U.S. equity index futures were lower this morning. S&P 500 futures were down 2 points in pre-opening trade. Index futures recovered about 10 points after concerns about an imminent trade war with China related to using U.S. technology will be re-examined.Index futures were virtually unchanged following release of economic news at 8:30 AM EDT. Consensus for May Durable Goods Orders was a drop o...Read More
China's domestic hot-rolled coil prices widened on Wednesday June 27 after trading activity picked up in the latter half of the day in response to lower offers, a situation that traders went on to capitalize on.DomesticEastern China (Shanghai): 4,220-4,250 yuan ($642-647) per tonne, widening by 10 yuan per tonneNorthern China (Tianjin): 4,120-4,160 yuan per tonne, widening upward by 20 yuan per to...Read More
Base metals on the London Metal Exchange continued to drift lower during morning trading on Wednesday June 27, with ongoing trade uncertainties, a firm dollar and broad inventory drawdowns putting pressure on the complex. Copper prices fell by 0.6% during morning trading, drifting to a low of $6,667 per tonne, the lowest point since April 4. Volatile stock movements continue to unsettle the market...Read More
The arbitrage for copper, aluminium, zinc and nickel imported into China on Wednesday June 27*Copper -$132.72 (-877.22 yuan) Aluminium -$534.07 (-3,529.97 yuan) Zinc $29.45 (194.62 yuan) Nickel -$163.06 (-1,077.74 yuan) *Metal Bulletin calculates the physical arbitrage for import into...Read More
An overview of the minor metals markets and the reasons for any price moves.Read More
Service centers that process and distribute stainless steel to end-users are currently facing numerous constraints including eroded margins and increased competition, industry participants said at a Shanghai conference on Wednesday June 27.Shrinking margins - a result of production consolidation and globalization - have been a constraint on expansion for stainless steel distributors, according to...Read More
All MB non-ferrous UK scrap and foundry ingot prices were unchanged on Wednesday June 27.NB: prices expressed delivered consumer...Read More
Gold futures continues to trade under pressure, and as of 3:15 PM Eastern standard time is currently trading down $8.50 at $1,260.40. Today's lower pricing is a combination, a one-two punch, of sellers and strong U.S. dollar. The dollar is currently up 43 points (+0.47%) at 94.385. After testing and unsuccessfully trading above the current resistance at 95, the dollar traded under pressure for the...Read More
BIRMINGHAM, Ala. (Reuters) - Intensifiying trade tensions over the last week have boosted downside risk to the economy, Atlanta Federal Reserve bank president Raphael Bostic said on Tuesday, adding that he may rule out a fourth rate increase for the year if things get worse.“The more it progresses in this more contentious way, the more it leads me to feel the risks are on the downside for th...Read More
WASHINGTON (Reuters) - President Donald Trump said on Tuesday that sensitive U.S. technology can be protected from acquisition by China through the committee that scrutinizes foreign acquisitions of American companies, but the ultimate method was still being worked out.Trump’s remarks to reporters at the White House appeared to favor Treasury Secretary Steven Mnuchin’s approach in a fi...Read More
WASHINGTON (Reuters) - U.S. President Donald Trump said on Tuesday the government was completing a study about increasing import tariffs on cars from the European Union and suggested he would take action soon.“We are finishing our study of Tariffs on cars from the E.U. in that they have long taken advantage of the U.S. in the form of Trade Barriers and Tariffs. In the end it will all even ou...Read More
HOUSTON (Reuters) - The United States risks losing time and competitiveness the longer it continues its trade spat with Mexico and Canada and fails to focus on threats from China, a U.S. central banker said on Tuesday.“Intellectual property rights and technology transfer are very big issues, where China is using the joint ventures to get technology and then compete globally,” U.S. Dall...Read More
(Kitco News) - Gold and silver prices are weaker in early-afternoon U.S. trading Tuesday. However, prices have moved well up from their daily lows that saw gold hit a six-month low and silver hit a seven-week low. A surge in Nymex crude oil prices above $70.00 did helped to lift gold and silver markets up from their session lows just before midday. August gold futures were last down $6.90 an ounce...Read More
Commercial production has been declared at Yamana Gold Inc.’s (TSX: YRI; NYSE: AUY) Cerro Moro gold and silver mine in Argentina, the company reports. “The project has been brought to this stage on schedule and on budget, which reflects the significant efforts by operations and technical services management since construction began a few years ago,” says Daniel Racine,...Read More
Bulls are exiting from “stale” positions in gold futures, says INTL FCStone. The market is sliding and has lost the upward momentum from earlier in the year. INTL FCStone analysts say “we are quite surprised to see a big selloff hitting gold,” with prices falling to a six-month low. “The fact that the precious metal has not been moving higher despite falling global eq...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
Gold appears to be in a bottomless pit of selling, and there are no buyers to be found. Even with the equity markets getting pounded on Monday, there were no bids for gold. Either investors feel there is no need for a safety play or the shine has worn off in gold. Since June 15, just when it looked safe to jump into the gold waters, the market collapsed and continues to fall. Apparently, there is...Read More
The latest news and price moves to start the Asian day on Tuesday June 26.Nickel prices fell by more than 3% at the close of trading on the London Metal Exchange on Monday June 25 while other base metals prices also slumped. Read more in our live futures report.Here are how prices looked at the close of trading:The London Metal Exchange will introduce three regional hot-rolled coil contracts...Read More
The latest news and price moves to start the Asian day on Tuesday June 26.Nickel prices fell by more than 3% at the close of trading on the London Metal Exchange on Monday June 25 while other base metals prices also slumped. Read more in our live futures report.Here are how prices looked at the close of trading:The London Metal Exchange will introduce three regional hot-rolled coil contracts...Read More
Base metals on the London Metal Exchange ended mostly lower at the close of trading on Tuesday June 26, weakened by volatile trade relations between the United States and other major economies. "In terms of today's action, we are down once again in the metals space, as the sector typically lands squarely in the middle of any US/Chinese trade spat, real or imagined," INTL FCStone analyst Edward Mei...Read More