When asked if he is influenced by political criticism by president Trump, Federal Reserve Chairman Jerome Powell said that, "We don't consider political factors or things like that. That's who we are. That's what we do. And that's just the way it's always going to be for us." Chairman Powell's press conference began by saying, "Our economy is strong. These rates remain low, and my colleagues and I...Read More
(Kitco News) - Gold and silver prices are modestly lower in afternoon U.S. trading Wednesday and are seeing some pressure from a rebound in the U.S. dollar index today and on continued upbeat trader and investor risk attitudes. This afternoon's FOMC meeting concluded with an interest rate hike, but it had little impact on the metals or other markets. December gold futures were last down $2.40 an o...Read More
(Kitco News) - The gold market is seeing little reaction to the Federal Reserve as it tries to keep a steady hand at the till as long-term interest rates remain relatively unchanged. Wednesday, in a widely expected move, the Federal Reserve raised interest rates by 25 basis points, bringing the federal funds rate to a range between 2.00% and 2.25%. U.S. interest rates are at their highest level in...Read More
(Kitco News) - Kitco aficionados, it is now time to have your say in where you think gold prices are heading in the short-term. Create your own user feedback survey Will gold prices go higher, lower or remain unchanged next week? Kitco readers will have until 9 a.m. EDT, Friday to cast their vote. The results will be tabulated and released after noon (12 PM EDT) along with the results from our mar...Read More
(Kitco News) - The gold market remains under pressure but holding around $1,200 an ounce a U.S. consumers buy new homes at a pace relatively in line with expectations.Wednesday, the U.S. Commerce Department said that new home sales rose 3.5% in August, to a seasonally adjusted annualized rate of 629,000 homes. The rise the result of significant downward revisiond in July's data with home sale...Read More
Platinum’s discount against gold has fallen to the lowest level since May but may not narrow much further since supply/demand fundamentals are still working against platinum, say analysts with Metals Focus. At one point this week, the discount was below $370 an ounce. Sub-$800 platinum prices in late summer encouraged bargain hunting, Metals Focus says. The metal also benefitted as traders f...Read More
For months gold has been a resident of no-man's land, showing no desire to leave the walking dead. Today the FOMC announces its decision on interest rates, and the Street has already priced in another rate hike. The actual announcement will be no surprise, but what the Street will be waiting for is the statement that Chair Powell will have when explaining the Fed's decision. The equity markets app...Read More
The latest news and price moves to start the Asian day on Wednesday September 26.Base metals prices on the London Metal Exchange were mixed at the close of trading on Tuesday September 25, with dollar weakness doing little to offset the market impact of further tariffs between the United States and China. Read more in our live futures report.Here are how prices looked at the close of tra...Read More
The latest news and price moves to start the Asian day on Wednesday September 26.Base metals prices on the London Metal Exchange were mixed at the close of trading on Tuesday September 25, with dollar weakness doing little to offset the market impact of further tariffs between the United States and China. Read more in our live futures report.Here are how prices looked at the close of tra...Read More
Chinese zinc premiums continued to climb this week, reaching their highest level for the past 21 months, because of tight supply and a positive import arbitrage. The upward momentum was also seen in Southeast Asian markets and in India this week....Read More
The prices of base metals traded on the London Metal Exchange were mostly lower at the close of trading on Wednesday September 26, with zinc being the only metal to trade positively amid continued bearish sentiment across the base metals complex. ...Read More
Cut cathode premiums in Europe are at their highest in a decade on Tuesday September 25, while the China and US premiums were flat....Read More
Codelco has offered its Chinese customers copper cathode supply in 2019 at a premium of $88 per tonne, a 17% increase on this year's level, Metal Bulletin has learned. ...Read More
An overview of the minor metals markets and the reasons for any price moves.Read More
An increase in tariffs payable on US imports of Chinese cobalt metal to 25% from 2019 would shift trade flows and create regional discounts and premiums in the short term, according to market participants spoken to by Metal Bulletin. But tariffs of 10%, announced a week ago, should cause little disruption on the cobalt market, since outstanding 2018 deliveries of Chinese metal to the United States...Read More
Turkish steel producers hae continued to book deep-sea scrap cargoes from the Baltic Sea region on Wednesday September 26....Read More
Following a consultation, Metal Bulletin will amend its weekly Rotterdam export scrap price assessment from HMS 1&2 (70:30) to HMS 1&2 (75:25).The change has been made following observations that HMS 1&2 (70:30) is no longer exported out of Rotterdam.The new specification is as follows:Assessment: Ferrous scrap, Rotterdam, export, HMS 1&2 (75:25), $ per tonne fob RotterdamDimensions: 18x36in to 24...Read More
Comex copper prices were little changed during midweek trading on Wednesday September 26 with the US Federal Reserve deciding later today whether to raise interest rates....Read More
An increase in tariffs payable on US imports of Chinese cobalt metal to 25% from 2019 would shift trade flows and create regional discounts and premiums in the short term, according to market participants spoken to by Metal Bulletin. But tariffs of 10%, announced a week ago, should cause little disruption on the cobalt market, since outstanding 2018 deliveries of Chinese metal to the United States...Read More
Domestic prices for hot-rolled coil (HRC) in Europe have been under pressure from low offers for material from Turkey, sources told Metal Bulletin on Wednesday September 26....Read More