(Kitco News) - Large speculators rebuilt their bearish positioning in gold futures during the most recent reporting week for data compiled by the Commodity Futures Trading Commission, yet this may have been a temporary phenomenon, with prices since rising again amid a fall in the U.S. dollar, analysts said. During the week-long period to Oct. 30 covered by the CFTC’s report, Comex December g...Read More
(Kitco News) - Roy Sebag the visionary behind GoldMoney is taking aim at the jewelry sector and looking to disrupt Western views on gold with his latest venture, Mene, set to make its TSX debut on November 6. A spinoff of Goldmoney, Mene will make its TSX debut under the symbol "MENE." The company, named after the ancient Aramaic word for a unit of money, is selling what Sebag calls, "investment...Read More
Since breaking above $1240, gold has gone back into churning mode. The fact that gold continues to make higher lows and is holding its support levels, we expect it to break out to the upside. The next level we expect to see is $1,275 as gold looks prepared to go into an extended rally. All signs point to gold breaking out, which could create an extended bull market. The metals in general gave held...Read More
(Kitco News) - Gold has bounced in a $20 range since the end of October. Discounting the drop on Oct. 31, which we believe was fund selling to grab some profits for client-statement purposes to offset losses in the equity space, gold has remained in a very tight range. Good economic numbers on Friday helped to strengthen the dollar, but gold remained resilient into the weekend. The technical pictu...Read More
Prices in the global billet market diverged in the week ended Friday November 2.On one hand, an ongoing increase in import scrap prices in Turkey was rendering support to local and foreign billet suppliers, in the Commonwealth of Independent States in particular. On the other hand, CIS suppliers faced increased freight costs that complicated trading.Besides that, the demand for billet in some mark...Read More
Prices in the global billet market diverged in the week ended Friday November 2.On one hand, an ongoing increase in import scrap prices in Turkey was rendering support to local and foreign billet suppliers, in the Commonwealth of Independent States in particular. On the other hand, CIS suppliers faced increased freight costs that complicated trading.Besides that, the demand for billet in some mark...Read More
Share this articleThe Mount Newman railway line in Western Australia. Source: BHP Billiton Ltd.BHP Billiton Ltd. [BHP-NYSE; BHPLF-OTCPK] has suspended all iron ore rail operations in Western Australia after a train carrying iron ore took off without the driver on board and travelled across the Pilbara outback before it was stopped early Monday.Local media reports said the train literally ran away...Read More
U.S. equity index futures were mixed this morning. S&P 500 futures were unchanged in pre-opening trade.Lowes (LOW $96.82) is expected to open lower after the company announced closure of 20 U.S. and 31 Canadian stores on February 1st. Cost is estimated at $0.28-$0.34 per share. Exxon Mobil (XOM $81.95) is expected to open higher after JP Morgan raised its target price to $97 from $94.Under Arm...Read More
The latest metal markets news and price moves to start the North American day on Friday November 2. Base metals prices on the London Metal Exchange were all higher during morning trading on Friday November 2, after the largest single-day inflow in LME copper stocks since February 2004.The three-month copper price climbed more than 1.5% to more than $6,200 per tonne after around 47,700 to...Read More
ArcelorMittal received a binding offer from international metals group Liberty House for the sale of finishing lines in Dudelange, Luxembourg, and Li??ge, Belgium, ArcelorMittal said on Friday November 2.The Dudelange site has capacity of 970,000 tonnes per year of hot-dipped galvanized flat steel products, according to Fastmarkets' company database.The finishing operations at ArcelorMittal Li??ge...Read More
For one week, Shanghai, China's economic center, will become the center of the global copper industry - representatives from miners, consumers, banks and brokers will convene for the annual Cesco Week. The week is centred on the Cesco dinner on Thursday November 15 evening - to be attended by some 2,000 guests - but there are a host of other well-established functions. The following details the ke...Read More
Base metals prices on the London Metal Exchange were collectively higher at the close of trading on Friday November 2, ending the week stronger despite continued stock outflows and broad strength in the US dollar index.An easing of the trade tensions between the United States and China fueled the price rallies, with the three-month copper price topping the gains and reaching an intraday high of $6...Read More
Comex copper prices surged back up to a mid-October high during a volatile week that saw the red metal unable to establish a clear price direction amid competing macroeconomic factors.The copper price for December settlement on the Comex division of the New York Mercantile Exchange jumped by 8.60 cents to $2.8075 per lb. Earlier today in trading, the contract touched a high of $2.8090, the highest...Read More
An overview of the battery raw materials markets and their price moves from the past week.Read More
Key data for the pricing session for the week ending Friday November 2.China Domestic ferro-chrome spot prices dropped as the influence of lower tender prices permeated into the market.UG2 chrome ore prices fell with buyers remaining cautious in expectation of lower prices in the near future.A...Read More
A massive backwardation on copper forward price spreads on the London Metal Exchange has collapsed after market tightness was eased by a delivery of 44,950 tonnes of metal into exchange sheds, Fastmarkets heard on Friday November 2.On-warrant LME warehouse stocks were up by 78% on Friday to 102,600 tonnes. Thursday's 57,000 tonnes was the lowest inventory level since August 2005.The delivery was t...Read More
An overview of the battery raw materials markets and their price moves from the past week.Read More
Cobalt trade log including business, bids and offers reported to Fastmarkets MB.Unless otherwise stated, all prices are per lb on an in-warehouse basis. Delivered prices are netted back. Metal Bulletin prices Click here for Fastmarkets MB's price assessment for low-grade cobalt, in-warehouse, $ per lb Click here for...Read More
Alloy steel scrap prices followed divergent trajectories this week in Europe and the UK as a result of differing market fundamentals. In Europe, 18/8 scrap solids prices fell amid poor demand, while grade-316 solids prices edged higher because of very tight supplies. In both cased, however, market activity has been very slow and price movements were only marginal. Fastmark...Read More
Ferrous scrap prices in most parts of the world were firm in the week ending on Friday November 2, with healthy demand in the key import market of Turkey supporting global prices.But prices in Asia weakened because steel mills in Vietnam and Taiwan held back from purchasing ferrous scrap due to fierce price competition in the downstream billet and long steel markets.Turkey importsTurkish steel mil...Read More