(Kitco News) - The gold market is holding its own as U.S. wholesale inflation pressures rose more than expected last month.Tuesday, the U.S. Labor Department said its Producer Price Index (PPI) rose 0.3% in March following an increase of 0.2% in February. According to consensus forecasts, economists were expecting an increase of 0.1%. For the year, producer prices rose 3.0%. Core PPI, which strip...Read More
Newmont Mining Corp. (NYSE: NEM) says the Ahofo mill expansion and all civil surface construction work remain suspended until the company and authorities “are satisfied that work can resume safely.” Six construction contract workers were killed in an accident on Saturday, and an investigation is being led by the Inspectorate Division of Ghana’s Minerals Commission. Newmont...Read More
(Kitco News) - Gold remains caught in a tight trading range, bouncing up against resistance once again at the $1,339 area. The softening of the trade war jargon overnight saw Chinese President Xi Jinping offer a more conciliatory tone by promising to open up the Chinese market. This was offset by concerns over the level of the U.S. response to Syria's use of chemical weapons. Until the response, i...Read More
The latest news and price moves to start the Asian day on Tuesday April 10.Base metals prices on the London Metal Exchange were mostly higher at the close of trading on Monday April 9, with only lead and zinc bucking the trend. Read more in our live futures report.Here is how prices looked at Monday's close:Volume traded on the London Metal Exchange has soared since the United States Treasury...Read More
The latest news and price moves to start the Asian day on Tuesday April 10.Base metals prices on the London Metal Exchange were mostly higher at the close of trading on Monday April 9, with only lead and zinc bucking the trend. Read more in our live futures report.Here is how prices looked at Monday's close:Volume traded on the London Metal Exchange has soared since the United States Treasury...Read More
Base metals prices on the London Metal Exchange continued to climb at the close of trading on Tuesday April 10, while aluminium volumes surpassed 37,000 lots traded. Aluminium maintained its upward momentum throughout the day, reaching a high of $2,242 per tonne, the highest since January 29. "Supply fears and uncertainty are the factors driving aluminium prices higher, but such an overreaction ma...Read More
The London Metal Exchange has introduced a "temporary conditional suspension" on placing Rusal metal on-warrant, effective from April 17, it said on Tuesday April 10. This follows the announcement on Friday April 6 that the United States has sanctioned and frozen the assets of Oleg Deripaska and UC Rusal. In a notice released to LME members today, the exchange stated that the suspension is in plac...Read More
Chilean state-owned miner Codelco will maintain its copper output at stable levels this year before a small increase in 2019 and small declines the following two years, new commercial vice president Roberto Ecclefield said. Production from Codelco's wholly-owned mines is expected to be slightly lower at 1.67 million tonnes in 2018 compared with 1.73 million tonnes last year due to declining ore gr...Read More
The European ferro-vanadium market retreated last week while traders sold cheaper in order to take profits amid quieting spot demand. European ferro-vanadium market slides while traders take profits European V2O5 prices strengthen on lack of availability US ferro-vanadium market flat lines with market falling dormantSpot prices for European ferro-vanadium slipped to $69-72 per kg on April 6, deliv...Read More
Alumina prices have continued to accelerate so far this week, underpinned by tightness caused by disrupted production at Hydro's Alunorte alumina refinery. Metal Bulletin's daily fob Australia alumina index was calculated at $476.39 per tonne on Tuesday April 10, up $24.67 or 5.5% compared with the previous day's assessment. "The market is tight, and only getting tighter by the day. You can e...Read More
Young Poong's 300,000-tonne-per-year Seokpo zinc smelter will begin an enforced 20-day shutdown on June 11 after the Korean Environmental Agency found the company guilty of multiple environmental transgressions, local media including Yonhap News reported. Seokpo smelter, which is located in a national park, released waste water into the local environment with fluoride and selenium levels above the...Read More
The European ferro-vanadium market retreated last week while traders sold cheaper in order to take profits amid quieting spot demand. European ferro-vanadium market slides while traders take profits European V2O5 prices strengthen on lack of availability US ferro-vanadium market flat lines with market falling dormantSpot prices for European ferro-vanadium slipped to $69-72 per kg on April 6, deliv...Read More
A severe shortage of chromium, along with firm downstream demand, has caused prices of the metal to hit their highest level in almost seven years. Metal Bulletin's weekly price assessment for in-warehouse chromium soared 25% to $13,250-13,995 per tonne on Friday April 6, from $10,500-11,300 per tonne the week before. The price was last seen at $13,000-14,000 per tonne in June 2011. "It is a p...Read More
Martin Vydra will retire from Canada-based nickel and cobalt producer Sherritt International at the end of April, Metal Bulletin understands. Vydra, who is senior vice-president, commercial & technologies, has held a wide range of senior roles at Sherritt during the 31 years he has spent...Read More
Turkish steel producers remained quiet in the scrap markets on Tuesday April 10, amid a sharp weakening of the Turkish lira against the US dollar and uncertainty in the finished steel export markets.Turkish steel mills booked a number of deep-sea cargoes for April and May last week before stepping back from the deep-sea markets at the end of the week.Market participants were expecting Turkish mill...Read More
Comex copper prices surged to close to a one-month high in the US morning on Tuesday April 10, with the dollar retreating and the complex becoming more optimistic due to fundamental demand trends. Copper for May settlement on the Comex division of the New York Mercantile Exchange rose 5.15 cents or 1.7% to $3.1285 per lb. Earlier, the price touched $3.1280 per lb, the highest since March 15. "Whil...Read More
Base metals prices on the London Metal Exchange were broadly up on Tuesday April 10, with markets reacting positively to Chinese President Xi Jinping's pledge to further open up China's economy. Aluminium continues to lead the complex higher, with the light metal up by 0.9% at the time of writing. This after surging 3.8% on Monday in response to the United States' sanctions against Russia and key...Read More
Export prices for hot-rolled (HRC) and cold-rolled (CRC) coil from the Commonwealth of Independent States (CIS) have fallen this week due to the global downward trend in prices, sources have told Metal Bulletin.Metal Bulletin's weekly price assessment for CIS-origin HRC exports was $590-600 per tonne fob Black Sea on April 10, down by $10-20 per tonne week-on-week.The China HRC Index fell by almos...Read More
Domestic prices for rolled steel products in Russia have been unchanged over the past week after the slowdown of the Easter holiday in the CIS region, sources have told Metal Bulletin.Metal Bulletin's price assessment for Russian domestic 12mm A500C rebar was unchanged at 37,000-37,500 roubles ($622-630) per tonne cpt Moscow, including VAT, on Tuesday April 10.And the price assessment for Russian....Read More
Flat steel import prices in the United Arab Emirates and Saudi Arabia continued to fall this week, pushing buyers to refrain from bookings and hope for better deals later, sources told Metal Bulletin on Tuesday April 10.Demand was moderate in the UAE but continued to be weak in Saudi Arabia.UAEChina offered hot-rolled coil (HRC) at $610-615 per tonne cfr, while offers from Taiwan came in at $615-6...Read More