(Kitco News) - Gold is seeing some mild safe-haven demand in afternoon U.S. trading Wednesday, as the U.S. stock market is seeing strong losses and is at its daily low. The Dow Jones Industrial Average is down around 500 points. The U.S. 10-year Treasury note yield hit a 10-year high today, to spook the stock market bulls. December gold was last up $3.10 an ounce at $1,194.80. By Jim Wyckoff For...Read More
(Kitco News) - Gold investors don’t have to fear rising bond yields as bullish factors are growing in the marketplace, according to one market analyst. Maxwell Gold, director of investment strategy at ETF Securities by Aberdeen Standard Investments In a telephone interview with Kitco News, Maxwell Gold, director of investment strategy at ETF Securities by Aberdeen Standard Investments...Read More
Toronto-based junior miner RNC Minerals (TSX: RNX), which discovered more than 9,250 ounces of gold valued around $11 million last month, is announcing the successful recovery of the first specimen slab from the top of the Father's Day Vein at the Beta Hunt Mine in Western Australia (WA). “The slab was cut in the field, revealing impressive visible gold and quartz structures. The slab, weigh...Read More
(Kitco News) - U.S. bond yields could be capped for now at their recent seven-year high, but that doesn’t mean that gold is out of the woods just yet.Analysts note that higher bond yields are keeping a lid on gold as prices remain below $1,200 an ounce. December gold futures last traded at $1,192, relatively flat on the day. Meanwhile, the U.S. 10-year bond yield last traded at 3.22%. In an...Read More
Globally, a trade war likely will have limited impact on the industrial use of silver, says the consultancy Metals Focus. Analysts offered the assessment after the International Monetary Fund this week downwardly revised its forecast for global economic growth in 2018 and 2019 due mainly to the U.S.-China trade war. Generally, investors have shrugged off trade-war fears, as reflected by a strong s...Read More
(Kitco News) - Coeur Mining, Inc. (NYSE: CDE) late Tuesday reported that a number of factors hurt silver production at the Palmarejo Mine in Mexico, although officials reiterated previously revised company-wide guidance for full-year 2018.The company listed third-quarter consolidated production of 2.9 million ounces of silver, 88,833 ounces of gold, 2.2 million pounds of zinc and 1.2 million pound...Read More
There is one thing we should all know as traders and investors -- there are no guarantees when it comes to markets. We should also be aware that trading is a game of odds and probabilities, and our job is to make sure that the trades we enter give us the highest chance for success. As we look at the pattern in gold and the footprint it has been leaving, indications are that there is a big move com...Read More
A summary of base metals premiums from across the globe for the week to Tuesday October 9.Please click on the thumbnail to view the complete table.Due...Read More
Base metals prices on the London Metal Exchange were predominantly higher at the close of trading on Tuesday October 9, supported by a marginal downturn in the dollar index, with nickel prices rocketing more than 3%. Closing above $13,000 per tonne for the first time since September 21, the three-month nickel price topped complex gains this afternoon, buoyed largely by a persistent drawdown in LME...Read More
Major annual copper premium increases are coming as a result of booming demand for refined metal, Aurubis chief executive J? 1/4 rgen Schachler told Fastmarkets. Refined copper demand, driven by a global shift to increased electric connectivity is maintaining growth while higher environmental regulations pile pressure on smelter supply, he said in an interview during LME Week in London. "We see mu...Read More
Low-grade manganese ore prices rose again on Friday October 5 on higher offers, while the high-grade market paused. Low-grade manganese ore indices rise, high-grade pauses Chinese markets quiet on National Day holiday Indian alloy prices hold European alloy prices stable US alloys soften on continued low demand Trades indicated low-grade manganese ore prices edged up in Ch...Read More
The European standard grade ferro-silicon spot price was stable for the second consecutive week on Friday October 5 after suppliers held their offer prices following a few weeks of steady falls; US prices stabilized while the Chinese ferro-silicon price was rolled over due to the National Day holiday. Europe market extends stability after run of losses Chinese market unchanged on inactivity&n...Read More
Major annual copper premium increases are coming as a result of booming demand for refined metal, Aurubis chief executive J? 1/4 rgen Schachler told Fastmarkets. Refined copper demand, driven by a global shift to increased electric connectivity is maintaining growth while higher environmental regulations pile pressure on smelter supply, he said in an interview during LME Week in London. "We see mu...Read More
The Turkish deep-sea scrap market was quiet on Tuesday October 9, with suppliers holding their offer prices steady, according to market participants.There were rumors of a European cargo being sold at $321 per tonne cfr for HMS 1&2 (80:20) and bonus at $331 or $336 per tonne. But market particpants believed that this deal had been done last week although it has only now been heard in the market.Su...Read More
Flat steel import prices in the United Arab Emirates and Saudi Arabia have been mostly stable over the past week, with demand being weak and buyers expecting prices to fall, sources told Fastmarkets on Tuesday October 9.Few deals were heard during the week.UAEHot-rolled coil (HRC) was offered to the UAE at $580-590 per tonne cfr from China."Demand is very, very weak - there is no will to buy. Pric...Read More
Vietnam's Ministry of Industry and Trade has started the final review into anti-dumping measures imposed on stainless cold-rolled steel from China, Taiwan, Indonesia and Malaysia, it announced on October 3.The review satisfies the requests for it made by domestic stainless steel manufacturers - including Posco VST and Inox Hoa Binh - to the ministry on September 12.The ministry's Department of Tra...Read More
China's export prices for hot-rolled coil fell on Tuesday October 9 after sellers lowered their offers amid buyers' bearish expectations, though the country's domestic market posted some gains on steady demand.DomesticEastern China (Shanghai): 4,250-4,270 yuan ($615-618) per tonne, up 20-30 yuan per tonneNorthern China (Tianjin): 4,150-4,160 yuan per tonne, up 10 yuan per tonneDomestic prices rose...Read More
The latest news and price moves to start the Asian day on Wednesday October 10.Base metals prices on the London Metal Exchange were predominantly higher at the close of trading on Tuesday October 9, supported by a marginal downturn in the dollar index, with nickel prices rocketing by more than 3%. Read more in our live futures report.Here are how prices looked at the close of trading:If Brexi...Read More
Fastmarkets has discontinued its weekly price assessment for Algeria rebar imports, expressed in ?,? per tonne cfr. There will be no price assessment on October 10.After a consultation period, Fastmarkets has decided to cease assessing prices for this market. Rebar import volumes into Algeria have been decreasing rapidly since 2016, when the country's government introduced import quotas.That decis...Read More
Prices for imported billet in the United Arab Emirates went down in the week ended Tuesday October 9, although demand continued to be limited, sources told Fastmarkets.Demand may improve in about 10 days' time, when local rebar producers announce new prices, sources said.Domestic rebarLocal producers have not officially changed their prices since late July, but they were giving discounts to buyers...Read More