The following Fastmarkets non-ferrous European free market scrap prices changed on Friday November 16:Aluminium scrapFloated Frag: ?,?1,000-1,050 per tonne from ?,?990-1,050Mixed turnings...Read More
Asia ferrous scrap prices are still falling this because because of weak demand from steel mills and ample supply from various origins.There were further price falls in the key import markets of Taiwan and Vietnam falls across most grades of heavy melting scrap, with containerized prices for Vietnam matching that of Taiwan.Vietnamese containerized ferrous scrap prices typically fetch a premium of...Read More
Good morning from Fastmarkets MB's offices in Asia as we bring you the latest news and pricing stories on Friday November 16.Base metals prices on the Shanghai Futures Exchange were mixed during Asian morning trading on Friday, with zinc, copper and tin registering gains while the rest of the complex weakened.Check Fastmarket MB's live futures report here. The availability of copper scrap units in...Read More
(Kitco News) - Palladium and rhodium continue to be the two shining starts in the precious metals sector, both seeing surging momentum this week due to a growing imbalance in their supply and demand fundamentals.Palladium is closing out the week at a new record high; December palladium futures last traded at $1157.90 an ounce, up 5.5% from the previous week. Meanwhile, rhodium is currently trading...Read More
(Kitco News) - Optimism in the gold market is picking up as prices bounced off critical support to end the week in positive territory.However, some analysts are warning investors to not expect too much excitement in the near-term as markets will see a shortened trading week as American investors celebrate Thanksgiving. December gold futures last traded at $1,223.10 an ounce, up 1% from the previou...Read More
As you read this, the calendar is halfway into November. For some folks, this means heading south to a warm place like Florida. For some, it means breaking out the winter coats and hats. For top resource investors, it means tax loss selling bargain season. It means Christmas comes early...and the presents can lead to hundreds of thousands - even millions - of dollars in extra profit. At the end...Read More
(Kitco News) - Fifteen market professionals took part in the Wall Street survey. Nine respondents, or 60%, predicted higher prices by next Friday. There were three votes, or 20%, for both lower and sideways prices.Meanwhile, 502 people responded to an online Main Street poll. A total of 311 respondents, or 60%, called for gold to rise. Another 123, or 26%, predicted gold would fall. The remaining...Read More
(Kitco News) - The surplus in the global silver market will rise to 35.3 million ounces in 2018, an increase from 2.4 million in 2017, the GFMS team at Refinitiv reported late Thursday.Johann Wiebe, lead analyst for the GFMS team, reported on the GFMS/Silver Institute Interim Silver Market Review during the annual silver industry dinner hosted by the Silver Institute. The report includes provision...Read More
Palladium prices hit a record high Thursday and at one point were within $30 an ounce of gold, Commerzbank says, although the spread has since widened again. Nevertheless, palladium’s recent gains may have been “excessive,” Commerzbank says. “We attribute the price surge - which happened very quickly - to buying on the futures market, as the trading volume yesterday was twi...Read More
(Kitco News) - Gold prices are solidly higher and setting new daily highs in early U.S. trading Friday, on safe-haven demand as U.S. stock indexes are pointed toward lower openings when the New York day session begins. The U.S. dollar index is also selling off and hitting its session low, further supporting buying interest in the precious metals markets. December gold futures were last up $9.60 a...Read More
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
Like a gymnast, gold stuck a perfect landing as it tumbled from the $1,240 level, holding the $1,200 support level the last few days. The pattern for gold remains solid, although the selling before the landing was rather uncomfortable.Traders and investors look to the news for reasons to buy or sell when the simple truth is all the news plays out in the chart long before it ever hits the mainstrea...Read More
Zinc futures on the London Metal Exchange rallied 3% at the close on Thursday November 15, ending a weeklong downtrend and supported by a decade-low downdraft in total LME inventories.Across the entire base metals asset class, volumes traded on the exchange were moderately high, with the trading of zinc's 15,062 lots the most since Thursday August 16 and second on the day to copper's 16,465 lots."...Read More
Swiss multinational investment bank, UBS Group, has applied for Category II membership on the London Metal Exchange, according to a note released by the exchange on Thursday November 15. The LME currently has 32 Category II members and the Swiss bank's London subsidiary, UBS Ltd, is already a member. Last month, Chinese broker Nanhua Futures similarly took steps...Read More
[updating with detail and comment throughout]Jiangxi Copper and Antofagasta agreed terms on 2019 copper concentrates treatment and refining charges (TC/RCs) at $80.80 per tonne/8.08 cents per lb on Thursday November 15, sources from both companies told Fastmarkets.The deal is in line with market expectations and is 1.8% lower than the benchmark of $82.25/8.225 cents agreed in 2018 between Freeport...Read More
Key data from the Wednesday November 14 pricing session in Europe. Key driversThe recent downward trend in the ferro-titanium price has created more losses in the European alloy market. The trend started on September 12, when the market was assessed at $5.80-6.05 per kg.Trading activity was slower this week, with many market participants at Fastmarkets MB' International Ferro-alloys conference in...Read More
Expansions in chrome capacity over the next five years will lead to a global oversupply in the short term, Fastmarkets learned at the 2018 International Chromium Development Association (ICDA) Conference in Baotou, China's Inner Mongolia Autonomous Region on November 6-8. There will be an increasing oversupply in the chrome industry over the next five years though it is difficult to gauge whether...Read More
Planned investment by China in high-pressure acid-leaching (HPAL) projects for nickel mining will materialize, but the projected production timeframes are very likely to be pushed back, and development costs are liable to increase, market participants have told Fastmarkets."[The Chinese are] looking to take advantage of the expected growth [in nickel demand for battery uses]. All of us are skeptic...Read More
[updating with detail and comment throughout]Jiangxi Copper and Antofagasta agreed terms on 2019 copper concentrates treatment and refining charges (TC/RCs) at $80.80 per tonne/8.08 cents per lb on Thursday November 15, sources from both companies told Fastmarkets.The deal is in line with market expectations and is 1.8% lower than the benchmark of $82.25/8.225 cents agreed in 2018 between Freeport...Read More
Liquidity in the Pacific alumina market picked up on Thursday November 15 with prices on a fob Australia basis hitting a fresh eight-month low. Fastmarkets MB's benchmark daily fob Australia index stands at $410.98 per tonne on Thursday, down from $423.33 per tonne the day before. The index is now at levels not seen since March 2018 before Hydro declared force majeure at the Alunorte refinery...Read More