The time has come for a high-grade iron ore derivative amid structural changes brought about by the Chinese government's 13th five-year plan (2016-2020) that has piloted an era of environmentally friendly growth for the world's largest iron ore buyer and steel producer. The reasons that have driven physical demand for high-grade iron ore are well understood by stakeholders in the iron ore market.H...Read More
China's ferrous futures plunged before recovering about as rapidly their descent in the first hour of morning trading on Tuesday September 18, ending the session little changed from their opening prices, particularly for the steelmaking raw materials contracts.Futures closing prices - morning session Shanghai Futures Exchange January rebar: 4,121 yuan ($600) per tonne, down 8 yuan per tonneJanuary...Read More
Base metals prices on the London Metal Exchange edged slightly higher this morning on Tuesday September 18, despite news late yesterday that the United States had imposed new tariffs on $200 billion worth of Chinese goods."The market was no doubt relieved [the new tariff on Chinese goods] was not 25%," William Adams, Metal Bulletin senior analyst said. "The base metals seem to be base building. Th...Read More
China's domestic hot-rolled coil market remained relatively stable on Tuesday September 18 while traders who export the product are seeing a further drop in demand, and along with that, lower prices.DomesticEastern China (Shanghai): 4,320-4,330 yuan ($629-631) per tonne, narrowing downward by 10 yuan per tonneNorthern China (Tianjin): 4,230-4,250 yuan per tonne, unchangedDomestic prices were large...Read More
Three-month base metals prices on the London Metal Exchange were for the most part firmer this morning, Tuesday September 18. This despite US President Donald Trump imposing 10% tariffs on a further $200 billion of Chinese exports - the market no doubt relieved it was not 25%.The exception to the stronger showing by the LME base metals was lead, which was down by 0.7%. The rest of the complex saw...Read More
European domestic stainless steel prices are likely to stabilize as the EU safeguard quota for stainless steel imports is taken up, according to Roeland Baan, ceo of Finnish stainless steelmaker Outokumpu. Speaking at the Metal Bulletin and Steel & Metals Market Research (SMR) stainless steel conference in Helsinki, Finland on Tuesday September 18, Baan was referring to the quotas introduced...Read More
China's domestic rebar prices held steady on Tuesday September 18 amid increased trading activity.Domestic Eastern China (Shanghai): 4,550-4,590 yuan ($663-668) per tonne, unchangedNorthern China (Beijing): 4,400-4,430 yuan per tonne, unchangedGains in the futures market led buyers to raise their procurement rates during the day. Instead of raising their prices, sellers kept their prices flat this...Read More
As of 4:00 PM Eastern standard time, market participants continue to focus upon the current trade dispute between the United States and China as they await news from the administration in regard to whether the United States will impose additional tariffs.According to a report by Reuters, “U.S. President Donald Trump said on Monday he would announce his latest plan on China tariffs after the...Read More
WASHINGTON (Reuters) - U.S. President Donald Trump said on Monday he would announce his latest plan on China tariffs after the markets close, with expectations he would level them on about $200 billion of Chinese imports.The list of more than 6,000 Chinese products proposed for tariffs by the U.S. Trade Representative's office includes a broad array of electronics products, including printed circu...Read More
NEW YORK (Reuters) - A top adviser to President Donald Trump said on Monday he expects U.S. budget deficits of about four percent to five percent of the nation's economic output for the next one to two years, adding that there would likely be an effort in 2019 to cut entitlement program spending.White House economic adviser Larry Kudlow, speaking at the Economic Club of New York, also said he did...Read More
(Kitco News) - Gold and silver prices are moderately up in early-afternoon U.S. trading Monday. The precious metals are seeing support coming from a solidly lower U.S. dollar index today. Less robust risk appetite to start the trading week also worked in favor of the safe-haven metals today. December gold futures were last up $6.50 an ounce at $1,207.60. December Comex silver was last up $0.108 at...Read More
(Kitco News) - Hedge funds continue to pare back their historic gold short positions but at a glacial pace, with the yellow metal continuing to hang around the critically important psychological area of $1,200 an ounce.The latest trade data from the Commodity Futures Trading Commission showed money managers shed some of their bearish bets for the second time in the last three weeks.The CFTC's disa...Read More
Investors may be overlooking some factors that potentially could underpin gold prices, says Mitsubishi. The metal has been held back by a strong dollar and expectations for more U.S. rate hikes, as well as a strong stock market that has reduced buying of gold as a hedge. However, two factors that could end up underpinning gold are political risks and rising inflation. “It is no secret that D...Read More
(Kitco News) - The gold market is holding on to modest gains after the Empire State manufacturing survey's general business conditions index fell to a reading of 19 in September, down from 25.6 in August, according to a New York Federal Reserve report Wednesday.Consensus expectations compiled by various news organizations had been for a reading of around 23.2. The report noted that sentiment in th...Read More
(Kitco News) - Gold remains influenced by the threat of increased tariffs on China from the U.S. On Friday, President Trump’s comments that $200 billion worth of tariffs would be imposed on China created a flow back into the dollar and drove gold below the $1,200 mark. We continue to believe that a resolution or at the least a moderation of the bluster is likely and remain constructive on th...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 global markets for steel billet were affected by steady scrap prices in the week ended Friday September 14, after a surge in the previous week, but buyers were reluctant to increase their purchasing activity because of high inventories and weak demand for finished steel.Metal Bulletin's daily index for Northern European HMS 1&2 (80:20) closed at $314.17 per tonne cfr Turkey on September 14, up...Read More
The global markets for steel billet were affected by steady scrap prices in the week ended Friday September 14, after a surge in the previous week, but buyers were reluctant to increase their purchasing activity because of high inventories and weak demand for finished steel.Metal Bulletin's daily index for Northern European HMS 1&2 (80:20) closed at $314.17 per tonne cfr Turkey on September 14, up...Read More
Base metals prices on the London Metal Exchange closed in negative territory on Monday September 17, with lead being the only exception. ...Read More
The disparity between aluminium prices on the London Metal Exchange and the bullish factors in the physical market was a key talking point at Metal Bulletin's 33rd Aluminium Conference in Berlin last week. ...Read More