Key data from the Wednesday June 13 pricing session in London.Key drivers: - Lack of downstream demand- Surplus of material in Asia and EuropeKey quotes:- "The market typically slows down from the end of July to the beginning of August. The current...Read More
An overview of the minor metals markets and the reasons for any price moves.Read More
China is expanding its global steel presence by pumping more investments into overseas assets. Other than its domestic and export prices leading global steel trade, its investments in steel mills around the world let Chinese steelmakers have a physical presence overseas - especially in developing countries where steel demand per capita is expected to continue growing.The latest Chin...Read More
Non-ferrous scrap exports from the United States nudged only slightly higher sequentially in April, with retreating scrap volumes to China partially offset by a surge in shipments to surrounding countries. But exporters remain wary of whether emerging export destinations will remain a viable option in the long term or if they will provide only short-term relief.Non-ferrous scrap exports as a...Read More
All MB non-ferrous UK scrap and foundry ingot prices were unchanged on Wednesday June 13.NB: prices...Read More
Pakistan's National Tariff Commission (NTC) has imposed anti-dumping duties on color-coated coil (PPGI) from China and South Africa, the NTC said on Wednesday, June 13. PPGI imports more than 0.23mm thick and classified under HS codes 7210.7020, 7210.7090, 7212.4010 and 7212.4090 from Chinese producers will be subject to 5.36-10.88% duty. PPGI imports of the same specification...Read More
Pakistan's National Tariff Commission (NTC) has imposed anti-dumping duties on color-coated coil (PPGI) from China and South Africa, the NTC said on Wednesday, June 13. PPGI imports more than 0.23mm thick and classified under HS codes 7210.7020, 7210.7090, 7212.4010 and 7212.4090 from Chinese producers will be subject to 5.36-10.88% duty. PPGI imports of the same specification...Read More
The G7 meeting, which ended in discord on Friday, had little if any effect on precious metals pricing. Yesterday’s historic summit between the United States and North Korea left market participants in a state of flux but had a tepid impact on gold prices.Naturally, this historic event concluded with both sides acknowledging a need to de-nuclearize the Korean Peninsula. However, the lack of c...Read More
SINGAPORE (Reuters) - U.S. President Donald Trump made a stunning concession to North Korean leader Kim Jong Un on Tuesday about halting military exercises, pulling a surprise at a summit that baffled allies, military officials and lawmakers from his own Republican Party.At a news conference after the historic meeting with Kim in Singapore, Trump announced he would halt what he called “very...Read More
(Kitco News) - Financial markets breathed a sigh of relief following Donald Trump’s historic summit in Singapore with North Korean leader Kim Jong-un.The S&P 500 rose 0.2%, spot gold fell by $3, U.S. 10-year bond yields were up 75 basis points, and the U.S. dollar index remained relatively unchanged.Tuesday marked the first time a sitting U.S. President and a member of the Kim dynasty me...Read More
(Kitco News) - Gold prices are moderately lower and trading right around the psychologically important $1,300.00 level in early-afternoon U.S. trading Tuesday. Gold and silver markets did not react significantly to the concluded U.S.-North Korea summit earlier today. August Comex gold futures were last down $2.40 an ounce at $1,300.80. July Comex silver was last down $0.022 at $16.93 an ounce.The...Read More
(Kitco News) - While markets continue to enjoy an unprecedented period of low volatility, the chief executive officer of one global investment management firm warns that investors cannot be complacent.Speaking to Kitco News on the sidelines of the 24th annual International Economic Forum of the Americas in Montreal, Canada, Afsaneh Beschloss, founder and CEO of Rock Creek, said that the growing th...Read More
(Kitco News) - Kinross Gold Corp (TSX: K; NYSE: KGC) will proceed with the initial Gilmore expansion project at its Fort Knox mine in Alaska, the company announced Tuesday.The initial Gilmore project is expected to extend mining at Fort Knox by six years to 2027, and leaching to 2030, at an initial capital cost of $100 million. This is expected to increase life-of-mine production by approximately...Read More
Vale S.A. (NYSE: VALE) has agreed to streaming deals for cobalt from its Voisey's Bay nickel mine in order to finance an expansion. News reports describe this as the world's biggest cobalt stream ever. Streaming companies upfront money in exchange for a share of future production. Wheaton Precious Metals (NYSE, TSX: WPM) and Cobalt 27 Capital Corp. will provide Vale a combined $690 million in fund...Read More
Editor's Note: Updating earlier story with more details from report.(Kitco News) - Gold prices were unfazed, remaining modestly softer after a Labor Department report Tuesday showing that U.S. consumer prices rose by a seasonally adjusted 0.2% in May.The core index for CPI, excluding the volatile food and energy sectors, was also up 0.2%.Going into the report, consensus expectations compiled by ne...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
(Kitco News) - Depending on your choice of network you can make your own judgment on the summit in Singapore between Trump and Kim. No matter what your slant, at a minimum the meeting should diffuse short-term geopolitical risk between the two countries. Focus is squarely on the FOMC meeting beginning today and a series of votes in the British parliament on the proposed path of Brexit. The Fed is...Read More
Silver could draw upside momentum if it can break through $17 an ounce, says Commerzbank. The metal poked above its sideways corridor and threatened $17 on Monday, analysts point out. “The technical picture here has improved noticeably in recent days,” Commerzbank says. “If the price were to exceed the $17 mark, this could lure in further buyers and continue the price rise. Silve...Read More
Monday night the summit between the United States and North Korea took place and by all accounts was a success for a first meeting. In his press conference, President Trump was glowing with enthusiasm looking forward to a continuation of the historic talks.Gold took the summit in ho-hum fashion and has stayed in consolidation, barely moving overnight, very consistent with the way it has been tradi...Read More
SHANGHAI, Jun 12 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar index rose 0.04% to close at 93.6 overnight with the 10-year treasury yield climbing up. The Federal Reserve is widely expected to increase interest rate on Wednesday, which could further support the US dollar this summer.As the market remained cautious, base...Read More