Tight supply of Australian iron ore continued to support the market for the steelmaking raw material on Thursday October 25, with the benchmark 62% Fe index rising above $76 per tonne cfr China.MB 62% Fe Iron Ore Index: $76.04 per tonne cfr Qingdao, up by $1.31 per tonne.MB 62% Fe Pilbara Blend Fines Index: $75.07 per tonne cfr Qingdao, up by $1.31 per tonne.MB 62% Fe Iron Ore Index-Low Alumina: $...Read More
A flurry of trades gave the seaborne coking coal spot market a boost on Thursday October 25.A joint shipment was sold to a buyer in Indonesia, with the portion consisting of 40,000 tonnes of a top Australian brand being priced around $240 per tonne cfr Indonesia, and the other comprising 35,000 tonnes of premium mid-vol hard coking coal, slightly above $235 per tonne cfr Indonesia, according to va...Read More
Fastmarkets MB proposes to discontinue the Indium Corp ingots min 99.97% $ per kg, fob price owing to an understanding that the existing specifications no longer serve the market.Fastmarkets MB is committed to the indium market and will continue to track its evolution, providing appropriate pricing mechanisms where needed.Metal Bulletin is now inviting...Read More
Three-month base metals prices on the London Metal Exchange were for the most part under pressure during morning trading on Thursday October 25, with the complex down by an average of 0.2%. Poor US new home sales data on Wednesday and weakness in equity markets are weighing on market sentiment.Copper leads the weakness with a decline of 0.8% as at 07:39am London time, with aluminium, zinc and tin...Read More
China's ferrous futures tanked in the early hours of morning trading on Thursday October 25 but regained some strength before the end of the session.Futures closing prices - morning session Shanghai Futures Exchange January rebar: 4,207 yuan ($606) per tonne, up 42 yuan per tonneJanuary hot rolled coil: 3,940 yuan per tonne, up 27 yuan per tonneDalian Commodity Exchange January iron ore: 532.50 yu...Read More
China's domestic stainless steel prices maintained a downward trend over the past week with demand remaining soft.Fastmarkets MB's price assessment for benchmark 304 stainless cold-rolled coil in the major market of Wuxi was 15,500-15,800 yuan ($2,233-2,276) per tonne including VAT for the week ended Wednesday October 24, down 100 yuan per tonne from a week earlier.Demand remained weak and stagnan...Read More
Import prices for stainless steel in East Asia largely softened over the past week amid reduced offers from most exporters coupled with a lack of improvement in regional demand.Fastmarkets MB's import price assessment for 304 stainless 2mm trimmed cold-rolled coil was $2,060-2,140 per tonne cif East Asia for the week ended Wednesday October 24, narrowing from $2,050-2,150 per tonne cif a week earl...Read More
Konkola Copper Mines (KCM), Vedanta's Zambian copper operation, could cut its copper output by up to 150,000 tonnes next year due to rising procurement costs following a proposed import duty on copper concentrates, Fastmarkets has learned. KCM is looking to halve its Zambian primary smelting capacity- which now stands at 311,000 tonnes per year, a company source said on Wednesday October 24. To ga...Read More
Three-month base metals prices on the London Metal Exchange were down across the board by an average of 0.7% during morning trading on Friday October 26. Concerns about the broader markets and continuing uncertainty over trade and sanctions have capped the upside for those metals trying to move higher, while it has pushed the weaker metals prices lower. Nickel leads on the downside with...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 24 points in pre-opening trade. Index futures were recovered following release of the first estimate of third quarter real GDP. Consensus is growth at a 3.3% rate versus growth at a 4.2% rate in the second quarter. Actual was 3.5%.Amazon plunged $147.17 to $1635.00 after reporting lower than consensus third quarter re...Read More
Gold futures are trading marginally higher on the day, with the most active December Comex contract currently fixed at $1,234.50 after adding today's gain of $3.40. These gains are occurring in tandem with a higher dollar. The U.S. dollar index is currently up by 2/10% and fixed at 93.37 after the addition of today's 19-point gain. This rally began precisely two weeks ago today on Thursday, Octobe...Read More
(Kitco News) - The Mines & Money Conference in Toronto happened during a tumultuous time for the markets. The theme of discussion inevitably revolved around the nosedive that equities took the week before the conference, when the S&P 500 plummeted 7% between October 3rd and 11th and gold reacted by rallying 4% from October 9th to the 16th. Gold has since stayed near the $1,220 to $1,230 an...Read More
(Kitco News) - Gold prices are slightly higher in early-afternoon U.S. trading Thursday. Some mild safe-haven buying is being offset by solid gains in U.S. stock indexes at midday. However, nobody knows what late-session twists and turns the stock market will make. December gold futures were last up $1.40 an ounce at $1,232.40. December Comex silver was last down $0.041 at $14.635 an ounce. A high...Read More
(Kitco News) - Gold and silver markets could be two of the few commodities to survive an impending global economic slowdown in the next few years, according to one U.K. research firm.Although analysts at Capital Economics have little hope for gold prices this year, as the yellow metal continues to fight against rising U.S. interest rates, the firm reiterated its long-term forecast as it sees pric...Read More
(Kitco News) - European Central Bank President Mario Draghi cautioned markets following the central bank’s rate announcement, promising that even if the asset purchase programme (APP) ends at the end of the year, the monetary policy will still remain “very accommodative.”The ECB left interest rates unchanged on Thursday, noting that it was still planning to end its monthly asset...Read More
OceanaGold Corp. (TSX, ASX: OGC) reported a net profit for the third quarter of $21.7 million, or 4 cents a share, which was the same as in the third quarter of 2017. The company lists production of 138,034 ounces of gold, up from around 136,000 in the year-ago period. All-in sustaining costs were $761 an ounce. The average gold price fell to $1,202 from $1,276. OceanaGold also produced 4,310 tonn...Read More
(Kitco News) - Newmont Mining Corp. (NYSE: NEM) Thursday reported a modest decline from a year ago in third-quarter adjusted net income due to lower metals prices and output.The company listed adjusted income of $175 million, or 33 cents per share, compared to $184 million, or 34 cents, in the same period a year ago. This beat forecasts centered around 19 cents a share, according to news reports.O...Read More
All markets go through the same phases from consolidation to blow off; the metals are no different. For months, gold languished in the consolidation pattern churning between $1,180-$1,220. Three weeks ago today, it broke out right to blow off. Since its blow off, gold settled and resolved the blow-off pattern by consolidating once again but at much higher levels. The phase that gold missed was the...Read More
European tin premiums have surged this week on concerns about continued supply from Indonesia, while premiums in the United States and China have remained firm on reduced demand and ample supply. Rotterdam 99.9% in-warehouse premium at 5-month high US tin demand expected to slow Closed import window keeps China premiums flat.European premium bolstered by production woesIn Europe, the premium for 9...Read More
Base metals prices on the London Metal Exchange were collectively lower at the close of trading on Wednesday October 24, pressured by continued strength in the US dollar index while the three-month aluminium price broke below $2,000 per tonne for the first time since April.Reaching an intraday low of $1,996 per tonne, the aluminium market continues to be affected by uncertainty over United States...Read More