(Kitco News) - The gold market, while down on the day, is seeing little reaction to the Federal Reserve leaving interest rates unchanged and setting the stage for another interest rate hike in December.Following its two-day monetary policy meeting, the U.S. central bank left interest rates unchanged within a range between 2.00% and 2.25% as expected. However, in its statement, the committee reiter...Read More
(Kitco News) - The Bank of England (BoE) is reportedly refusing to release gold bars worth just over $550 million to President Nicolas Maduro, who fears that U.S. sanctions against Venezuela would restrict access to that gold in the future, according to media reports.Maduro is attempting to repatriate at least 14 tonnes of gold the BoE is currently storing, the British newspaper The Times and Reut...Read More
(Kitco News) - Merger-and-acquisition activity in the mining sector is likely to pick up in the next year, said the consultancy EY in a report Thursday. The firm’s 19th Capital Confidence Barometer shows that 58% of global mining executives say they intend to pursue mergers and acquisitions in the next 12 months, compared with 46% across all sectors. Third-quarter deal value rose 25% from th...Read More
Asanko Gold Inc. (TSX, NYSE American: AKG) reports a third-quarter loss but also lists record output. The loss was $0.3 million, or zero cents per share, compared to net income of $4.2 million, or 2 cents, in the year-ago period. The reduction was mainly due to lower mine operating earnings on the Asanko Gold Mine joint venture and the start of equity accounting for Asanko’s interest in the...Read More
Editor's Note: Updating earlier story with more details from report.(Kitco News) - Gold remained modestly softer after Labor Department data Thursday showed that initial weekly U.S. jobless claims fell by 1,000 to a seasonally adjusted 214,000 in the week to Saturday.Consensus expectations compiled by various news organizations had called for initial claims to be around 210,000 to 213,000. Th...Read More
Global nickel premiums were largely unchanged over the past week due to limited spot market activity, with market participants working to conclude long-term contract negotiations, Fastmarkets heard on Wednesday November 7. Chinese nickel premiums stable amid open import windowEuropean premiums stable with focus on long-term contractsUS premiums flat in subdued spot market. Chinese nickel premium s...Read More
The tin premium in Europe softened from its highest level since January 2017 due to a market shift to longer-term supply solutions despite remaining elevated on Indonesian supply concerns, while both US and Chinese premiums held ground on steady spot business and sufficient supply. European premiums ease while market finds supply solutions US participants look to 2019 contracts China'...Read More
Fasmarkets' fob Australia alumina index declined for the eighth trading day in a row on Wednesday October 7, falling back to levels not seen since before Hydro declared force majeure at the Alunorte refinery in Brazil in April. The benchmark daily fob Australia alumina index was calculated at $428.75 per tonne on Wednesday, down from $430 per tonne on Tuesday and 8.98% lower week on week from...Read More
Key data from the Wednesday November 7 pricing session in Europe. Key drivers Recent downward trend in ferro-titanium has finally dragged down scrap prices. The trend started on September 12, when the market was assessed at $5.80-6.05 per kg.There is readily available alloy supply against moderate spot demand, with some buyers booking alloy through year-end. Some traders want rid of stocks to boo...Read More
The latest ferro-tungsten and ammonium paratungstate (APT) transactions, bids, offers and assessments in Europe, Vietnam and China, with blue tungsten oxide (BTO) and yellow tungsten oxide (YTO) deals taken into consideration.To view the latest price quotations, follow the links below:China- APT, fob China- Ferro-tungsten, fob China Europe- APT, cif Rotterdam - Ferro-tungsten, in-warehouse Rotterd...Read More
Fasmarkets' fob Australia alumina index declined for the eighth trading day in a row on Wednesday October 7, falling back to levels not seen since before Hydro declared force majeure at the Alunorte refinery in Brazil in April. The benchmark daily fob Australia alumina index was calculated at $428.75 per tonne on Wednesday, down from $430 per tonne on Tuesday and 8.98% lower week on week from...Read More
Key data from the Wednesday November 7 pricing session in Europe. Key drivers Recent downward trend in ferro-titanium has finally dragged down scrap prices. The trend started on September 12, when the market was assessed at $5.80-6.05 per kg.There is readily available alloy supply against moderate spot demand, with some buyers booking alloy through year-end. Some traders want rid of stocks to boo...Read More
An overview of the minor metals markets and the reasons for any price moves.Read More
Key data from the Wednesday November 7 pricing session in Europe. Key drivers Recent downward trend in ferro-titanium has finally dragged down scrap prices. The trend started on September 12, when the market was assessed at $5.80-6.05 per kg.There is readily available alloy supply against moderate spot demand, with some buyers booking alloy through year-end. Some traders want rid of stocks to boo...Read More
Turkish steel producers continued their deep-sea scrap purchases on Wednesday November 7, with prices remaining largely stable, according to market sources.A steel mill in the Iskenderun region booked a European cargo, comprising 15,000 tonnes of HMS 1&2 (75:25) at $330 per tonne, 3,000 tonnes of shredded at $340 per tonne and 7,000 tonnes of bonus at $345 per tonne cfr.Another steel producer in t...Read More
Comex copper prices inched higher during morning trading in the US on Wednesday November 7 with a persistently softer dollar lending support amid a lack of other market catalysts. The copper price for December settlement on the Comex division of the New York Mercantile Exchange inched up 0.75 cents to $2.74 per lb. "In the broader macroeconomic environment, downside price risks are likely...Read More
Long-term contracts for cobalt hydroxide supply in 2019 have been heavily weighted toward lower payables year on year, with discussions centered around increasing availability of intermediates. But the extent of the likely hydroxide surplus' impact on next year's metal market is less clear. Since last year's mating season, Glencore has announced the restart of production at Katanga in the Dem...Read More
The new round of sanctions imposed by the United States on November 5 is expected to cut Iranian steel exports further, gradually leading to lower Iranian steel output, market sources believe."Today's action includes the designation of 50 Iranian banks and their foreign and domestic subsidiaries," the US Treasury Department announced in its report on Monday, along with "the identification of more...Read More
China's hot-rolled coil prices fell further on Tuesday November 6 after sentiment was dampened by Tangshan's smaller-than-expected production cuts. DomesticEastern China (Shanghai): 4,000-4,010 yuan ($578-579) per tonne, down 20-30 yuan per tonneNorthern China (Tianjin): 3,990-4,000 yuan per tonne, down 10 yuan per tonneShanghai's HRC prices have fallen for a 12th day, with sentiment in the market...Read More
Ferrous futures saw mild moves during Asian morning trading on Wednesday November 7 as the market absorbed more signals of lighter winter steelmaking restrictions.Futures closing prices - morning session Shanghai Futures Exchange January rebar: 3,927 yuan ($566) per tonne, up 3 yuan per tonne January hot-rolled coil: 3,728 yuan per tonne, up 31 yuan per tonne Dalian Commodity Exchange January iron...Read More