Taiwan's ferrous scrap imports dropped by 14% on the year in August, according to the territory's customs agency.The island imported 245,579 tonnes of ferrous scrap during the month, 38,931 tonnes lower than the 284,510 tonnes it took in a year...Read More
China's ferrous futures advanced across the board during morning trading on Wednesday October 24 amid relatively positive sentiment in the physical market.Futures closing prices - morning session Shanghai Futures Exchange January rebar: 4,187 yuan ($603) per tonne, up 40 yuan per tonneJanuary hot rolled coil: 3,909 yuan per tonne, up 25 yuan per tonneDalian Commodity Exchange January iron ore: 528...Read More
The latest metal markets news and price moves to start the North American day on Wednesday October 24.Base metals prices on the London Metal Exchange were predominantly higher during morning trading, buoyed by a bounce in Asian stock indices while a two-month high in the US dollar index did little to offset fresh buying momentum.Despite high risk-aversion prompting a downtrend in base metals price...Read More
Arbitrage for copper, aluminium, zinc and nickel imported into China on Wednesday October 24 *Copper -$127.83 (-889.00 yuan) Aluminium -$430.54 (-2,994.08 yuan) Zinc -$117.26 (-815.44 yuan) Nickel $395.84 (2,752.80 yuan) *Fastmarkets calculates the physical arbitrage for import into China daily by using SHFE front-month and LME three-month...Read More
Base metals prices on the London Metal Exchange were predominantly higher during morning trading on Wednesday October 24, buoyed by a bounce in Asian stock indices while a two-month high in the US dollar index did little to offset fresh buying momentum.Despite high risk-aversion prompting a downtrend in base metals prices earlier in the week, investor confidence was lifted on Wednesday morning wit...Read More
Antofagasta's copper production jumped by 15.4% in the July-September quarter, the company said on Wednesday October 24. The Chilean miner's copper production was 188,300 tonnes during July-September quarter, up by 15.4% from the April-June quarter. Copper output in the first nine months totaled 505,500 tonnes, down 4% from the corresponding period in 2017, mainly due to lower...Read More
The underlying theme remains unchanged with the base metals prices continuing to oscillate within sideways trends, although some prices, such as tin and zinc, are starting to edge higher. Sentiment in China has improved after Chinese officials have taken steps to ease credit tightness in the private sector by helping companies raise money in the capital markets.After a down day on Tuesday October...Read More
The following Fastmarkets UK non-ferrous scrap and foundry ingot prices changed on Wednesday October 24:Aluminium scrapGroup 1 pure 99% & litho: ?1,390-1,440 per tonne from ?1,400-1,450Commercial pure cuttings: ?1,100-1,150 per tonne from ?1,100-1,160Loose old rolled cuttings: ?790-820 per...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 an...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 20 points in pre-opening trade.Index futures were virtually unchanged following release of economic news at 8:30 AM EDT. Consensus for Weekly Jobless Claims was 213,000 versus 210,000 last week. Actual was 215,000. Consensus for September Durable Goods Orders was a drop of 1.3% versus a gain of 4.1% in August. Actual w...Read More
(Kitco News) - Agnico Eagle Mines Ltd. (NYS: AEM, TSX: AEM) late Wednesday reported a smaller profit in the third quarter compared to a year ago but increased its production guidance for 2018 and 2019.Net income was $17.1 million, or 7 cents per share, down from $72.5 million, or 31 cents, in the third quarter of 2017, the company said.The July-September results included non-cash foreign...Read More
(Kitco News) - Goldcorp Inc. (TSX: G, NYSE: GG) late Wednesday reported a net loss for the third quarter as production declined from the same period a year ago, although it is expected to improve in the current quarter.The net loss was listed at $101 million, or 12 cents per share. In the same period a year ago, the company listed a profit of $111 million, or 13 cents. The July-September results i...Read More
(Kitco News) - Barrick Gold Corp. (NYSE: ABX, TSX: ABX) late Wednesday reported a net loss of $412 million, or 35 cents per share, compared to a loss $11 million, or a penny, in the third quarter of 2017.The July-September net loss was mostly due to a $405 million impairment charge at the Lagunas Norte mine in Peru, the company said. There were also several other special items, including a $62 mil...Read More
Although global stock markets had moderate gains today, U.S. equities were once again under dynamic pressure which resulted in a 600+ decline in the Dow Jones Industrial Average. The Dow lost 608 points (-2.41%) in trading and is currently fixed at 24,583.42. The NASDAQ composite also had substantial losses in trading today, and after giving up almost 4 1/2 %, today's 321-point decline takes the...Read More
(Kitco News) - If the Fed continues to steadily raise interest rates higher, gold will replace U.S. Treasuries as the “ultimate risk-off asset,” according to the New York-based INTL FCStone.“If, as I expect, rates will go higher for longer, much higher for much longer, gold will replace Treasuries as the ultimate risk-off asset, and investors should own it as an insurance against...Read More
(Kitco News) - There appears to be light at the end of the mining sector’s very long and very dark tunnel, according to one research firm.In an interview with Kitco News on the sidelines of the Mines and Money conference in Toronto, Michael Curran, managing director with Beacon Securities, said that his firm is starting to see improving sentiment within the mining sector. “We are seein...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...Read More
(Kitco News) - Gold prices are modestly lower in early-afternoon U.S. trading Wednesday, on a normal corrective pullback after good gains Tuesday that pushed prices to a nearly three-month high. A strong U.S. dollar on the foreign exchange market was a bearish outside market element working against the precious metals bulls today. December gold futures were last down $2.90 an ounce at $1,233.90. D...Read More
(Kitco News) - While 2018 has not been a positive year for the mining sector, the rumors of its demise are greatly exaggerated, according to one financing executive. Chad Williams, president of Red Cloud Klondike Strike Although the sector has struggled to find investment capital, the Canadian mining sector continues to dominate deal flow, raising the most money out of any other sector in Cana...Read More
(Kitco News) - Not only is gold in the midst of a digital revolution but the marketplace will see a significant advancement in transparency.Fin-tech start up, Tradewind Markets has announced a new addition to its digital gold and silver exchange, Vaultchain Gold. The platform will now include a provenance application, which will allow traders and investors to see where their gold came from and how...Read More