Gold futures are on the defensive the day after the Federal Reserve hiked U.S. interest rates and hinted that more monetary tightening is on the way, says George Gero, managing director with RBC Wealth Management. As of 8:49 a.m. EDT, Comex December gold was $7.20 lower to $1,191.90 an ounce. “Gold sellers [are] still around after rate hike and Fed cautionary tone for more hikes on tap,&rdqu...Read More
(Kitco News) - Mixed momentum in the U.S. manufacturing sector is helping to pressure gold prices, which has fallen clearly below $1,200 an ounce. Thursday, the U.S. Census Bureau said that new durable goods orders increased by $11.1 billion or 4.5% to $259.6 billion, in August, up from July's decline of 1.7% and significantly beating expectations. Consensus forecasts were calling for an increas...Read More
(Kitco News) - Gold remained softer despite Labor Department data Thursday showed that initial weekly U.S. jobless claims rose by 12,000 to a seasonally adjusted 214,000 in the week to Saturday.Consensus expectations compiled by various news organizations had called for initial claims to be around 215,000 to 216,000. The government revised the prior week's tally to 202,000 from the previously...Read More
(Kitco News) - Gold prices remain under pressure and below the critical psychological level of $1,200 as the U.S. economy grew in line with expectations.Thursday, the final reading of second-quarter Gross Domestic Product showed the U.S. economy grew 4.2%, unchanged from the second reading.Gold prices were in negative territory ahead of the report, but fell to session lows in initial reaction to t...Read More
The Fed reported on Wednesday, sending both gold and silver lower. The quick burst down quickly recovered, and gold has resumed the nasty consolidation period, while it appears silver is breaking out to the upside. Quietly silver has been chipping away at the gold-silver ratio, coming down from 85 to 82. The action in the metals, although painful, has actually been more bullish than bearish. Both...Read More
The latest news and price moves to start the Asian day on Thursday September 27.Base metals prices on the London Metal Exchange were mostly lower at the close of trading on Wednesday September 26, with zinc trading positively despite continued bearish sentiment across the complex. Read more in our live futures report.Here are how prices looked at the close of trading:Chilean mi...Read More
The latest news and price moves to start the Asian day on Thursday September 27.Base metals prices on the London Metal Exchange were mostly lower at the close of trading on Wednesday September 26, with zinc trading positively despite continued bearish sentiment across the complex. Read more in our live futures report.Here are how prices looked at the close of trading:Chilean mi...Read More
The prices of base metals on the London Metal Exchange were mostly lower at the close of trading on Thursday September 27, with prices under pressure from a stronger dollar. ...Read More
Metal Bulletin has kept the frequency of its Shanghai-bonded copper stocks assessment unchanged on a bi-weekly basis. Metal Bulletin assesses Shanghai-bonded copper stocks fortnightly. After receiving market feedback during a one-month consultation, Metal Bulletin has decided to maintain the same frequency to closely follow the market. Metal Bulletin has taken note of some requests to increas...Read More
Comex copper prices sank for the fourth consecutive session on Thursday September 27 morning in the US, with the Federal Reserve's latest rate hike lifting the dollar and sinking base metals....Read More
China's Ganfeng Lithium will invest in its Mahong plant to increase production to 25,000 tonnes per year of battery-grade lithium hydroxide, it said on Tuesday September 25. The Mahong plant, in the industrial development zone of Xinyu, Jiangxi province, currently has a production capacity of 15,000 tpy of lithium carbonate. Ganfeng Lithium will invest up to 500 million yuan ($72.7 million) to exp...Read More
Turkish steel producers have continued to book deep-sea scrap cargoes for November deliveries with prices generally stable, sources said on Thursday September 27....Read More
Comex copper prices sank for the fourth consecutive session on Thursday September 27 morning in the US, with the Federal Reserve's latest rate hike lifting the dollar and sinking base metals....Read More
Three-month base metals prices on the London Metal Exchange were for the most part weaker during early trading on Thursday September 28, but some strength emerged after trading got underway in Europe.Tin was bucking the trend with 0.3% gain, while the rest of the metals were down by between 0.4% for aluminium and lead and 0.9% for zinc prices, with copper off by 0.8% at $6,236 per tonne.Total volu...Read More
China's Ganfeng Lithium will invest in its Mahong plant to increase production to 25,000 tonnes per year of battery-grade lithium hydroxide, it said on Tuesday September 25. The Mahong plant, in the industrial development zone of Xinyu, Jiangxi province, currently has a production capacity of 15,000 tpy of lithium carbonate. Ganfeng Lithium will invest up to 500 million yuan ($72.7 million) to exp...Read More
China's export hot-rolled coil prices fell on Thursday September 27 after deals were done at lower prices than a week ago, despite domestic prices remaining stable due to a balanced supply-demand situation....Read More
China's ferrous futures were slightly lower in the morning trading session on Thursday September 27 on bearish sentiment among market participants....Read More
Domestic and import steel billet and rebar prices in Egypt remained unchanged in the week to Thursday September 27, on continuing limited demand. ...Read More
Turkish domestic long steel prices have fallen further over the past week, amid soft demand and a strengthening lira against the US dollar, sources said on Thursday September 27....Read More
Turkish rebar and wire rod export prices have continued to fall over the past week due to sluggish demand, sources said on Thursday September 27....Read More