SHANGHAI, Jun 5 (SMM) – Nonferrous metals saw mixed trading on Tuesday June 5. SHFE lead led the gains and closed nearly 3.6% higher, copper rose nearly 1%, and zinc inched up. Tin fell over 1%, nickel dipped, while aluminium went flat. In the ferrous market, iron ore jumped over 1.7%, rebar and hot-rolled coil went up slightly, while coke fell over 1% and coking coal dipped 0.76%....Read More
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SHANGHAI, Jun 5 (SMM) – Nonferrous metals saw mixed trading on Tuesday June 5. SHFE lead led the gains and closed nearly 3.6% higher, copper rose nearly 1%, and zinc inched up. Tin fell over 1%, nickel dipped, while aluminium went flat. In the ferrous market, iron ore jumped over 1.7%, rebar and hot-rolled coil went up slightly, while coke fell over 1% and coking coal dipped 0.76%....Read More
London Metal Exchange three-month base metals prices pared gains during morning trading on Tuesday June 5, with copper, nickel and zinc prices consolidating lower, while the rest were largely unchanged. On average, the base metals prices were down by 0.1%, while total trading volume was low, with only 5,496 lots traded as at 06.32am London time. With the dollar index trading above 94.00 again, it...Read More
U.S. equity index futures were mixed this morning. S&P 500 futures were unchanged in pre-opening trade.Twitter advanced $1.52 to $39.40 after the company was selected to replace Monsanto in the S&P 500 Index.Starbucks slipped $0.57 to $56.50 after Executive Chairman Howard Schultz announced his resignation. Navistar gained $1.69 to $40.20 after reporting higher than consensus second quarte...Read More
SHANGHAI, Jun 5 (SMM) –Copper: Copper prices rose overnight as the US dollar weakened. Labour negotiations at BHP’s Escondida copper mine in Chile, the world’s largest copper mine, which began last week are also likely to weigh on supply. In light to the shutdown of the second largest copper smelter in India, SMM remains bullish on copper prices in the short term due to the expec...Read More
SHANGHAI, Jun 5 (SMM) –Copper: Copper prices rose overnight as the US dollar weakened. Labour negotiations at BHP’s Escondida copper mine in Chile, the world’s largest copper mine, which began last week are also likely to weigh on supply. In light to the shutdown of the second largest copper smelter in India, SMM remains bullish on copper prices in the short term due to the expec...Read More
China's rebar market was mixed on Tuesday June 5, with domestic prices in the eastern region falling even though those in the north held steady, while export prices posted some gains.Domestic Eastern China (Shanghai): 3,940-3,970 yuan ($614-619) per tonne, down 10-30 yuan per tonne Northern China (Beijing): 3,880-3,910 yuan per tonne, unchanged In Shanghai, sellers discouraged by early losses in t...Read More
SHANGHAI, Jun 5 (SMM) –Copper: Copper prices rose overnight as the US dollar weakened. Labour negotiations at BHP’s Escondida copper mine in Chile, the world’s largest copper mine, which began last week are also likely to weigh on supply. In light to the shutdown of the second largest copper smelter in India, SMM remains bullish on copper prices in the short term due to the expec...Read More
Japan's Nippon Steel & Sumitomo Metal Corporation (NSSMC) has completed the purchase of Swedish special steels maker Ovako.The major Japanese steel producer announced its intention to acquire Ovako from private equity fund Triton on March 15."Both companies will promote business operations...Read More
The latest bids, offers and deals in the global markets for ferrous scrap products.Latest transaction: HMS, shredded, bonus, P&STurkey, import, 12,000-14,000 tonnes of HMS 1&2 (80:20) traded at $340 per tonne, 16,000 tonnes of shredded and up to 2,000 tonnes of plate...Read More
The Mexican government will launch a dispute settlement process against the United States at the World Trade Organization (WTO) regarding tariffs imposed on shipments of steel and aluminium from Mexico to its North American neighbor."The Mexican government highlights that its actions will continue to comply with international trade laws and will be proportional to the damages received...Read More
Gold finished under moderate pressure today as U.S. equities moved higher. The NASDAQ composite closed at an all-time new record high today as the tech heavy index continued to react to the favorable jobs report on Friday.The U.S. dollar had been trading under pressure today, and although it closed lower at 94.02, it closed well off the intraday low today of 93.63. It has been dollar strength over...Read More
NEW YORK (Reuters) - The dollar dropped to a two-week low on Monday, as easing political tensions in Italy lifted the euro and global trade concerns resurfaced after China warned the United States against tariffs and other protectionist measures.“With European political drama retreating from the brink, the peak in the dollar index was likely observed at 95,” said Mazen Issa, senior FX...Read More
CARACAS (Reuters) - Venezuela's central bank in April paid $172 million to U.S. bank Citigroup (C.N) to recover part of the gold it had put up as guarantee in a swap operation, according to two sources familiar with the situation.Sanctions levied by U.S. President Donald Trump last year bar U.S. banks from carrying out financing operations with Venezuela, meaning such swaps cannot be renewed."...Read More
(Kitco News) - Major Canadian asset managers are turning to gold at an unprecedented pace as an essential portfolio diversifier and hedge against growing market risk and volatility, according to an executive at State Street Global Advisors.In a recent presentation in Montreal, Bobby Eng, head of SPRD ETF business development Canada said that his firm has seen Canadian investment demand grow by app...Read More
(Kitco News) - Gold prices are modestly lower in early-afternoon U.S. trading Monday. Early gains in the safe-haven metal were lost when the U.S. dollar index rebounded from solid losses overnight and was trading just slightly lower at midday today. August Comex gold futures were last down $2.00 an ounce at $1,297.30. July Comex silver was last down $0.001 at $16.44 an ounce. A solid rally in the...Read More
(Kitco News) - The growing threat of a trade war is not great news for commodity markets as it could reduce global demand as economic growth prospects falter. Image courtesty of Panoro Minerals However, one junior mining explorer thinks copper is in a position to withstand the protectionists’ assault on global markets and global growth as the base-metals market faces a significant imbala...Read More
(Kitco News) - Large speculators increased their net bullish positioning in gold futures and moved into a small net-long position for silver during the most recent reporting week for data compiled by the Commodity Futures Trading Commission.During the week-long period to May 29 covered by the report, Comex August gold rose $6.70 to $1,304.10 an ounce, while July silver lost 20.2 cents to $16.373.N...Read More