NEW YORK (Reuters) - U.S. crude futures rose nearly 2 percent on Wednesday, supported by a drop in domestic inventories, while Brent edged down ahead of an OPEC meeting later this week that may result in increased global production.U.S. crude inventories USOILC=ECI fell 5.9 million barrels last week, the largest one-week decline since January, the Energy Information Administration said on Wednesda...Read More
NEW YORK (Reuters) - Stocks on world markets edged higher on Wednesday, recovering from a recent selloff on rapidly escalating China-U.S. trade tensions, while Treasury yields rose after the Federal Reserve chairman said the U.S. central bank should continue with a gradual pace of interest rate increases.Fed Chairman Jerome Powell said the pace should stay the same given that the labor market does...Read More
(Kitco News) - Gold prices are moderately lower and hit another six-month low in early-afternoon U.S. trading Wednesday. Silver prices are slightly lower and hit a four-week low. The near-term technical postures for both metals have deteriorated the past week, which is inviting the chart-based sellers into the futures markets. August Comex gold futures were last down $4.00 an ounce at $1,274.60. J...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.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 market professional survey.Readers can al...Read More
(Kitco News) - While the lackluster gold price in an environment of growing uncertainty weighs on sentiment in the mining space, one junior CEO said that there is a more significant issue the sector faces in a global trade war.In a recent telephone interview with Kitco News, Thomas Smeenk, CEO of Broadway Gold Mining (TSX.V: BRD) said that there is some anxiety that financing for junior miners cou...Read More
(Kitco News) - Gold prices were continuing to trade lower on the day after U.S. consumers bought less pre-existing homes in May, according to the latest report from the National Association of Realtors (NAR). Existing home sales edged down 0.4% last month to a seasonally adjusted and annualized rate of 5.43 million units, compared to April’s annualized rate of 5.45 million homes, the associa...Read More
(Kitco News) - Silver will eventually outperform gold but headwinds remain for now, said the consultancy Metals Focus.Whenever silver gains the upper hand, the gold/silver ratio would decline. This measures how many ounces of silver it takes to buy an ounce of gold.Analysts pointed out that last week, the gold/silver ratio fell to 75, the lowest since late November, after having been as high as 82...Read More
(Kitco News) - Gold has settled down overnight with indications of fresh buying out of Asia. The primary short-term headwind for gold remains the strength of the dollar, which continues to benefit from inflows against the widening yields in favor of the U.S. From a technical level, support appears around the $1,272 area, with the next level at $1,267. Should we lose the secondary line, the short-t...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 latest news and price moves to start the Asian day on Wednesday June 20.Base metals on the London Metal Exchange ended trading broadly lower on Tuesday June 19, led by a 2.2% drop in aluminium prices, while nickel and zinc's three-month prices dipped 2.1%. Read more here in our live futures report.Here is how prices looked at the close of trading:BHP has agreed to sell its Cerro Colorado coppe...Read More
The latest news and price moves to start the Asian day on Wednesday June 20.Base metals on the London Metal Exchange ended trading broadly lower on Tuesday June 19, led by a 2.2% drop in aluminium prices, while nickel and zinc's three-month prices dipped 2.1%. Read more here in our live futures report.Here is how prices looked at the close of trading:BHP has agreed to sell its Cerro Colorado coppe...Read More
Zinc prices on the London Metal Exchange settled at their lowest in nine months at the close of trading on Wednesday June 20, while copper prices continued to edge lower on a surging US dollar index. Closing below $3,000 per tonne for the first time since August 2017, zinc prices fell to a low of $2,981 per tonne over the afternoon, shedding more than 6% of its three-month price week on week. ...Read More
Over-eager zinc bears have contributed to a ballooning backwardation in London Metal Exchange price spreads, having bet prices would drop further and sooner than fundamentals have allowed. The LME cash/three-month zinc price spread swung into a $43 per tonne backwardation on Monday June 18, from $30 per tonne backwardation on June 12 and a $3 per tonne contango at the end of May. The spreads have...Read More
Tin premiums were stable across global markets amid quiet trading conditions, while high outflows from Indonesia continue to keep market sentiment bearish.High inflows from Indonesia continue to keep market sentiment bearish, while sufficient supply and a weakening euro are keeping premiums flat across the board. Europe keeps steady amid quiet trading SHFE tin stocks rally 8% week on week US premi...Read More
Ferro-chrome prices cif China have risen over the past two weeks, underpinned by uncertain electricity supply at the country's main exporter, which could lead to higher production costs, as well as tightening domestic supply. Metal Bulletin calculated the charge chrome index cif China at $0.97 per Ib on Friday June 15, up 4 cents week on week and following another 4 cent increase the week pri...Read More
UC Rusal has started to export bauxite mined at Dian-Dian in Guinea's Bok?(C) province. Shipments follow the completion of the first stage of development at the deposit, which has capacity of 3 million tonnes per year of bauxite. As part of the first stage, Rusal has built the necessary roads, railway and other infrastructure needed to serve the mine. The company signed a multilateral agreement wi...Read More
Domestic prices for mesh-quality wire rod produced and delivered in both Northern and Southern Europe are unchanged over the past week, sources said on Wednesday June 20.The Southern European domestic price for mesh-quality wire rod held at ?,?520-535 ($602-620) per tonne delivered on June 20 from a week earlier."Mills are looking to push prices up but this hasn't happened yet - the expectation is...Read More
Prices for rebar produced and delivered in Northern Europe are unchanged over the past week amid stronger demand and reduced stock levels, sources told Metal Bulletin on Wednesday June 20.Metal Bulletin's weekly price assessment for domestic rebar in Northern Europe held at ?,?535-545 ($620-631) per tonne delivered on Wednesday."We can see that demand is coming back but it has not exactly spiked,"...Read More
Three-month base metals prices on the London Metal Exchange were up across the board on the morning of Wednesday June 20, with the complex up by an average of 0.3%. Nickel and zinc prices led the way with gains of 0.5%, while copper was up by 0.2% at $6,843 per tonne.This rebound follows yet another day of price weakness on Tuesday that saw the base metals complex drop by an average of 1.7% and th...Read More
Ferroglobe PLC has entered into a joint development agreement with BioSolar Inc to pursue opportunities in the lithium-ion battery market.Ferroglobe subsidiary Silicio Ferrosolar SLU - based in A Coruna, Spain - will collaborate with BioSolar to develop and market silicon anode materials for high-power, high-energy lithium-ion batteries, Ferroglobe announced."We are excited to partner with&nb...Read More