Jittery stock markets and ongoing disappointment over United States/China trade developments continued to put either a cap on the base metals - the exception being tin that broke higher at the start of this week - or keep them under pressure, in the likes of nickel and aluminium.The three-month base metals prices on the London Metal Exchange were on divergent paths this morning, Tuesday November 2...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....Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 20 points in pre-opening trade. Index futures were virtually unchanged following release of economic news at 8:30 AM EST. Consensus for October Durable Goods Orders was a drop of 1.8% versus a gain of 0.8% in September. Actual was down 4.4%. Excluding transportation, consensus was an increase of 0.4% versus no change i...Read More
This morning, the U.S. dollar traded slightly lower to a critical support level at 95.90 before recovering, gathering steam, and moving to much higher ground. As of 5:00 PM Eastern standard time, the dollar index is currently up almost 7/10% (+ 0.639 points) and fixed at 96.705.Dollar strength has taken away the modest gains seen as market participants bid gold prices modestly higher today. Today&...Read More
OTTAWA (Reuters) - The Bank of Canada will review its monetary policies and is open to making major changes, including a move away from its long-standing practice of targeting inflation, a senior official said on Tuesday.The deadline for the review is late 2021, when the central bank is due to renew its five-year inflation control agreement with the federal government. The inflation target has bee...Read More
WASHINGTON (Reuters) - White House Economic Adviser Larry Kudlow told reporters on Tuesday the next phase of U.S. tax reform will not happen during the final months of 2018, the “lame duck” period when Republicans will still control Congress.A follow-up to Republicans’ 2017 tax overhaul could be passed in the new session of Congress starting in January, Kudlow said, even though D...Read More
A storm is coming in the equities markets and the first sign of a equity rain cloud is the death cross that is hanging over the Russell 2000. This occurs when the 50-day moving average (DMA) crosses below the 200 DMA to the downside (see chart below). I believe a break in the equities could be the catalyst that pushes gold through $1246/oz and powers it up to the 200 DMA at $1276/oz. Now recently...Read More
(Kitco News) - Gold and silver prices are modestly lower in early-afternoon U.S. trading Tuesday, pressured by bearish outside markets that include another sharp drop in crude oil prices and a rally in the U.S. dollar index. However, there’s another outside market force that’s limiting the downside in the safe-haven metals: a major sell-off in the U.S. stock market recently that has...Read More
(Kitco News) - Average daily gold turnover was $36.9 billion and 30.2 million ounces in the London over-the-counter market during the last week, the London Bullion Market Association reported Tuesday upon releasing a new report aimed at increasing transparency in the market.Average daily silver volume during this period was $5.2 billion and 359.3 million ounces, the report said.Some analysts po...Read More
Monthly data from the Swiss Federal Customs Administration show that gold demand in key Asian buying nations was weak during October, says Commerzbank. The report shows that Switzerland exported only 11.3 tonnes of gold to India last month, the least in at least five years. “This was probably due to sharp rises in local gold prices, as gold in Indian rupees increased by over 10% in price bet...Read More
Gold is going nowhere but it seems to be in a hurry, or at least traders and investors are impatient. A watched pot never boils, and gold will make the next move when it's ready and not one minute before. The most important components of trading and investing are not the news or opinions of others but the patience for the chart to guide you. All markets leave footprints or a treasure map of what's...Read More
Nickel futures on the London Metal Exchange continue to trade at their lowest level since December 2017 while supply disruptions from Indonesia are helping boost tin back towards $20,000 per tonne.Nickel futures on the London Metal Exchange continue to trade at their lowest level since December 2017 amid continued pressure from global trade tensions, while persistent supply disruptions from Indone...Read More
Comex copper prices eased lower in morning trading on Monday November 19 in the United States amid early warning signs of a continuing impasse between that country and China ahead of the meeting of the G20 developed nations later this month.The copper price for December settlement on the Comex division of the New York Mercantile Exchange dipped by 0.35 cents per lb to $2.7950 per lb.Despite the po...Read More
Antofagasta will target record copper output in 2019 while expecting the market to head into a small deficit next year, boosting copper prices, its chief executive officer Ivan Arriagada said in an interview with Fastmarkets.The London-listed Chilean copper miner has issued guidance to produce 750,000-790,000 tonnes of copper in 2019, up 8% from this year's expected 705,000-720,000 tonnes."It will...Read More
The latest news and price moves to start the Asian day on Tuesday November 20.Nickel futures on the London Metal Exchange continue to trade at their lowest level since December 2017 while supply disruptions from Indonesia are helping boost tin prices back toward $20,000 per tonne. Read more here in our live futures report.Here is how prices looked at the close of trading:Unwavering demand for...Read More
The Chinese ferro-silicon market was stable in the week ended Friday November 16, extending a steady trend in line with supply and demand, while the European price moved downward because the quiet market encouraged lower offer prices. China prices supported on stable fundamentals European prices fall amid quiet market US spot market inactive, focus remains on long-term contract negotiations.China...Read More
Antofagasta will target record copper output in 2019 while expecting the market to head into a small deficit next year, boosting copper prices, its chief executive officer Ivan Arriagada said in an interview with Fastmarkets.The London-listed Chilean copper miner has issued guidance to produce 750,000-790,000 tonnes of copper in 2019, up 8% from this year's expected 705,000-720,000 tonnes."It will...Read More
The black tungsten concentrate price in China continued to fall in the week to Friday November 16 amid weak demand, while the ammonium paratungstate (APT) market remained slow with participants awaiting further direction. Concentrates price continues downward trend APT market remains slow Ferro-tungsten prices in Europe edge up week on week on good spot demand In Europe, Fastmarkets a...Read More
The Chinese ferro-silicon market was stable in the week ended Friday November 16, extending a steady trend in line with supply and demand, while the European price moved downward because the quiet market encouraged lower offer prices. China prices supported on stable fundamentals European prices fall amid quiet market US spot market inactive, focus remains on long-term contract negotiations.China...Read More
Key data from the pricing sessions in Shanghai, New York and London in the week ending on Friday November 16.China The export price for grade-553 silicon in China continued to drop due to thin spot inquiries amid weak demand. Rising cargoes at major ports in China added to the additional downward pressure on the price. Market participants have suggested that demand will resume in...Read More