Market sentiment continues to oscillate in regard to U.S. equities as traders continue to witness large price swings in both directions. Gone are the days when a 100- or 200-point gain or decline in the Dow Jones Industrial Average would be considered a sizable move. It seems there is a new normal. That normal is characterized by swings in the Dow in excess of 500 points or more in terms of the da...Read More
(Kitco News) - 2018 Halloween candy prices in the U.S. are expected to rise 0.5% compared to last year, after two past consecutive years of price deflation, according to British data provider IHS Markit. Halloween candy spending is expected to increase 4.2% year-on-year, up from last year's 2.4% growth. Candy spending is projected to total $2.5 billion, translating to around $20 per household in...Read More
(Kitco News) - Gold’s tight negative correlation with the U.S. dollar will help prices go higher within the next 12 months, according to Wells Fargo, which forecasts weaker greenback to come.“We see higher gold prices ahead as we expect commodity prices in general to increase and the U.S. dollar to weaken. Our rolling 12-month target price for gold remains $1,250 - $1,350 per ounce,&rd...Read More
LONDON/NEW YORK (Reuters) - Bitcoin, the world’s first and most famous cryptocurrency, celebrates its tenth birthday on Wednesday.Its emergence has spawned a multitude of other digital currencies, brought blockchain technology to global attention, and vexed regulators worried about its crime misuse and weakness to hacking.The following are some major milestones in bitcoin’s first decad...Read More
(Kitco News) - Gold and silver prices are lower and have hit three-week and four-week lows, respectively, in early-afternoon U.S. trading Wednesday. Improving trader and investor risk appetite in the marketplace at mid-week is bearish for the safe-haven metals. Also, a stronger U.S. dollar index that scored a new for-the-move high today is pressuring the precious metals markets this week. December...Read More
Editorial credit: Andriy Blokhin / Shutterstock.com(Kitco News) - Global central bank interest in gold is growing and has room to grow according to one former senior executive at the New York Federal Reserve.That growing sentiment could be felt during the London Bullion Market Association’s 2018 precious metals conference, which included more than 30 delegates from central banks around the w...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. Create your own user feedback survey 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 m...Read More
Base metals prices on the London Metal Exchange were mostly lower at the close of trading on Tuesday October 30, with broad strength in the US dollar index prompting sharp drops in the three-month copper and zinc prices, while aluminium drifts to levels unseen since August 2017.Reaching a low of $1,966 per tonne, the three-month aluminium price has come under increased pressure over the latter hal...Read More
London Metal Exchange members will be permitted to clear via London even if no Brexit deal is reached, although it remains unclear whether this reprieve would also apply in the event of Brexit being agreed with a deal on March 29, 2019.European Commission vice-president Valdis Dombrovskis said in media reports on Tuesday October 30 that the move was designed to ensure a catastrophic impact on clea...Read More
Comex copper prices tumbled to a mid-September low on October 30 morning in the US amid rising bearish sentiment in the equity market, a rising dollar and ongoing worries regarding the trade war between the US and China.The copper price for December settlement on the Comex division of the New York Mercantile Exchange tumbled 5.70 cents to $2.6835 per lb. Earlier in intraday trading, the contract h...Read More
Vanadium prices in Europe and the United States continued their upward run in the week ended Friday October 26, amid constrained supply, while Chinese export activity fell dormant with prices remaining at a premium to the global markets. Chinese export price stabilizes on weak buying interest amid premium offer prices EU FeV prices firm despite limited activity EU V2O5 prices strengthen on renewed...Read More
Lower November ferro-chrome tender prices from major stainless steel mills caused ore and alloy markets to stall or weaken in the regions Fastmarkets follows in the week ended Friday October 26. UG2 chrome ore prices stall, Turkish lumpy chrome ore prices dropChinese domestic spot ferro-chrome prices pauseCharge chrome import prices weakenAlloy prices hold in Japan, South KoreaAlloy prices weaken...Read More
Vanadium prices in Europe and the United States continued their upward run in the week ended Friday October 26, amid constrained supply, while Chinese export activity fell dormant with prices remaining at a premium to the global markets. Chinese export price stabilizes on weak buying interest amid premium offer prices EU FeV prices firm despite limited activity EU V2O5 prices strengthen on renewed...Read More
Lower November ferro-chrome tender prices from major stainless steel mills caused ore and alloy markets to stall or weaken in the regions Fastmarkets follows in the week ended Friday October 26. UG2 chrome ore prices stall, Turkish lumpy chrome ore prices dropChinese domestic spot ferro-chrome prices pauseCharge chrome import prices weakenAlloy prices hold in Japan, South KoreaAlloy prices weaken...Read More
Nyrstar profits slumped by 73% year on year in the third quarter as a result of lower metal prices which affected the company's bottom line. Nyrstar, Europe's biggest zinc smelting company by volume, saw group profits come in at ?,?13 million ($14.79 million) in the September quarter, against ?,?51 million in the third quarter of 2017. Lower realized prices for zinc, which were 22% below the year'...Read More
The Turkish deep-sea scrap market was quiet on Tuesday October 30 with the country's steel mills staying out of the market due to the firm prices on offer, sources said.The mills have booked a number of cargoes over the past week, pushing prices upward.The latest deals put the price for HMS 1&2 (80:20) from the Baltic Sea region at $335 per tonne cfr.But...Read More
Turkish domestic scrap prices have increased over the past week due to tight supply and increasing costs for imported scrap, sources said on Tuesday October 30.Fastmarkets' weekly price assessment for auto bundle (DKP grade) ferrous scrap was TRY1,830-1,940 ($329-348) per tonne delivered on Tuesday, narrowing upward from last week's TRY1,770-1,940 per tonne.Long steel mill ID?? increased...Read More
Comex copper prices tumbled to a mid-September low on October 30 morning in the US amid rising bearish sentiment in the equity market, a rising dollar and ongoing worries regarding the trade war between the US and China.The copper price for December settlement on the Comex division of the New York Mercantile Exchange tumbled 5.70 cents to $2.6835 per lb. Earlier in intraday trading, the contract h...Read More
Flat steel import prices in the United Arab Emirates and Saudi Arabia were mostly stable over the past week, with demand remaining limited, sources told Fastmarkets on Tuesday October 30.UAE Hot-rolled coil from Russia was on offer to the UAE at $560-565 per tonne cfr, with one buyer bidding $550 per tonne cfr. Taiwan material was on offer to the UAE at $585 per tonne cfr, while Saudi Arabia wa...Read More
Export prices for flat steel from the Commonwealth of Independent States (CIS) continued to fall this week, with offers and deals heard at lower levels, according to market participants.Fastmarkets' weekly price assessment for CIS-origin exports of hot-rolled coil fell to $495-510 per tonne fob Black Sea on Monday October 29, down from $517-523 per tonne fob Black Sea a week earlier.Offers fr...Read More