The latest bids, offers and deals in the global markets for iron ore, pig iron, direct-reduced iron and other steelmaking raw materials. Latest transaction: iron oreIron oreVale, Global Ore, 105,000 tonnes of 65% Fe Iron Ore Carajas, traded late...Read More
Vietnam scrap prices started to move up after sellers increased their offers in the first half of the week, market sources told Metal Bulletin on Wednesday September 5."Prices are expected to exit the price trough this week and start ascending slowly," a trader in northeast Asia said."Especially after Turkish import prices increased yesterday," he added, referring to a deal done at $320 per tonne...Read More
The seaborne coking coal spot market was mostly stable on Wednesday September 5 with end-users retreating to the sidelines to await more clarity on price trends before they decide their next move.Two cargoes of premium mid-vol hard coking coal were traded at $184 per tonne fob Australia to the ex-China market, sources confirmed to Metal Bulletin during the day.A miner and a Chinese end-user also a...Read More
Coking coal futures bucked a downtrend in China's ferrous futures market during morning trading on Wednesday September 5.Futures closing prices - morning sessionShanghai Futures ExchangeJanuary rebar: 4,078 yuan per tonne ($596), down 32 yuan per tonneJanuary hot-rolled coil: 4,099 yuan per tonne, down 17 yuan per tonneDalian Commodity ExchangeJanuary iron ore: 485 yuan per tonne, down 2.50 yuan p...Read More
Base metals' prices on the London Metal Exchange were mostly lower during morning trading on Wednesday September 5, buffeted by continued strength in the US dollar while emerging market weakness, notably in Argentina, continues to rattle commodity investment.That said, marginal upticks in the three-month copper and nickel prices over the morning come after both metals had dropped more than 2% by T...Read More
China's domestic rebar prices retreated slightly on Wednesday September 5 amid a drop in trading activity. Domestic Eastern China (Shanghai): 4,440-4,480 yuan ($649-655) per tonne, down 10 yuan per tonneNorthern China (Beijing): 4,330-4,360 yuan per tonne, down 20 yuan per tonneBuyers, having secured materials actively in the past couple of down, slowed down their procurement on Wednesday.Weakenin...Read More
China's hot-rolled coil prices retreated on Wednesday September 5 amid weak demand despite mills in Tangshan - the country's steelmaking hub in the north - confirming government-mandated production cuts for this month.DomesticEastern China (Shanghai): 4,350-4,360 yuan ($636-638) per tonne, down 10-30 yuan per tonneNorthern China (Tianjin): 4,250-4,260 yuan per tonne, narrowing downward 10 yuan per...Read More
Three-month base metals prices on the London Metal Exchange were for the most part little changed this morning, Wednesday September 5, with consolidation mode setting in after Tuesday's losses.The main exceptions were nickel, which was down by 0.4%, and lead, which was up by 0.4%. Aluminium was up by 0.2%, while the rest were either side of unchanged. Copper was up by 0.1% at $5,846 per tonne.Volu...Read More
The following Metal Bulletin UK non-ferrous scrap and foundry ingot prices changed on Wednesday September 5:Aluminium scrap Group 1 pure 99% & litho: ?1,430-1,470 per tonne from ?1,425-1,465 Commercial cast: ?1,020-1,045 per tonne from...Read More
(Kitco News) - With the price bottom nearly in place, gold bulls appear to be ready for action again, according to Bloomberg Intelligence.Key factors in gold’s recovery will be the U.S. stock market and the greenback, Bloomberg Intelligence senior commodity strategist Mike McGlone said in the Bloomberg Commodity Index Outlook for September.“The dip in the metals bull market appears nea...Read More
An equal combination of both selling pressure and dollar strength have once again taken gold prices lower, resulting in gold futures breaking below $1,200 per ounce. Most active December Comex futures are currently trading off $9.30 on the day and fixed at $1,197.40.As of 2:00 PM Eastern standard time, spot gold is currently trading down by $9.10 and fixed at $1,191.80. According to the KGX (Kitco...Read More
(Kitco News) - Interest in physical gold was not able to keep pace with July sales; however, there was growing demand for physical silver, according to the latest sales numbers from the U.S. Mint.Sales of American Eagle Gold coins fell to a four-month low in August, the Mint said. In total, 21,500 ounces of gold in various denomination was sold, a decline of 38% from July, which was the strong per...Read More
(Kitco News) - Gold and silver prices are lower in early-afternoon U.S. trading Tuesday, but up from daily lows that saw silver hit a 2.5-year low. A stronger U.S. dollar on the foreign exchange market today trumped ongoing world trade tensions and shaky secondary currency markets. December gold futures were last down $7.40 an ounce at $1,199.30. December Comex silver was last down $0.387 at $14.1...Read More
Photo courtsey of Chris Fithall : Australia's Super Pit (Kitco News) - Australia’s gold production hit its highest level in two decades, according to mining consultants Surbiton Associates.According to the firm’s data, gold production for the June quarter totaled 81 tonnes, an increase of 9% or 6.5 tonnes from the March quarter and up 8% from the same period in 2017.For the finan...Read More
The torture of a consolidating market is playing out as scripted in the metals. Gold and silver held the lows, rallied to the top of the range and once again are failing today. With gold now hovering around the $1,200 level, it could go either way from here. The level to watch on the downside has moved up to $1,190 and a close below that could cause issues. We expect gold and silver to hold the re...Read More
(Kitco News) - The amount of gold and silver transferred between accounts of London Bullion Market Association members fell during July, the organization reported Monday.The LBMA releases clearing statistics each month showing the net volume of gold and silver transferred between accounts of members, essentially providing a snapshot of the amount of trading activity.Average daily transfers during...Read More
(Kitco News) - The dollar continues to attract capital flows as stress continues to increase in some emerging markets. Global consequences to trade with the impending $200 billion in Chinese tariffs due to take effect this Thursday have pushed capital into the perceived safe haven of dollar-denominated assets. Gold dropped on dollar strength and both silver and the PGMs have been hit, not only by...Read More
Sept 4 (Reuters) - Securities analysts revised their ratings and price targets on severalCanadian companies, including Chemtrade Logistics, Corus Entertainment and Minto Apartment REIT,on Tuesday. HIGHLIGHTS * Chemtrade Logistics Income Fund : Desjardins raises to buy from hold * Corus Entertainment Inc : TD Securities raises to buy from hold * Minto Apartment REIT : Raymond James starts with outp...Read More
A summary of base metals premiums from across the globe for the week to Tuesday September 4.Please click...Read More
Nickel prices on the London Metal Exchange fell to their lowest point since January at the close of trading on Tuesday September 4, with prices down by 2.5% amid sharp drops in copper, zinc and lead ,while strength in the US dollar continued to put pressure on base metals.Three-month copper prices fell by 2.6% over the afternoon, continuing to edge away from the $6,000 per tonne support level, to...Read More