The London Metal Exchange is planning to launch a lithium contract in the second half of 2019 to meet growing demand from the electric vehicle industry, Fastmarkets learned during Asia Copper Week in Shanghai. The contract, announced as part of the exchange's Strategic Pathway in September 2017, will be settled against an index price, with Fastmarkets MB's lithium spot price index one of those bei...Read More
The Turkish steel producers have extended their absence from the deep-sea scrap markets due to sluggish demand for their finished steel products, sources told Fastmarkets on Wednesday November 21.In addition to their fears of renewed product outflows from China, the weakening local and export rebar prices have become another obstacle for the mills in Turkey.Rebar prices in China, in both the domes...Read More
Iron ore market participants took caution on Wednesday November 21 amid volatility in paper markets and continued drops in steel prices.MB 62% Fe Iron Ore Index: $74.06 per tonne cfr Qingdao, down $0.59 per tonne.MB 62% Fe Pilbara Blend Fines Index: $73.25 per tonne cfr Qingdao, down $0.59 per tonne.MB 62% Fe Iron Ore Index-Low Alumina: $78.06 per tonne cfr Qingdao, down $1.16 per tonne.MB 58% Fe...Read More
The latest bids, offers and deals in the global markets for iron ore, pig iron, direct-reduced iron and other steelmaking raw materials.Latest transaction: iron oreIron oreRio Tinto, bilateral sale, 170,000 tonnes of 61% Fe Pilbara Blend fines, traded at $72.22 per...Read More
The lull in the seaborne coking coal market persisted on Wednesday November 21 with Chinese end users maintaining a bearish outlook amid a drop in domestic coke prices in China."Our coking coal inventories are still at a moderate level of around half a month, hence we don't intend to procure any imported materials for the time being. Our selling price for coke will fall by 100 yuan ($14.40) per to...Read More
China's ferrous futures increased during morning trading on Wednesday November 21, with sentiment improving, especially when it came to steel contracts.Futures closing prices - morning session Shanghai Futures Exchange January rebar: 3,686 yuan ($531) per tonne, up 63 yuan per tonneJanuary hot-rolled coil: 3,583 yuan per tonne, up 76 yuan per tonneDalian Commodity Exchange January iron ore: 511 yu...Read More
South Korea's Public Procurement Service (PPS) is seeking to procure 1,000 tonnes of special high-grade zinc, according to a notice posted on the state-owned stockpiling agency's website on Tuesday November 20.The tender is for London Metal Exchange-registered brands with purity of more than 99.995% for shipment to the South Korean port of Incheon on a cif basis. Bids close on November 28.The PPS...Read More
Base metals on the London Metal Exchange were all higher during morning trading on Wednesday November 21, with risk-averse investors capitalizing on lower prices earlier in the week amid a slight downturn in the US dollar and continued uncertainty over US-China trade relations.Climbing just under 1% over the morning, copper's three-month price pushed back above $6,200 per tonne while volumes remai...Read More
China's hot-rolled coil prices continued to fall on Wednesday November 21, breaking away from last week's stability, amid pessimism over the country's economic and industrial growth.DomesticEastern China (Shanghai): 3,760-3,780 yuan ($541-544) per tonne, down 30-40 yuan per tonneNorthern China (Tianjin): 3,690-3,710 yuan per tonne, down 70-80 yuan per tonneWhile HRC prices hovered above 3,800 yuan...Read More
The following Fastmarkets minor metals prices changed on Wednesday November 21:Minor metalsAntimony MB free market regulus, $ per tonne: $8,000-8,200 per tonne from $8,100-8,300Antimony MMTA standard grade II, $ per tonne: $7,900-8,100 per tonne from $8,050-8,250Antimony MB Chinese free market MMTA standard grade II, yuan per tonne: 50,000-50,500...Read More
Electric vehicle (EV) sales continue to see robust growth - the latest data from China shows NEV sales of 138,000 in October - up 50% from October 2017, according to the China Association of Automobile Manufacturers.Year to date, sales of 852,890 NEV s are up 116% from 394,759 units. Battery-only vehicles (BEV s) accounted for 80.4% of the sales, with plug-in hybrid (PHEV) sales making up 19.6% of...Read More
Three-month base metals prices on the London Metal Exchange were up across the board by an average of 0.4% this morning, Wednesday November 21.Lead led the rebound with a 1% gain to $1,979 per tonne, while nickel was little changed and the rest were up between 0.2% and 0.3%, with copper up by 0.3% at $6,194 per tonne.Volume has been below average with 4,562 lots traded as at 7.19am London time. Th...Read More
The following Fastmarkets UK non-ferrous scrap and foundry ingot prices changed on Wednesday November 21:Aluminium scrapLoose old rolled cuttings: ?730-750 per tonne from ?730-760Baled old rolled: ?790-810 per tonne from ?790-820Commercial...Read More
Three-month base metals prices on the London Metal Exchange continued to give mixed performances this morning, Thursday November 22. Zinc and lead showed weakness with prices down by 0.4% and 0.3% respectively, while tin prices were up by 0.3%. The rest were little changed, with the three-month copper price up by 0.1% at $6,242 per tonne.Volume has been below average with 4,562 lots traded as at 7...Read More
U.S. equity markets are closed for the Thanksgiving holiday. Index futures were slightly lower in overnight trade. Asian equity markets were mixed and European equity markets were lower in overnight trade.The Canadian Dollar added 0.04 to 75.62 cents U.S. following release of the Federal Government's fiscal review.EquityClock's Daily Market Comment for today and tomorrowFollowing is a link:http://...Read More
Gold prices are holding steady above the 50-day and 100-day moving averages as well as critical support sitting at $1218. This support level is based upon the .618% Fibonacci retracement level from a large data beginning in December 2016 when gold prices bottomed at $1124 per oz., up to the multi-year high that occurred $1369 per oz.Today’s uptick in Gold took it to a 2-week high and current...Read More
(Kitco News) - Next year will be a turnaround year for silver, with prices expected to rally to $17 per ounce by the end of 2019 on higher investor demand and an unexpected end to the U.S. monetary policy tightening, according to Capital Economics.“Looking ahead, we think that 2019 will mark a turnaround for the silver price,” Capital Economics senior commodities economist Ross Strach...Read More
NEW YORK (Reuters) - World stock markets climbed on Wednesday, with earnings and gains in tech stocks lifting shares on Wall Street, and oil rebounded from a steep sell-off as U.S. government data pointed to strong demand.The recovery in U.S. tech and other momentum stocks boosted the benchmark S&P 500 stock index after it fell 3.5 percent over the previous two sessions. Shares of Amazon.com I...Read More
(Kitco News) - Gold and silver prices are moderately higher and at two-week highs in early-afternoon U.S. trading Wednesday, supported by a big rebound in crude oil prices and a weaker U.S. dollar index today. December gold futures were last up $6.80 an ounce at $1,228.00. December Comex silver was last up $0.236 at $14.505 an ounce. The U.S. dollar index trading is weaker but still not far below...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...Read More