Import prices for stainless steel in East Asia fell over the past week amid sluggish regional demand and the emergence of lower offers.Fastmarkets MB's import price assessment for 304 stainless 2mm trimmed cold-rolled coil was $2,050-2,150 per tonne cif East Asian ports for the week ended Wednesday October 17, down $10-50 per tonne from a week earlier.Fastmarkets MB's assessment of import prices f...Read More
China's domestic stainless steel prices moved down over the past week amid low demand and high inventory levels. Fastmarkets MB's price assessment for benchmark 304 stainless cold-rolled coil in the major market of Wuxi was 15,600-15,900 yuan ($2,252-2,296) per tonne including VAT for the week ended Wednesday October 17, down 200 yuan per tonne from a week earlier.Demand remained soft over the pas...Read More
Three-month base metals prices on the London Metal Exchange were for the most part firmer with gains averaging 0.6% on the morning of Friday October 19, but this follows a general down day on Thursday, when the complex closed down by an average of 0.8%. This morning, prices range from slightly lower on lead to up by 2.1% for nickel, while copper is up by 0.7% at $6,174 per tonne. Volume has been a...Read More
Buyers have been bidding up gold to higher values over the last two days, although you would never would that by looking at the net change in prices. Renewed and elevated concern over the trade dispute that is now being labeled as a trade war between the United States and China has continued to be highly supportive of the U.S. dollar. Geopolitical concerns about Saudi Arabia, concerning the disapp...Read More
NEW YORK (Reuters) - The U.S. dollar rose to one-week highs against the euro on Thursday after the European Commission said Italy’s 2019 budget draft is in serious breach of EU budget rules.The step prepares the ground for what would be an unprecedented rejection of a member state’s fiscal plan.The euro EUR= tumbled to $1.455, its lowest against the greenback since Oct. 9, on the new...Read More
(Reuters) - U.S. stocks sank more than 1 percent on Thursday as weak industrial earnings raised worries about rising expenses and the impact of tariffs, adding to concerns over higher borrowing costs after hawkish commentary in the Federal Reserve’s minutes.The markets hit session lows after U.S. Treasury Secretary Steven Mnuchin pulled out of a conference in Saudi Arabia, as the Trump admin...Read More
(Kitco News) - Gold prices are trading modestly higher in early-afternoon U.S. trading Thursday. Today, a host of worries on the geopolitical front rose to the surface to put strong pressure on the U.S. stock market and produce some safe-haven demand for gold, which began to surface in late-morning action. December gold futures were last up $3.00 an ounce at $1,230.50. December Comex silver was la...Read More
(Kitco News) - Investors in China need to allocate up to 6% of their portfolios to gold, according to the World Gold Council (WGC), which sees the yellow metal as minimizing the negative effects of volatility.Chinese traders have had a tough year, with losses in both the equity and bond market spaces, said WGC Investment director Fred Yang.“China’s leading index, the CSI 300, has under...Read More
Iamgold Corp. (TSX: IMG; NYSE: IAG) is upbeat about results from a 2018 drilling program at the Diakha deposit on the Siribaya project in western Mali. Officials report assay results for 100 drill holes totaling 14,634 meters. Among the highlights are five infill drill holes with gold grading anywhere from 1.61 grams per tonne to 10.15, as well as three expansion holes ranging from 1.39 to 12.46 g...Read More
(Kitco News) - Gold prices ticked up after the index for current general activity in the Philadelphia Federal Reserve’s manufacturing business outlook survey posted a decline to 22.2 in October following a rebound to 22.9 in September, suggesting slightly slower economic growth. The consensus expectations compiled by news organizations were for a reading of somewhere around 19.7.Gold prices...Read More
Gold’s recent move back above $1,220 an ounce may signal a turning point for the precious metal, as investor buying has picked up, says Standard Chartered. Prices must still break up through a number of technical-chart levels to reach the psychologically important 1,300-per-ounce level, Standard says. “We continue to believe price risks are skewed to the upside, particularly as $1,220/...Read More
Base metals prices on the London Metal Exchange were mostly trading lower at the close on Wednesday October 17, with sentiment in the market weakening, but zinc continued to outperform. Three-month lead, aluminium and tin prices all started the day in positive territory but weakened this afternoon, while nickel was down 1.2% due to a lack of directional news for the near term. Aluminium prices dip...Read More
Fastmarkets MB's nickel premiums were stable across all regions in the week to Tuesday October 16 in quiet trading conditions after the London Metal Exchange Week. Premiums in China were steady due to a closed import window and stock overhang. European premiums were unchanged following the annual gathering of the metals market in London for LME Week. Nickel premiums in the United Stat...Read More
Comex copper prices were slightly higher in morning trading on Wednesday October 17 with a rising dollar preventing any significant gain.The copper price for December settlement on the Comex division of the New York Mercantile Exchange gained 0.60 cents to $2.7855 per lb. "We are seeing very quiet conditions in metals so far this week; yesterday ended in a mixed...Read More
Key data from the Wednesday October 17 pricing session in Europe. Key drivers The European ferro-titanium price range dropped again, extending price losses from the previous week on persistently low demand, which is encouraging cheaper offer prices. Some dealers are away due to holidays in Europe, which has cooled trading activity. Reported trades...Read More
Several zinc and lead mining and smelting companies have been targeted for secondary sanctions by the United States Treasury over alleged ties to paramilitary organizations. Companies including Bandar Abbas Zinc Production Co, Calcimin, Iran Zinc Mines Development Co and Qeshm Zinc Smelting and Reduction Co - all producers of zinc concentrates and ingots - have been targeted. These organizations a...Read More
China's unwrought copper and copper product imports hit a two-year high in September, driven by an open import arbitrage window and market participants replenishing copper inventories amid low stockpiles in Shanghai-bonded and Shanghai Futures Exchange (SHFE) warehouses.China's unwrought copper and copper products imports in September increased by 24% month on month and 21% year on year to 521,000...Read More
Global copper premiums were broadly steady in the week ended Tuesday October 16, with market participants primarily focused on long-term contract negotiations that took place during LME Week in London. In China, Shanghai copper premiums retreated on rising inflows of the metal into the country and a closed arbitrage window. In news, Sterlite Copper's Tuticorin brands of cathode are likely to remai...Read More
An overview of the minor metals markets and the reasons for any price moves.Read More
The Turkish deep-sea scrap market remained silent again on Tuesday October 17, but a rise in the value of the Turkish lira and market rumors about changes to US import tariffs helped prices, according to market participants.The Turkish lira has continued to pick up this week, and was trading at TRY100 to $17.38 on October 17, up from TRY100 to $17.01 on October 15, according to Oanda.com.No deep-s...Read More