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
Several factors could limit gold’s upside potential for now, says Commerzbank. On the news front, last week ended with a stronger-than-forecast U.S. jobs report for May, with unemployment continuing to fall but wages rising more than expected, pointing to inflation risks, the bank says. “The U.S. Fed is likely to see this as confirmation that its cycle of rate hikes is appropriate,&rdq...Read More
For years, there has been an argument about technical analysis -- whether or not it works for gold and silver. Many believe that the metals are manipulated, and technical analysis does not work on gold and silver. The facts are simple. Technical analysis always works, giving traders and investors a leg up on those who try to play the news and fundamentals. They may not always be right, but they al...Read More
SHANGHAI, Jun 4 (SMM) – This is a roundup of global macroeconomic news last weekend and what is expected today.Last weekendThe US dollar index closed at 94.179 last Friday, slightly down over the week. The index registered a six-month high of around 95.02 in the middle of last week and then lost the gains. The strong performance of US nonfarm payrolls further fuelled the anticipation of...Read More
SHANGHAI, Jun 4 (SMM) – This is a roundup of global macroeconomic news last weekend and what is expected today.Last weekendThe US dollar index closed at 94.179 last Friday, slightly down over the week. The index registered a six-month high of around 95.02 in the middle of last week and then lost the gains. The strong performance of US nonfarm payrolls further fuelled the anticipation of...Read More
SHANGHAI, Jun 4 (SMM) – This is a roundup of global macroeconomic news last weekend and what is expected today.Last weekendThe US dollar index closed at 94.179 last Friday, slightly down over the week. The index registered a six-month high of around 95.02 in the middle of last week and then lost the gains. The strong performance of US nonfarm payrolls further fuelled the anticipation of...Read More
Steel billet prices in most markets were stable or continued to slide in the week from Monday May 28 to Friday June 1, due to thin trading activity, falling scrap prices, and uncertainty about the United States renewing its sanctions on Iran.China was the exception, with domestic billet prices improving because of lower supply.AsiaSoutheast Asia's billet imports were again affected by soft demand,...Read More
Steel billet prices in most markets were stable or continued to slide in the week from Monday May 28 to Friday June 1, due to thin trading activity, falling scrap prices, and uncertainty about the United States renewing its sanctions on Iran.China was the exception, with domestic billet prices improving because of lower supply.AsiaSoutheast Asia's billet imports were again affected by soft demand,...Read More
The aluminium industry associations of the United States, the European Union, Canada and Japan have called for the creation of a Global Multilateral and Governmental Forum on Aluminium Overcapacity to drive development of an international plan to shrink world production.The Aluminum Association (US), European Aluminium, the Aluminium Association of Canada, and the Japan Aluminium Association have...Read More
The Qu?(C)bec government said it will push the United States government to exempt its aluminium industry from the Section 232 duties that the Trump administration announced last Thursday would be levied on imports of metal from Canada. Qu?(C)bec smelters make the vast majority of aluminium exported from Canada, and much of it destined for the US."Qu?(C)bec will look to obtain an exemption for the...Read More
Canada's minister of international trade told world aluminium sector leaders on Monday June 4 that he deplored the United States' imposition of duties against imports of Canadian metal, branding it "deeply troubling and unacceptable." Arguing that the action would "do nothing to address the problem of global overcapacity," Fran??ois-Philippe Champagne said that US President Donald Trump's Section...Read More
Leading Chinese stainless steel mills last week issued higher ferro-chrome tender prices for June, which lent support to the prices for UG2 chrome ore and ferro-chrome. Price for ferro-chrome into China moves up UG2 chrome ore into China nudges higher High-carbon ferro-chrome in Europe unchanged Low-carbon ferro-chrome ticks up on top end Ferro-chrome prices in Japan and South Korea rise.Metal Bul...Read More
Umicore will build its first cathode materials production plant in Poland, and hopes to start supplying automotive-sector customers in Europe by 2020. Belgium's Umicore has chosen the city of Nysa in Poland as the location where it will build its first production plant to manufacture cathode materials for the European automotive market. Given the intention to start deliveries in 2020, the three pr...Read More
Metal-concentrates exchange Open Mineral is in talks with multiple investors to sell over a tenth of the company in a bid to diversify its book of investors, chief executive officer Boris Eykher told Metal Bulletin in a recent interview. Founded by a group of ex-Glencore traders last year, the digital platform aims to line up concentrates buyers and sellers online to cut out dominant trading house...Read More
Metal concentrates trading platform Open Mineral has diversified its businesses to make a foray into trading secondary product and providing logistics solutions, chief executive officer Boris Eykher said in a recent interview with Metal Bulletin. "We talk to multiple smelters from around the world and they want to sell their byproducts. However, the only clients that they know are one to two parti...Read More
The rising trend in the Chinese antimony market continued last week - tightness in concentrate supply and concerns about further production cuts while environmental inspections continue propelled prices there higher. Metal Bulletin assessed the MMTA Standard Grade II delivered duty paid antimony metal price at 52,000-52,500 yuan ($8,111-8,189) per tonne on Wednesday May 30, up 1,000 yuan from...Read More
Cobalt prices continued to fall during the second half of last week, and prices for both grades converged, amid continuing profit-taking and slower demand from consumers. Metal Bulletin assessed prices for low and high-grade cobalt metal at $42-43 per lb, in-warehouse, on Friday June 1, down 0.8% and 0.9% respectively compared with the midweek assessment. Consumers have taken a step...Read More
Turkish steel producers have continued to book deep-sea scrap cargoes, with prices weakening further, sources said on Monday June 4.A steel producer in the Marmara region booked a European cargo late on June 1, comprising 20,000 tonnes of HMS 1&2 (75:25), 18,000 tonnes of a mixture of plate and structural scrap (P&S) and HMS 1, and 2,000 tonnes of busheling, at an average price of $334 per tonne c...Read More
The North American division of the China National Certification and Inspection Group (CCIC) will resume inspections of scrap shipments following the end of a one-month suspension, CCIC said on Friday June 1. The CCIC's North American division will start accepting inspection applications on Friday June 8 and it takes at least five working days to arrange the date of the inspection, the group said i...Read More
Turkish domestic auto bundle scrap prices have gone down in line with the weakening imported scrap values, while ship scrap prices have remained stable over the past week, sources said on Monday June 4.A number of steel producers in the country have reduced their buy prices for auto bundle scrap by around TRY20-90 ($4-19) per tonne delivered.Alloy long steel mill Asil ??elik cut its buy price for...Read More