An overview of the minor metals markets in the week ending Friday October 26, and the reasons for any price moves.Read More
The following Fastmarkets minor metals prices changed on Friday October 26:Bismuth MB China domestic, yuan/tonne: 49,000-51,500 yuan per tonne from 51,000-52,500 yuanChromium MB free market alumino-thermic, $/tonne: $10,700-11,500...Read More
European transaction prices for grade-304 cold-rolled (CR) sheets fell dramatically this week because domestic mills are fighting for market share with imported material, sources said.Fastmarkets' weekly assessment for grade-304 CR sheets was ?,?2,200-2,300 ($2,506-2,620) per tonne delivered on Friday October 26, down by ?,?100 per tonne. https://www.metalbulletin.com/My-price-book.html?price=4361...Read More
Prices of several alloy scrap grades eased this week, albeit only marginally - a reflection of continued poor demand and a fall in nickel prices.Fastmarkets MB assessed UK domestic 18/8 scrap solids at ?840-880 ($1,080-1,132) per tonne delivered on Friday October 26, down by ?10-20 from the previous assessment.European import prices for 18/8 scrap solid also slipped, dipping by ?,?10 per tonne a...Read More
The following Fastmarkets non-ferrous European free market scrap prices changed on Friday October 26:Aluminium scrapFloated Frag: ?,?1,000-1,050 per tonne from ?,?1,010-1,060Cast: ?,?920-970 per...Read More
Ferrous scrap prices dipped this week due to weak demand from the key import markets of Taiwan and Vietnam.Sufficient raw material inventory levels and weak demand for downstream rebar and billet products kept major buyers on the sidelines.VietnamFastmarkets MB's assessment of the import price for heavy melting scrap (HMS) 1&2 (80:20) sold into Vietnam was $355-357 per tonne cfr for the week ended...Read More
Gold futures finished the day with moderate gains, as the most active December Comex contract closed $3.80 higher at $1,236.20. Although gold prices finished higher on the week, after gaining approximately $ 6.00, price advances were limited once again by dollar strength. That being said, gold prices have managed to increase in value now for the fourth consecutive week. Another noteworthy charact...Read More
(Kitco News) - David Garofalo, president and chief executive officer of Goldcorp Inc. (TSX: G, NYSE: GG), says “nothing is broken” with the company and that third-quarter earnings were weaker largely because of a decision to move processing of lower-grade ore ahead by one quarter at the new Pe??asquito pyrite leach plant. The CEO spoke with Kitco News on Friday a day after shares of th...Read More
(Kitco News) - It has taken a while, but gold is now doing exactly what it is supposed to do as the metal ends the week near a three-month high as U.S. equity markets continue to melt down and bond yields drop.The gold market is seeing its fourth week of consecutive gains and is on pace to end a six-month downtrend. December gold futures are trading near a three-week high, last trading at $1,243 a...Read More
(Kitco News) - Wall Street and Main Street look for gold to maintain its upward momentum next week, with the metal currently headed for its fourth straight weekly gain, based on the Kitco News gold survey.Eighteen market professionals took part in the Wall Street survey. Twelve respondents, or 67%, predicted higher prices by next Friday. Just one respondent, or 6%, called for lower, while five par...Read More
(Kitco News) - Gold prices continue to get a safe-haven bid and are posting solid gains in late-morning trading Friday--adding to early advances as the U.S. stock market trades sharply lower. The major U.S. stock indexes have hit multi-month lows today and are presently at daily lows. Look for gold prices to continue to appreciate as long as there is turmoil in the marketplace. The move above what...Read More
(Kitco News) - Gold held a slight gain but moved little after a government report Friday showed that U.S. gross domestic product rose by a seasonally adjusted annual rate of 3.5% in the third quarter.This was the government’s first estimate of economic growth for the July-September quarter, showing that growth slowed some from 4.2% in the second quarter. Consensus forecasts compil...Read More
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Thursday gold was relatively flat, but the miners got crushed. For some reason, the gold bears decided to sell the miners like they were going to zero. Once again, it looks like the aggressive selling was a huge mistake. None of the miners were safe, with most falling 5% to 10%. It appeared that the sellers were chasing the short-covering dead-cat bounce in equities. In the pre-market this morning...Read More
(Kitco News) - Yamana Gold Inc. (TSX: YRI; NYSE: AUY) late Thursday reported a dip in its third-quarter profit but hiked guidance for gold and copper production in full-year 2018.The company also announced an agreement to sell its interest in the Gualcamayo mine in Argentina to Colombia-based Mineros S.A.Excluding special items, adjusted earnings were $23.6 million, or 2 cents per share, compared...Read More
(Kitco News) - Societe Generale is “cautiously bullish” on gold prices, looking for the metal to average $1,250 an ounce in the fourth quarter and $1,275 in the first quarter and for all of 2019.The bank released an updated forecast Thursday ahead of next week’s gathering of the London Bullion Market Association. The bank said its outlook has not changed materially since the one...Read More
Base metals prices on the London Metal Exchange were mixed at the close of trading on Thursday October 25, with continued strength in the US dollar index capping gains, while stronger earnings reports and a broadly positive European Central Bank outlook safeguarded commodity investments. Over the afternoon, the three-month nickel price largely under-performed amid slight downticks in aluminium and...Read More
Comex copper prices were little changed Thursday morning in the US with a stronger dollar capping any positive momentum. The copper price for December settlement on the Comex division of the New York Mercantile Exchange inched up 0.10 cents to $2.7585 lb. "While we forecast a stronger copper price by the end of the year, the fragile macro backdrop poses downside risks to our outlook," Fastmar...Read More
Base metals prices on the London Metal Exchange were mixed during morning trading on Thursday October 25, with bearish third-quarter earnings reports prompting sharp sell-offs in the Asian and European equity markets, while global trade tensions deter commodity investment. Edging lower over the morning, the three-month copper price is trading below $6,200 per tonne, while total available LME stock...Read More
Grupo Mexico, the largest Mexican miner, expects a surge in its production next year, mainly led by copper and zinc. The company is undertaking a huge expansion program that will raise its output of copper by almost 80% by 2025, to 1.8 million tonnes per year.The conglomerate owns assets in Mexico, Peru, Spain and the United States, and it produced 254,219 tonnes of copper in the third quarter of...Read More