(Reuters) - Wall Street rose on Friday after a bounce in technology and other high-growth stocks led a fight back from its worst two-day slide in eight months, while early gains from strong earnings of the biggest U.S. lenders faded.PNC Financial (PNC.N) led the losses among bank stocks with a 6.3 percent drop after the regional bank reported disappointing quarterly loan growth and said it expecte...Read More
(Kitco News) - With this week’s gold rally finally shaking up the precious metals space, analysts are now wondering if this re-awakened ‘haven’ interest is sustainable and how high gold prices can go next week.“The rally fits with a long-held view that the market is under-appreciating risks, with a higher tolerance for uncertainty. But I think with the sell-off in equity ma...Read More
(Kitco News) - Wall Street and Main Street both look for gold’s newfound upward momentum to continue next week, based on the Kitco News gold survey.Equities sold off sharply Wednesday and Thursday. Even though the stock market was up Friday morning, the prior weakness left gold higher for the week as investors turned to the metal as a safe haven. The dollar index also eased this week, furthe...Read More
(Kitco News) - The gold investors are breathing a much-needed sigh of relief after the precious metal pushed to a 10-week high, seeing its best gains in two years, but more work needs to be done, according to one commodity analyst.In a report Friday, Ole Hansen, head of commodity strategy at Saxo Bank, said that after Thursday’s rally, which saw prices rise more than $29 on the day, he is no...Read More
Gold’s technical-chart picture has improved, and the December futures potentially could challenge the 100-day moving average around $1,238.10 an ounce in the not-too-distant future, says Charlie Nedoss, senior market strategist with LaSalle Futures Group. The most-active Comex contract hit a 10-week high of $1,230 an ounce on Thursday, although it has pulled back some to $1,225.30, down $2.3...Read More
The imminent short squeeze gold bulls had been waiting for since late July, was triggered yesterday after U.S. equities were down over three percent the previous session. Just after the London Metals Exchange (LME) opened yesterday morning, gold spec shorts slowly began to cover as Dow Futures were showing more weakness before the opening bell. Once the U.S. CPI inflation data came in lower than e...Read More
Great Panther Silver Ltd. (TSX: GPR; NYSE American: GPL) reports output from its two Mexican mines declined in the third quarter compared to a year ago, although the company remains track to meet its full-year output guidance. Silver production decreased 16% year-on-year to 448,840 ounces, while gold production fell 19% to 4,737 ounces. However, lead and zinc production increased 29% and 14%, re...Read More
(Kitco News) - Gold prices are trading modestly down in early U.S. trading Friday, on a normal corrective pullback after scoring on Thursday the strongest daily gains in over two years. Now, the yellow metal is in a much better technical posture to suggest higher prices are likely in the coming weeks, or longer. December gold futures were last down $2.10 an ounce at $1,225.70. December Comex silv...Read More
Gold has broken out to the upside. The big question from here is can it hold? The answer is not an easy one but the simple fact that gold has been consolidating for months, continued to make higher lows and finally pushed through $1,220 suggest the answer is yes. This is the time when traders and investors get confused about who and what they are. As a trader, if you are long gold as a trade, you...Read More
Movements in the prices of base metals on the London Metal Exchange were mixed at the close of trading on Thursday October 11, under broad pressure from a sharp sell-off in global equity markets despite the emergence of fresh buying in the markets for lead and tin.The three-month lead price rose by 4.4% over the afternoon to recover losses made earlier in the week, reaching an intraday high of $2,...Read More
Codelco's Chuquicamata division will be running at reduced operating rates until mid-November following a technical fault at the Teniente copper converter last month, the company told Fastmarkets.The Teniente converter that is used in Chuquicamata for copper smelting has been closed for nearly three weeks already, a well-informed source said on Wednesday October 10. It will remain paralyzed until...Read More
The London Metal Exchange benefitted from 2018's "economic turbulence" and the exchange should be proud of its growth in volume, LME chief executive Matthew Chamberlain said. Speaking at the LME Week annual dinner on Tuesday October 9, Chamberlain said: "For the LME, 2018 should be remembered as the year that our volumes returned to growth, and our exchange returned to confidence." He accepted tha...Read More
Tungsten miner Wolf Minerals' UK subsidiary has fallen into administration after failing to secure funding, the company said on Thursday October 11. The company said it had been unable to satisfactorily conclude its discussions with its key financial stakeholders. It subsequently put its Drakelands mine in Hemerdon, Devon, into administration because it is not in a position to meet its short-term...Read More
Fastmarkets MB published one of its chrome ore and two ferro-chrome prices later than scheduled on October 5.As a result of a technical error, Fastmarkets' Chrome Ore South Africa UG2 concentrates index, ferro-chrome European benchmark indicator and ferro-chrome China import charge chrome index for October 5 were published on the Fastmarkets MB price book later than scheduled.Fastmarkets MB's pric...Read More
Codelco's Chuquicamata division will be running at reduced operating rates until mid-November following a technical fault at the Teniente copper converter last month, the company told Fastmarkets.The Teniente converter that is used in Chuquicamata for copper smelting has been closed for nearly three weeks already, a well-informed source said on Wednesday October 10. It will remain paralyzed until...Read More
An overview of the minor metals markets and the reasons for any price moves.Read More
Turkish steel producers resumed their deep-sea scrap purchasing activity on Thursday October 11, with prices going down, Fastmarkets heard.A steel mill in the Marmara region booked a European cargo, comprising 20,000 tonnes of HMS 1&2 (75:25), 5,000 tonnes of shredded, 7,000 tonnes of HMS 1, 2,000 tonnes of busheling and 6,000 tonnes of cut rebar at an average price of...Read More
Domestic prices for cold-rolled coil (CRC) were largely unchanged over the past week in Northern Europe as buyers delayed signing new deals until the future direction of prices becomes clearer, sources told Fastmarkets MB.Meanwhile, prices in Southern Europe declined due to competitive import offers and slow trading, according to market participants. Northern EuropeFastmarkets MB's weekly assessme...Read More
China's ferrous futures increased in the morning trading session on Thursday October 11.Futures closing prices - morning session Shanghai Futures Exchange January rebar: 4,026 yuan ($581) per tonne, up 54 yuan per tonneJanuary hot-rolled coil: 3,884yuan per tonne, up 37 yuan per tonneDalian Commodity Exchange January iron ore: 513 yuan per tonne, up 7 yuan per tonneJanuary coking coal: 1,364 yuan...Read More
The latest news and price moves to start the Asian day on Friday October 12.Base metal prices on the London Metal Exchange were mostly higher at the close of trading on Thursday October 11, although the complex remains under broad pressure from a sharp sell-off in global equity markets despite the emergence of fresh buying in the markets for lead and tin. Read more in our...Read More