London Metal Exchange took advantage of the weakening dollar to close higher across the board on Wednesday February 14, with nickel leading the charge."LME prices strengthened further on a lack of Chinese selling and a softer US dollar, which saw upside stops triggered with an accompanying sharp increase in turnover. 5pm closes were all up on the day and just off the high...Read More