(Kitco News) - With Dow Jones Industrial Average plunging more than 800 points on Wednesday and gold climbing more than 2% on Thursday, are investors finally giving up on risk assets and shifting their weight to gold? The Denver Gold Forum was a mixed bag when it came to sentiment in gold. There’s no denying, however, that the following three speakers had the most unequivocal, bullish outloo...Read More
Gold-backed global exchange-traded funds posted a large inflow Wednesday, says Commerzbank. This came as the U.S. Dow Jones Industrial Average fell by more than 800 points. Meanwhile, “the gold ETFs tracked by Bloomberg registered an inflow of around eight tonnes yesterday,” Commerzbank says. “This is attributable to the SPDR Gold Trust in the U.S. and was the first daily inflow...Read More
Editor's Note: Updating earlier story with more details from report.(Kitco News) - Gold extended early gains after Labor Department data Thursday showed that initial weekly U.S. jobless claims rose by 7,000 to a seasonally adjusted 214,000 in the week to Saturday. Consensus expectations compiled by various news organizations had called for initial claims to be around 205,000 to 207,000. The g...Read More
Equities got clobbered on Wednesday and this morning we are seeing some follow-through to the downside. Gold and silver rallied on Wednesday but not as much as you would have thought based on the trashing of equities. However, both are joining the Jeffersons this morning and are “moving on up.” As we have written many times, we don’t look at gold as a safe-haven play; we look at...Read More
(Kitco News) - Gold finds its legs after the crush in global equity markets yesterday. The rising yields with the uncertainty of the trade war with China became too much for equity investors and the herd headed for the exits. The scenario suggests that it was a safe haven play, but generally when equities collapse the first move for gold is lower, as investors raise cash to meet margin calls. This...Read More
Base metals prices on the London Metal Exchange were broadly lower at the close of trading on Wednesday October 10, with three-month lead at multi-year lows.The three-month lead price has come under pressure this week from strong headwinds from a firm US dollar index. The metal, which is trading at its lowest in more than two years, remains largely directionless although China's continued efforts...Read More
Comex copper prices were trading at a one-week high on October 10 morning in the US, with the market alleviated by a weaker dollar and focus on LME Week.The copper price for December settlement on the Comex division of the New York Mercantile Exchange inched up 0.20 cents or 0.1% to $2.8085 per lb. During today's intraday trading, the contract touched a high of $2.82 per lb, the highest since Octo...Read More
The reversal of the decision to shut down Hydro's Alunorte refinery means alumina prices will quickly break below the $500 per tonne level, traders said. Hydro's announcement last week that Alunorte would shut down 100% of its operations sparked market panic with the alumina fob Australia index climbing higher and business for Chinese cargo concluded at $600 per tonne. But news over the weekend th...Read More
The reversal of the decision to shut down Hydro's Alunorte refinery means alumina prices will quickly break below the $500 per tonne level, traders said. Hydro's announcement last week that Alunorte would shut down 100% of its operations sparked market panic with the alumina fob Australia index climbing higher and business for Chinese cargo concluded at $600 per tonne. But news over the weekend th...Read More
The Turkish steel producers have extended their silence in the deep-sea scrap markets on Wednesday October 10, with firm offers from the suppliers but only weak demand for the mills' finished and semi-finished long steel products.Scrap suppliers, especially in the United States, kept their offers firm because of good demand in the US and also in the Southeast Asian markets, sources said."There are...Read More
Comex copper prices were trading at a one-week high on October 10 morning in the US, with the market alleviated by a weaker dollar and focus on LME Week.The copper price for December settlement on the Comex division of the New York Mercantile Exchange inched up 0.20 cents or 0.1% to $2.8085 per lb. During today's intraday trading, the contract touched a high of $2.82 per lb, the highest since Octo...Read More
Domestic prices for hot-rolled coil (HRC) in Southern Europe inched down this week due to competitive import offers and slow trading, sources told Fastmarkets on Wednesday October 10.In the meantime, in the north and center of Europe, prices have been stable, with buyers keeping to a "wait-and-see" position until the next price trend becomes clear.Southern EuropeFastmarkets' price assessment for d...Read More
Turkish pipe export prices have weakened slightly so far in October - in line with fallingraw materials costs - even though demand has remained firm and suppliers are looking to fill European quotas, sources said on Wednesday October 10.Steel pipe producers in Turkey were offering EN10219-standard, grade-S235 tube at around $640-650 per tonne fob, with buyers bidding $630 per tonne.Fastmarket MB's...Read More
In the Guye district of Tangshan, a steelmaking hub in northern China, steel mills have been ordered to observe a 50% production cut ahead of the winter heating season to help curb air pollution.The district government released a document on Monday October 8 that said local steel mills should implement the cut between October 11 and November 14 - which is around a month before the winter heating s...Read More
Trade safeguard measures applied by Turkey will have no effect on the country's traditional import volumes, delegates to the Eurometal steel net forum & international steel trade day in Hamburg, Germany, heard on Tuesday October 9.This was because the measures do not apply to imports of steel products acquired for processing and re-export, and also taking into account the sufficient volumes of the...Read More
Import volumes of both flat and long steel products into Brazil fell in September 2018, while local producers tried to impose several price increases for domestic materials.Brazil's imports of flat steel products dropped by 22.98% year-on-year during the month, to 114,196 tonnes, from 148,277 tonnes, according to figures released by the country's foreign trade ministry, MDIC, late last week.Import...Read More
Prices for domestic hollow steel sections in Europe remained unchanged this week but the market has started to show price weakness, market sources told Fastmarkets on Wednesday October 10.Fastmarkets' domestic price assessment for commodity-size, grade-S235 square hollow sections made in Northern Europe was ?,?650-670 ($746-769) per tonne delivered on October 10, flat week on week.The correspondin...Read More
The Turkish steel producers have extended their silence in the deep-sea scrap markets on Wednesday October 10, with firm offers from the suppliers but only weak demand for the mills' finished and semi-finished long steel products.Scrap suppliers, especially in the United States, kept their offers firm because of good demand in the US and also in the Southeast Asian markets, sources said."There are...Read More
Seaborne iron ore low alumina prices rose on spot trading activity on Wednesday October 10, while the benchmark 62% Fe iron ore index stayed flat.Metal Bulletin 62% Fe Iron Ore Index: $71.14 per tonne cfr Qingdao, unchanged.Metal Bulletin 62% Fe Pilbara Blend Fines Index: $70.17 per tonne cfr Qingdao, unchanged.Metal Bulletin 62% Fe Iron Ore Index, Low Alumina: $76.35 per tonne cfr Qingdao, up by...Read More
China's coking coal and coke futures rose during morning trading on Wednesday October 10, while the steel and iron ore contracts ended the session largely flat.Futures closing prices - morning session Shanghai Futures Exchange January rebar: 4,047 yuan ($584) per tonne, unchangedJanuary hot-rolled coil: 3,954 yuan per tonne, down 3 yuan per tonneDalian Commodity Exchange January iron ore: 516 yuan...Read More