Further threats of US tariffs against China has spooked the markets and three-month base metals prices on the London Metal Exchange were down across the board on the morning of Tuesday June 19, with the complex down by an average of 0.5%. This adds to the weakness seen in the second half of last week. Copper led the decline with a 1.2% fall to $6,891 per tonne, followed by a 0.7% drop in aluminium...Read More
U.S. equity index futures were sharply lower this morning. S&P 500 futures were down 28 points in pre-opening trade. Futures are responding to a proposal to impose tariffs on an additional $200 billion of U.S. imports. The Shanghai Composite Index plunged 3.82% in overnight trade. Index futures were virtually unchanged following release of U.S.M ay Housing Starts released at 8:30 AM EDT. Conse...Read More
Base metals on the London Metal Exchange were broadly lower during morning trading on Tuesday June 19, after escalated trade tensions between the United States and China, as well as a surging dollar index, pile pressure on the complex. Nickel prices recorded the sharpest drop of the complex, falling more than 2% to a low of $14,580 per tonne during morning trading. Initially shrugged off by the ba...Read More
Arbitrage for copper, aluminium, zinc and nickel imported into China on Tuesday June 19*Copper -$129.17 (-837.31 yuan) Aluminium -$544.04 (-3,526.46 yuan) Zinc -$37.11 (-240.55 yuan) Nickel -$168.28 (-1,090.80 yuan) *Metal Bulletin calculates the physical arbitrage for import into...Read More
Further threats of US tariffs against China has spooked the markets and three-month base metals prices on the London Metal Exchange were down across the board on the morning of Tuesday June 19, with the complex down by an average of 0.5%.This adds to the weakness seen in the second half of last week.Copper led the decline with a 1.2% fall to $6,891 per tonne, followed by a 0.7% drop in aluminium (...Read More
The latest metal markets news and price moves to start the North American day on Tuesday June 19. Base metals on the London Metal Exchange were broadly lower during morning trading after escalated trade tensions between the United States and China, as well as a surging dollar index, pile pressure on the complex.Nickel prices recorded the sharpest drop of the complex, falling more than 2% to a...Read More
Antimony prices continued their downward trend last week in Europe, while prices in China remained unchanged.Prices for antimony with bismuth content below 100ppm or trioxide-grade in-warehouse Rotterdam moved down to $8,050-8,300 per tonne on Friday June 15 from the mid-week assessment of $8,150-8,400 per tonne, when prices fell from $8,200-8,450 per tonne in line with the current downtrend.The M...Read More
The Chinese domestic ferro-silicon market has lost earlier gains as a result of slow demand outweighing environmentally driven production cuts and anticipated tighter supply. Meanwhile, the European market has been stable ahead of the third-quarter delivery settlements between alloy suppliers and consumers in the steel sector. China drops in line with demand, set to fall further in near termEurope...Read More
Seaborne and port manganese ore prices advance again on higher offers from miners and traders. Manganese ore prices up due to higher offers Alloy prices rise in China on production cuts, low inventory levels Alloy prices hold in India, EuropeFerro-manganese prices drop in US, oversupply fears take holdManganese ore prices continued rising on Friday June 15 while miners hiked offer prices and trade...Read More
Switzerland-based miner-trader Glencore has settled a dispute over its Kamoto Copper Co (KCC) operation in the Democratic Republic of Congo (DRC). Now it's being singled out as a beacon of commitment to efforts by state-run mining company G?(C)camines to restructure its mining sector. Switzerland-based miner-trader Glencore has settled a dispute over its Kamoto Copper Co (KCC) operation in the Dem...Read More
Mill-grade aluminium scrap prices in the United States have edged lower following declines on the London Metal Exchange, while most smelter-grade scrap prices maintained a steady footing.Prices for mill-grade aluminium scrap fell by 2 cents per lb across the board on Monday June 18, while the price for used beverage cans also dropped by 2 cents, according to American Metal Market's...Read More
Switzerland-based miner-trader Glencore has settled a dispute over its Kamoto Copper Co (KCC) operation in the Democratic Republic of Congo (DRC). Now it's being singled out as a beacon of commitment to efforts by state-run mining company G?(C)camines to restructure its mining sector. Switzerland-based miner-trader Glencore has settled a dispute over its Kamoto Copper Co (KCC) operation in the Dem...Read More
There is no doubt that gold traders and investors are still pondering the reasons for Friday's dramatic $25 decline. In fact, gold's pricing through the end of last week contained several interesting nuances that are typically not seen.On Thursday of last week, gold futures rose approximately five dollars per ounce. However, the net change brought about by buying and selling minus dollar strength...Read More
PARIS (Reuters) - When French President Emmanuel Macron laid out a sweeping vision for eurozone reform last September, he spoke of “rebuilding Europe”, with a common budget for the euro nations and a single minister to oversee it all.The proposals he will discuss when he sits down with German Chancellor Angela Merkel outside Berlin on Tuesday will be far less ambitious, with deep diffe...Read More
SAVANNAH, Ga. (Reuters) - The U.S. economy “appears to be in a pretty good place” that should let the Fed continue its steady program of raising interest rates, Atlanta Federal Reserve bank president Raphael Bostic said on Monday.Bostic said the Fed’s target policy rate was “getting close” to a neutral setting in which it is neither encouraging nor discouraging spendi...Read More
(Kitco News) - Gold prices are slightly higher in early-afternoon U.S. trading Monday. The market saw a tepid corrective and short-covering bounce after sharp losses suffered on Friday that saw the yellow metal hit a six-month low. There was also some risk aversion in the marketplace today that might also be giving gold some mild support. August Comex gold futures were last up $2.00 an ounce at $1...Read More
(Kitco News) - There is a silver lining to gold’s massive selloff Friday, which is that maybe the market has been shaken out of its doldrums, according to one currency analyst.In a report released over the weekend, John Kicklighter, chief currency strategist noted that before gold’s nearly 2% drop Friday, activity in the metal was hovering at its lowest point since 2000. Looking forwar...Read More
(Kitco News) - For two years the silver market has been quiet, from a longer-term chart perspective. This sideways price action seen on the weekly continuation chart for nearby Comex silver futures is "basing" activity that history shows puts in market bottoms--and is very likely to set off a big rally at some point down the road. Silver prices at present levels are a longer-term, value-...Read More
(Kitco News) - Large speculators hiked their bullish positioning in silver futures by nearly nine-fold and also upped their net long in gold by a more modest 9% during the most recent reporting week for data compiled by the Commodity Futures Trading Commission.During the week-long period to June 12 that was covered by the report, Comex August gold slipped by $2.80 to $1,299.40 an ounce, while July...Read More
(Kitco News) - After the Fed gave a more hawkish perspective on Wednesday, followed by the ECB announcement on Thursday that it would be year-end before they were looking to tighten, forex traders aggressively bought the dollar. There was a delayed reaction until Friday, but metals traders having initially disregarded the 250 bip drop in the euro finally capitulated on gold. Gold's inability to br...Read More