Resistance found around $2,700 per tonne...ACCESS RESTRICTEDTo read the rest of this analysis please take a free sample or subscribeFREE SampleReceive a free sample of market analysis and price forecasts.Free SampleSUBSCRIBEReceive unlimited access to all current and archive content going back to 2008 including downloadable pricing data and forecasts.Plus download the latest issue...Read More
ACCESS RESTRICTEDTo read the rest of this analysis please take a free sample or subscribeFREE SampleReceive a free sample of market analysis and price forecasts.Free SampleSUBSCRIBEReceive unlimited access to all current and archive content going back to 2008 including downloadable pricing data and forecasts.Plus download the latest issue as soon as it’s published.SubscribeRead More
Click here to download the Selected Demand IndicatorsACCESS RESTRICTEDTo read the rest of this analysis please take a free sample or subscribeFREE SampleReceive a free sample of market analysis and price forecasts.Free SampleSUBSCRIBEReceive unlimited access to all current and archive content going back to 2008 including downloadable pricing data and forecasts.Plus download the lat...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 13 points in pre-opening trade. The Canadian Dollar was virtually unchanged following release of the Canadian September Housing Start Report at 8:15 AM EDT. Consensus was an increase to 205,000 from 201,000 in August. Actual was 189,000. DR Horton (DHI $40.65) is expected to open lower after reporting less than consen...Read More
Gold is trading under dramatic pressure today, with the most active Comex futures contract currently fixed at $1,191.40, which marks a net decline of $14 (-1.16%) on the day. Gold opened at $1,206.70 this morning, which is just above its 50-day moving average. After trading to a high of $1,208, gold began to sell off and broke below $1,205.70, which is the 50- day moving average. In fact, since Tu...Read More
(Reuters) - The U.S. Federal Reserve will not need to raise interest rates much more to keep inflation under control, St. Louis Federal Reserve President James Bullard said on Monday.“I don’t think this is a situation where we need to get a lot higher with the policy rate in order to contain inflation,” Bullard told Bloomberg television, adding that currently rates are at “...Read More
(Kitco News) - The cost of acquisitions has now fallen below the cost of exploration for major miners, and gold prices could benefit from a dwindling resource supply, this according to a recent report from the Edelson Institute.Sean Brodrick of the Edelson Institute said that if gold prices don’t advance higher from here, many miners are likely to go out of business.“If companies go ou...Read More
(Kitco News) - Gold and silver prices are solidly lower in early-afternoon U.S. trading Monday, and close to their daily lows. The safe-haven metals did not get any benefit from an uptick in risk aversion to start the trading week today. Instead, both are being pressured by a strong U.S. dollar on the foreign exchange market, and worries about precious metals demand coming out of China. December g...Read More
(Kitco News) - Gold and mining shares put in a bottom during August and are on the way up, owing to spiraling U.S. sovereign credit and an imminent recession, according to Tocqueville Asset Management. "We believe that the gold market bottomed in August, and that exposure to precious metals is a credible strategy to mitigate risk of a dollar collapse," said John Hathaway, chairman of Tocqueville...Read More
(Kitco News) - Gold has shown resilience over the last few years despite strength in the U.S. dollar, according to a report from Bloomberg Intelligence.Further, the large bearish position among futures speculators means potential for short covering in gold, he said. This is when traders buy to cover bearish, or short, positions. “Gold appears to be near an inflection point of a maximum loss...Read More
(Kitco News) - Large speculators maintained net bearish positioning in gold futures although they scaled this back some during the latest reporting week for data compiled by the Commodity Futures Trading Commission.During the week-long period to Oct. 2 covered by the report, Comex December gold upticked by $1.90 to $1,207 an ounce, while December silver climbed 20 cents to $14.693.Net long or shor...Read More
Indian gold imports were strong in September, helped by previously low prices and the ongoing festival season, says Commerzbank. Analysts cite preliminary data from the Finance Ministry showing that imports more than doubled year-on-year to 93.8 tonnes after India had imported more than 90 tonnes of gold in August. “The import dynamism may abate again soon, however, as gold in Indian rupees...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
Steel billet prices continued to drop in most regions amid sluggish demand and currency volatility in Turkey....Read More
Steel billet prices continued to drop in most regions amid sluggish demand and currency volatility in Turkey....Read More
Three-month base metals prices on the London Metal Exchange were for the most part weaker during morning trading on Monday October 8. The exception was copper, whose price was up by 0.2% at $6,198 per tonne, while the rest of the complex was down by an average of 1.1% Although the Chinese market has reopened after the Golden Week holiday, volume has remained light with 3,361 lots traded as of 6:50...Read More
Demand for flat steel in Turkey was expected to remain slow throughout October, but prices were not expected to fall because they did so in September, and export demand was now strong, market participants told Fastmarkets on Wednesday October 3.Local producers have filled their order books until November, they said.The price falls in September were in part a result of the Turkish lira losing a sig...Read More
The Brazilian government has started a review of its anti-dumping duties on imports of heavy plate from China, Ukraine, South Korea and South Africa.The duties, which were due to expire in October, will remain in place until the conclusion of the review, according to an announcement by the country's foreign trade secretariat, Secex, published in the Brazilian official gazette o...Read More
The iron ore market remained at a standstill on Wednesday October 3 with China still halfway into its Golden Week, even as the Australian government published its forecast of a gradual drop in imports of the steelmaking raw material by the world's biggest consumer.Metal Bulletin 62% Fe Iron Ore Index: $69.24 per tonne cfr Qingdao, unchanged.Metal Bulletin 62% Fe Pilbara Blend Fines Index: $68.27 p...Read More
Supply disruption, strong demand, multi-year prices highs and subsequent supply responses have meant for another year of price swings and volatility across many of the minors metals, ores and ferro-alloys markets. And now, with LME Week and contract negotiating season coming around again, players must contend with Trump administration tariffs on imports of a number of China produced goods, includi...Read More