Base metals prices on the London Metal Exchange were broadly lower during morning trading on Tuesday October 23, hampered by broad risk-aversion amid a two-year low in European stock indexes while a firm US dollar index continues to limit price rallies. Topping losses over the morning, the three-month copper price edged back below $6,200 per tonne despite a continued trend of stock outflows and fr...Read More
China's hot-rolled coil prices fell on Tuesday October 23 amid sparse trading, dragged down by weak demand, sources told Fastmarkets MB.DomesticEastern China (Shanghai): 4,190-4,210 yuan ($604-607) per tonne, down 10-20 yuan per tonneNorthern China (Tianjin): 4,090-4,100 yuan per tonne, down 10 yuan per tonneTrading activity fell in comparison with that on Monday, sources said.The drop r...Read More
Arbitrage for copper, aluminium, zinc and nickel imported into China on Tuesday October 23 *Copper -$114.62 (-797.36 yuan)Aluminium -$437.03 (-3,040.10 yuan) Zinc -$78.91 (-548.90 yuan) Nickel $452.47 (3,147.49 yuan) *Fastmarkets calculates the physical arbitrage for import into China daily by using SHFE front-month and LME three-month...Read More
The latest selenium transactions, bids, offers and assessments in Europe reported to Fastmarkets MB.Unless otherwise stated, all prices are per lb on an in-warehouse Rotterdam basis. Delivered prices are netted back.To view the latest price quotation, click here.To see all Fastmarkets' pricing methodology and specification documents go to https://www.metalbulletin.com/prices/pricing-methodolo...Read More
Three-month base metals prices on the London Metal Exchange were for the most part weaker on the morning of Tuesday October 23, with losses averaging 0.4% - the exception being tin where prices were up by 0.1%.Zinc led the rest of the complex downward with a fall of 1.2% to $2,625 per tonne, while copper was down by 0.7% at $6,183 per tonne.The precious metals were split this morning with gold and...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 5 points in pre-opening trade.The Canadian Dollar was steady at U.S.76.43 cents prior to the Bank of Canada's monetary statement scheduled to be released at 10:00 AM EDT. The Bank of Canada widely is expected to increase its loan rate to major banks by 0.25%. U.S. equity index futures recovered following release of re...Read More
For the first time since April 26, gold has closed above its 100-day moving average. Although gold closed well off of the intraday high, it did manage to close above the 100-day moving average for the first time in six months. Gold prices surged to a high of $1,243 before backing off, and as of 4:20 PM Eastern standard time, gold futures are currently fixed at $1,233.20, which is a net gain of $8....Read More
(Kitco News) - Gold prices are higher in Tuesday afternoon trading, and earlier today hit a nearly three-month high. The yellow metal was boosted by safe-haven demand amid keener geopolitical uncertainty in the marketplace. Gold prices did back off their daily highs as the U.S. stock indexes moved up from their daily lows. December gold futures were last up $11.30 an ounce at $1,236.00. December C...Read More
(Kitco News) - Gold prices could be in store for the “mother of all short-covering” rallies, said one analyst, citing CFTC short positioning and the yellow metal’s strength in the face of higher U.S. dollar.Even $1,500 is not out of the realm of possibilities, according to ThinkMarkets chief market analyst Naeem Aslam, who sees the latest CFTC data as a positive sign for gold pri...Read More
(Kitco News) - The gold market has suffered under the weight of rising U.S. interest rates and a stronger U.S. dollar, but one bank sees a shift coming as equity markets have seen increased selling pressure this this past month.Analysts at Bank of America Merrill Lynch (BAML) said that in this current environment they see gold prices pushing to $1,400 an ounce by the end of 2019. Along with their...Read More
(Kitco News) - Safe-haven demand is once again boosting gold prices as U.S. equity markets drop 2% across the board.“Gold’s safe-haven allure is back,” said Phillip Streible, senior market strategist at RJO Futures. “Equities are doing down sharply and investors don’t know what to do, so they are turning to gold.”Safe-haven demand pushed gold prices to its highe...Read More
“Gloomy” global equities have propelled gold to three-month highs as the precious metal acts like a safe haven again, says George Gero, managing director with RBC Wealth Management. Some traders are likely being forced to cover some short positions, he continues. “The fallout of Saudi problems, Italy budget headlines, trade wars and tariffs all weigh on stocks and [are] moving go...Read More
B2Gold Corp. (TSX: BTO, NYSE American: BTG, NSX: B2G) says an expansion study points to a longer life for the El Limon Mine in Nicaragua, and the company also renewed a two-year collective bargaining agreement with labor unions. The study evaluated the life-of-mine options for combining the remaining underground inferred mineral resources with the new El Limon central zone open-pit inferred minera...Read More
(Kitco News) - Hecla Mining Co. (NYSE: HL) met its expectations for third-quarter output of 2.5 million silver ounces and 72,995 gold ounces, the company said Tuesday.The preliminary consolidated silver output was a 24% decline from the same period of 2017, with output at the Greens Creek Mine falling by 467,899 ounces, which the company blamed on lower ore grades and milled tonnage as a result o...Read More
Here we go again. After two weeks of consolidation, gold is trying to break out to the upside, $13 higher and sitting at resistance. This action was expected; big breakouts are typical out of the congestion pattern. The bigger question is where does gold from here? The key level is now $1,240, as a break above brings $1,275 into play. With the global tension and markets selling off, money is looki...Read More
(Kitco News) - Just returned from an investment conference in Bermuda, where the mood among some of the biggest names in the industry was definitely bullish. To be taken in context, most players in the metals space are generally neutral in a worst-case scenario but almost always bullish albeit sometimes with the caveat “if you are a long-term investor”. Metals dealers do not make money...Read More
BASF and Nornickel have established a strategic partnership centered around battery materials for electric vehicles, including a feedstock supply deal and co-located facilities, the companies said.The European chemical company has selected Harjavalta, Finland, as the first location for battery materials production that will serve the European automotive market. The plant will be constructed adjace...Read More
Base metals prices on the London Metal Exchange were higher across the board by the close of trading on Monday October 22, with prices elevated despite a slightly weaker US stock market opening in addition to a strong US dollar index. Despite a fresh cancelation of more than 25,000 tonnes from LME-listed warehouses in Singapore, the three-month aluminium price drifted down from its intraday high o...Read More
Comex copper prices traded at one-week high in the US morning on Monday October 22 amid hopes for added Chinese stimulus measures. The copper price for December settlement on the Comex division of the New York Mercantile Exchange gained 2.65 cents to $2.8045 per lb. The complex is broadly higher on strong macroeconomic data, especially from China. "They are receiving buoyancy from sharply rising.....Read More
Prices for China-origin UG2 chrome ore and Turkish lumpy chrome ore rose over the trading session on Friday October 19, while Chinese domestic ferro-chrome spot prices fell slightly on weak demand from stainless steel mills. Turkish lumpy chrome ore prices to China make strong gain in wake of higher UG2 prices Chrome ore price in China supported by lower estimates of stocks Domes...Read More