Chinese ferrous futures fell in the first hour of morning trading on Friday June 22 before experiencing a sharp rebound, but went on to end the session little changed from their opening prices.Futures closing prices - morning sessionShanghai Futures Exchange October rebar: 3,768 yuan ($580) per tonne, down 5 yuan per tonneOctober hot-rolled coil: 3,871 yuan per tonne, up 1 yuan per tonne Dalian Co...Read More
China's domestic stainless steel prices maintained their downward trajectory over the past week amid a lack of significant trading activity, which caused some sellers to lower their offers in an attempt to attract business.Metal Bulletin's assessment of prices for benchmark 304 stainless cold-rolled coil in the major market of Wuxi was 15,200-15,600 yuan ($2,340-2,402) per tonne including VAT for...Read More
All MB non-ferrous European scrap prices were unchanged on Friday June 22.Read More
Import prices for containerized heavy melting scrap (HMS) in Taiwan were largely stable week on steady end-user demand. Metal Bulletin's assessment of import prices for United States-origin HMS 1&2 (80:20) sold into Taiwan was $330-335 per tonne cfr for the week ended Friday June 22, up from $330-332 per tonne from a week earlier.The assessment reflects actual transactions concluded this week, dur...Read More
India is proposing increases for import duties on 30 products from the United States including certain steel goods, in a tit-for-tat move against the latter's Section 232 tariffs on steel and aluminum.Flat-rolled coated steel, stainless hot-rolled steel coil, grain-oriented electrical steel, steel spring and several other structural and construction steel products will be subject to a 15% increase...Read More
Now for the fifth trading day in a row, we have seen gold trade and close lower on the day. It began with Friday's dramatic plunge when gold opened at $1,305 and closed $26 lower at $1,279. From that point forward, each day gold closed below the prior low creating a new all-time low for 2018.This trend has continued for the last five consecutive trading days and, based upon the fundamentals behind...Read More
(Kitco News) - Financial markets are about to reach an inflection point reminiscent of 2007, said David Rosenberg, chief economist and strategist at Gluskin Sheff & Associates Inc.At the Inside ETFs Canada conference in Montreal, Rosenberg said that equities markets have peaked following a year of rallying across all asset classes.“This has not happened in at least five decades,” R...Read More
(Kitco News) - Gold prices are down and hit another six-month low in early-afternoon U.S. trading Thursday. However, prices have moved up from their daily lows. An appreciating U.S. dollar on the foreign exchange market continues to squelch buying interest in the precious metals. However, the gold market is now short-term oversold and due for a least a decent corrective upside bounce very soon, an...Read More
(Reuters) - The Trump administration’s recent tax overhaul will lead to a short-term boost in economic growth but it is uncertain if that will be sustainable, Minneapolis Fed President Neel Kashkari said on Thursday.“We know if you cut taxes on the margin that should boost economic growth in the short term,” Kashkari said at an event in Minneapolis, Minnesota. “The question...Read More
Gold remains under pressure. It seems that there are no buyers, no bottom pickers and no interest. Like all markets, this move in gold was not announced. However, as we have written the last few days, the market footprint has gold in trouble and a move down to $1,240 is very realistic. Of course, the conspiracy theorists are out and talking about gold manipulation by the Russians, Chinese and the...Read More
Central banks in emerging-market nations are likely to keep adding gold to their reserves, says BMO Capital Markets. Analysts offered this view after citing a Bloomberg news report that the Bank of Russia added another 1% to its gold holdings in May, taking its total to 62 million troy ounces. “This continues the trend over the past few years where Russia is selling U.S. Treasuries and alloc...Read More
Since last Sunday afternoon, while investors continue to sell most of their junior resource stock holdings in panic fashion, there have been three high-profile merger/acquisitions announced in the complex. What is most encouraging is the fact that two of these deals were large premium, all-cash offers for juniors who have been developing high-margin deposits. On June 17th, BHP spin-off South 32 en...Read More
Newmont Mining Corp. (NYSE: NEM) reports that Japan’s Sumitomo Corp. has obtained a 5% stake to become a partner in Minera Yanacocha SRL. As a result, Newmont and Buenaventura’s ownership interests in Yanacocha will be 51.35% and 43.65%, respectively. Sumitomo paid $48 million for the ownership interest. The transaction is structured as a new share issuance to Sumit...Read More
The latest news and price moves to start the Asian day on Thursday June 21.Zinc prices on the London Metal Exchange settled at their lowest level in nine months at the close of trading on Wednesday June 20, while copper prices continued to edge lower on a surging United States dollar index. Read more in our live futures report.Here are how prices looked at the close of trading:The Europe...Read More
The latest news and price moves to start the Asian day on Thursday June 21.Zinc prices on the London Metal Exchange settled at their lowest level in nine months at the close of trading on Wednesday June 20, while copper prices continued to edge lower on a surging United States dollar index. Read more in our live futures report.Here are how prices looked at the close of trading:The Europe...Read More
The latest news and price moves to start the Asian day on Thursday June 21.Zinc prices on the London Metal Exchange settled at their lowest level in nine months at the close of trading on Wednesday June 20, while copper prices continued to edge lower on a surging United States dollar index. Read more in our live futures report.Here are how prices looked at the close of trading:The Europe...Read More
Zinc prices on the London Metal Exchange fell more than 2% by the close of trading on Thursday June 21, while sister-metal lead struggled to find support amid intensified trade war uncertainties between China and the United States. Falling further from the $3,000 per tonne support level, zinc's three-month price reached a daily low of $2,912 per tonne during the afternoon."Zinc is under significan...Read More
Finnish stainless steelmaker Outokumpu's alloy steel surcharges for July deliveries of grade-304 cold-rolled (CR) stainless steel sheet have risen for the sixth consecutive month, the company's website announced on Thursday June 21.The company's July alloy surcharge for 2mm grade-304 CR stainless steel sheet is ?,?1,647 ($1,907) per tonne, a sharp increase from its June surcharge of ?,?1,527 per t...Read More
Comex copper prices traded in negative territory on Thursday June 21 morning in the United States, with threats of an impending trade war between the US and China hanging over the market.Copper for July settlement on the Comex division of the New York Mercantile Exchange inched down 0.70 cents or 0.3% to $3.0330 per lb. The contract is now on a six-day losing streak."Copper has started to consolid...Read More
Unusually quiet trading activity in molybdic oxide and alloys markets has pressured down prices in Europe so far this week, with the prospect of further falls if emerging offer prices for oxide are accepted and while steelmakers appear reluctant to buy alloys in a weakening market, sources said. Metal Bulletin assessed European molybdic oxide prices at $11.10-11.20 per lb in-warehouse Rotterd...Read More