China's rebar, hot-rolled coil and coke futures ended morning trading on Tuesday October 9 significantly higher, while the iron ore and coking coal contracts were little changed from their opening prices. Futures closing prices - morning session Shanghai Futures Exchange January rebar: 4,024 yuan ($582) per tonne, up 33 yuan per tonneJanuary hot-rolled coil: 3,918 yuan per tonne, up 15 yuan per to...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
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
U.S. equity index futures were lower this morning. S&P 500 futures were down 11 points in pre-opening trade.Index futures were virtually unchanged following release of the September Producer Price Index at 8:30 AM EDT. Consensus was an increase of 0.2% versus a decline of 0.1% in August. Actual was. Excluding food and energy, consensus for the September Producer Price Index was an increase of...Read More
Although gold prices continue to be range bound, gold is trading fractionally higher on the day. Gold futures basis the most active December Comex contract is trading up $4.80 and fixed at $1,193.40. Gold prices hit this year's lowest low on August 16 when trading to $1,167 per ounce. What followed was a measured rally which took gold prices back above $1,200 and trading as high as $1,220. From th...Read More
NUSA DUA, Indonesia (Reuters) - The International Monetary Fund on Tuesday cut its global economic growth forecasts for 2018 and 2019, saying that the U.S-China trade war was taking a toll and emerging markets were struggling with tighter liquidity and capital outflows.The new forecasts, released on the Indonesian resort island of Bali where the IMF and World Bank annual meetings are getting under...Read More
(Reuters) - U.S. employers are struggling to fill jobs and that is unlikely to change any time soon given the labor market is getting quite tight, Federal Reserve Bank of Philadelphia President Patrick Harker said on Tuesday.“We have a labor market with very little slack left, and the most common refrain I hear from employers is that they can’t fill the jobs they have,” Harker sa...Read More
(Kitco News) - Gold and silver prices are modestly up in early-afternoon U.S. trading Tuesday. Some mild short covering in the futures markets and bottom-fishing in the cash markets were featured in both metals today, following Monday's solid losses. The U.S. dollar index by midday had backed well down from its early-morning six-week high, which also worked in favor of the precious metals mark...Read More
WASHINGTON (Reuters) - The U.S. ambassador to the United Nations, Nikki Haley, announced on Tuesday she is resigning, and immediately denied she was preparing to challenge President Donald Trump in the 2020 presidential election.Sitting beside Trump in the Oval Office, Haley said her 18-month stint at the United Nations had been “an honor of a lifetime” and said she would stay on until...Read More
(Kitco News) - Move over U.S. dollar. The gold market, trading under $1,200 an ounce, is facing new headwinds as long-term U.S. bond yields hit new multi-year highs.For much of the year, the negative correlation between bond yields and gold prices has broken down. However, some analysts have said that with 10-year yields hitting 3.25%, its highest level since 2011, the relationship could come back...Read More
Gold is steady in the early going despite more U.S. dollar strength, says George Gero, managing director with RBC Wealth Management. Nevertheless, he adds, rising interest rates and U.S. dollar strength have capped the metal’s rally. “Sellers have appeared from emerging markets and China as dollar needs increased,” Gero says. However, “buyers in euro zone, Italy, Greece, So...Read More
Royal Gold, Inc. (NASDAQ: RGLD) reports the sale of approximately 57,000 gold-equivalent ounces in its fiscal first quarter that ended on Sept. 30. This consisted of some 48,000 gold ounces, 572,000 silver ounces and 380 tonnes of copper from streaming agreements. This is lower than in the prior quarter due to a temporary shutdown of operations at Centerra Gold’s Mount Milligan gold and...Read More
Metals have appeared to have bottomed out and the selling problem looks to have halted. As we have heard in the past, the first step to curing a problem is admitting you have one. Gold and silver look to have made it through step one. Now that the hedge funds have poured tons of resources into shorting gold, it's only a matter of time before the big breakout to the upside begins. Yes, the metals a...Read More
Editor's Note: Welcome to Kitco's new Bitcoin Daily Technical Alert. Every trading day veteran Kitco technical analyst Jim Wyckoff will provide you with a concise and easy-to-understand near-term technical brief on Bitcoin. Importantly, Jim will glean the short-term charts and technical studies, and then alert you to the signals he sees regarding upcoming potential bigger price moves or price tren...Read More
The prices of base metals on the London Metal Exchange were mostly lower at the close of trading on Monday October 8, pressured lower by strength in the US dollar while trade tensions continue to deter commodity investment. ...Read More
Comex copper prices was little changed in the US morning on Monday October 8, with the start of LME Week in London diminishing liquidity and market participants expected to be sidelined over the next several days....Read More
Stefan Boel, who left German copper smelter Aurubis in July, has joined the Geneva-based commercial group Industrial Minerals, Fastmarkets learned on Monday October 8. ...Read More
Stefan Boel, who left German copper smelter Aurubis in July, has joined the Geneva-based commercial group Industrial Minerals, Fastmarkets learned on Monday October 8. ...Read More
Major steel mills in China have concluded their ferro-silicon tenders for October at slightly lower levels than in September, sources in China said. ...Read More
Norsk Hydro will restart alumina production at its Alunorte facility after Brazil's environmental ministry reversed an earlier decision and will now allow the company to utilize new technology to profitably process bauxite residues at the unit, it said on Saturday October 6....Read More