The price for shredded ferrous scrap imported into India inched up this week but trading remained subdued because of the week rupee, sources told Fastmarkets MB on Friday October 12.Fastmarkets MB's weekly index for containerized imports of shredded scrap into India increased to $358.92 per tonne cfr Nhava Sheva on Friday October 12, from $355 per tonne cfr Nhava Sheva one week ago.The import mark...Read More
The Turkish deep-sea scrap market remained quiet on Friday October 12, with market participants in the country focusing their attention on the court decision in the pastor Andrew Brunson case.Turkey's steel and scrap markets are strongly connected to the lira-dollar exchange rate, because mills buy their raw materials in dollar-denominated deals and sell finished goods for lira in local market.And...Read More
Japan-origin H2-grade ferrous scrap re-entered the Vietnamese import market this week because a seller was trying to offload export cargoes in the face of supply pressure. This was despite higher prices in the domestic Japanese market.Taiwanese import scrap prices dipped slightly on thin demand from steel mills, which expect the downstream rebar and sections markets to remain bearish.The overnight...Read More
Arbitrage for copper, aluminium, zinc and nickel imported into China on Friday October 12*Copper -$130.49 (-904.79 yuan)Aluminium -$450.01 (-3,120.29 yuan) Zinc $34.09 (236.38 yuan) Nickel $214.17 (1,485.02 yuan) *Fastmarkets MB calculates the physical arbitrage for import into China daily by using SHFE front-month and LME three-month prices...Read More
Seaborne coking coal spot prices moved in opposite directions on Friday October 12 following the emergence of a lower offer in the fob Australia segment, even as a cargo of premium hard coking coal fetched a higher cfr China price.A top Australian brand was traded at $216.50 per tonne cfr China, sources said. This is $0.50 per tonne higher than the last transaction involving the same brand two wee...Read More
The latest metal markets news and price moves to start the North American day on Friday October 12. The prices of base metals on the London Metal Exchange were for the most part higher during morning trading, with prices stabilizing after a mid-week sell-off resulted in Asian equity markets falling to a 19-month low, prompting risk-averse investors to curb buying. While price action across th...Read More
The prices of base metals on the London Metal Exchange were for the most part higher during morning trading on Friday October 12, with prices stabilizing after a midweek sell-off resulted in Asian equity markets falling to a 19-month low and prompting risk-averse investors to curb buying. "Aside from the bearish macro fears, the overriding theme from LME Week has been bullish on the back of the re...Read More
Base metal stocks at Shanghai Futures Exchange-approved warehouses had mixed outlooks, with zinc recording the biggest rise at 48.5% prior to the Golden Week holiday in China on September 28.Deliverable zinc stocks rose 14,169 tonnes or 48.5% in the past two week to 43,373 tonnes as of Friday October 12. ?EUR? This week, warehousing company Qisheng in Shanghai had the most zinc stock moving to its...Read More
An overview of the minor metals markets and the reasons for any price moves....Read More
The following Fastmarkets minor metals prices changed on Friday October 12:Minor metalsBismuth MB free market, $/lb: $3.90-4.40 per lb from $4.00-4.40Bismuth MB China domestic, yuan/tonne: 52,000-53,000 yuan...Read More
UK ferrous scrap prices for deliveries in October have been rolled over due to stable business conditions in both the domestic and export markets, trade sources told Metal Bulletin on Thursday October 12.Some UK suppliers have managed to achieve small price increases of a few pounds per tonne but, overall, monthly settlement prices were concluded unchanged between the country's suppliers and consu...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 closed until th...Read More
Gold had one of its most dynamic days yesterday as it opened below $1,200 per ounce and closed $30 higher, settling at $1,227 per ounce. Today gold prices have retreated slightly, giving back a measured portion of yesterday's gains. As of 4:35 PM Eastern standard time, gold futures are currently down $6.30, with the most active December Comex contract fixed at $1,221.30. Yesterday's strong uptic...Read More
(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