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
The investment climate faces a challenging environment due to U.S. monetary/fiscal policies, trade tensions and immigration issues, says Brown Brothers Harriman. “All three of the major central banks met last week and confirmed that monetary policy would continue to diverge for at least another year,” BBH says. “The clarity of the trajectory of monetary policy reduces the impact...Read More
Friday was an ugly day for the metals, with gold falling almost $30 and silver almost 60 cents. It was the old “throw the baby out with the bathwater,” as there was no place to hide. The sellers started early and never took their foot off the gas. The move caught us off guard and changed the dynamics of the overall pattern in gold. It once looked like the bottoms were in but now the $1...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
Prices in most of the global steel billet markets showed positive dynamics in the week ended Friday June 15, supported by the upward trend in scrap pricing as well as gradual restocking by customers in the Middle East and Africa, with the Islamic holy month of Ramadan nearing its end.Nevertheless, overall buying activity was still sluggish, with the majority of customers stepping back from the mar...Read More
Prices in most of the global steel billet markets showed positive dynamics in the week ended Friday June 15, supported by the upward trend in scrap pricing as well as gradual restocking by customers in the Middle East and Africa, with the Islamic holy month of Ramadan nearing its end.Nevertheless, overall buying activity was still sluggish, with the majority of customers stepping back from the mar...Read More
Nickel prices on the London Metal Exchange had fallen by 1.4% by the close of trading on Monday June 18, pressured by a strong dollar index and low trading volumes across the complex. Closing below $15,000 per tonne for the first time since May 29, nickel's three-month price has edged away from its steady approach towards $16,000 per tonne last week. Pressured by a surging dollar index, which reac...Read More
G?(C)camines is to invite all of its joint venture partners to discuss the terms and conditions of their mining contracts with it in an effort to restructure them, the chairman of the Congolese state-run company said. According to Albert Yuma, the goal of the various discussions will be to ensure reasonable levels of capitalization and more shared decision-making mechanisms. "Otherwise, we will no...Read More
Comex copper prices on Monday June 18 are on a three-day downturn to a two-week low amid escalating trade conflicts between the United States and China. Copper for July settlement on the Comex division of the New York Mercantile Exchange fell 3.65 cents or 1.2% to $3.1080 per lb. Earlier, the contract traded at $3.1065, the lowest since June 4. A rekindling of trade disputes between the US and Chi...Read More
An overview of the battery raw materials markets and their price moves from the past week. Read More
The widely-anticipated third-quarter European ferro-chrome benchmark price reduction is likely to be smaller than early estimates, market sources say, amid rising spot prices in China and Europe. The ferro-chrome benchmark is negotiated quarterly by a leading South African ferro-chrome producer and a major stainless steel mill. The second-quarter price settled at $1.42 per lb and the third-quarter...Read More
Spot copper concentrate treatment and refining charges (TC/RCs) jumped up sharply in the first half of June after smelters overcame resistance from traders and miners to sell at higher levels. Metal Bulletin's copper concentrates TC/RC index shot up by $3.40 per tonne / 0.34 cents per lb on Friday June 15 to its highest level since January, when the index normalization method was adjusted to...Read More