(Kitco News) - Gold prices pushed to session highs late Monday afternoon, as U.S. stocks continued their massive selloff, with both the S&P 500 and the Dow plunging in a matter of minutes.Analysts pointed to a more hawkish Federal Reserve as the catalyst for the move down in equities.“What we are seeing in the market is a reaction to last week — with the Fed changing hands, and a m...Read More
(Kitco News) - Gold and silver markets were ending the U.S. day session near unchanged levels in two-sided trading Monday. A bit of safe-haven demand was featured as world equity markets are selling off, led by strong down-moves in the U.S. stock indexes. However, a rally in the U.S. dollar index to start the trading week worked to mitigate buying interest in the precious metals markets. April Com...Read More
(Kitco News) - Although it seems like the U.S. dollar’s declines are slowing down, one analyst says commodity investors should not be too concerned. The U.S. currency, which tends to trade inversely with commodities like gold, has been making a bit of a comeback lately -- after seeing its worse year “in history” since 2004 -- holding support as some analysts calling for a bounc...Read More
(Kitco News) - Momentum continues to shift in the gold market as hedge funds kept their exposure to gold and silver materially unchanged last week, according to the latest trade data from the Commodities Futures Trading Commission.”Many analysts have warned that the gold’s overstretched market is on the cusp of a much-needed consolidation period, and speculative interest in the yellow...Read More
(Kitco News) - The sell-off in equities gained momentum overnight as global investors stewed over the weekend following Friday’s carnage. The market was already stretched and the rise in the yield curve and a hawkish Fed was the catalyst that created the sell-off. Metals reacted as in past equity market sell-offs, with investors initially raising cash to meet margins and pick up perceived va...Read More
SHANGHAI, Feb 5 (SMM) –Copper: Better-than-expected nonfarm payrolls in the US boosted the dollar but we expect the greenback to be weaker in the longer term, which is bullish for copper prices. While weaker physical consumption in the near term could drag down copper prices, a major Chinese fund has long positions further down the curve. We see SHFE copper firmly supported at the 52,500-53,...Read More
SHANGHAI, Feb 5 (SMM) –Copper: Better-than-expected nonfarm payrolls in the US boosted the dollar but we expect the greenback to be weaker in the longer term, which is bullish for copper prices. While weaker physical consumption in the near term could drag down copper prices, a major Chinese fund has long positions further down the curve. We see SHFE copper firmly supported at the 52,500-53,...Read More
SHANGHAI, Feb 5 (SMM) –Copper: Better-than-expected nonfarm payrolls in the US boosted the dollar but we expect the greenback to be weaker in the longer term, which is bullish for copper prices. While weaker physical consumption in the near term could drag down copper prices, a major Chinese fund has long positions further down the curve. We see SHFE copper firmly supported at the 52,500-53,...Read More
Price trends in the global steel billet market were mixed in the week ended Friday February 2 with pricing moving in different directions in the various markets.In Southeast Asia, the market was bullish because of reduced availability of the material, with Chinese suppliers out of the export market and offers of India-origin billet being scarce due to the strength of the country's domestic long st...Read More
Price trends in the global steel billet market were mixed in the week ended Friday February 2 with pricing moving in different directions in the various markets.In Southeast Asia, the market was bullish because of reduced availability of the material, with Chinese suppliers out of the export market and offers of India-origin billet being scarce due to the strength of the country's domestic long st...Read More
Getting the right timeframe and adopting the correct investment planning approach are key differentiators between good and bad mining, according to Alcoa Corp's top executive. Companies have different approaches to mining, with some having very positive results and others relatively poor ones, Alcoa chief executive officer Roy Harvey said. "It gets back to how you think about those timescales invo...Read More
Base metals prices on the London Metal Exchange were mostly higher at the 5pm close on Monday February 5 although lead again bucked the trend.The three-month copper price rallied to a high of $7,220 per tonne earlier, hitting a fresh three-week peak. Despite retreating slightly this afternoon, the metal still closed $125 per tonne higher than Friday's close. "A previously strong flow of material i...Read More
Peruvian copper production increased by 3.9% in 2017, with higher volumes from MMG's Las Bambas and Chinalco's Toromocho offsetting the small declines at other major mines. The country produced a total of 2.45 million tonnes of copper last year, compared with 2.35 million tonnes in 2016, Peru's energy and mines ministry, MEM, said its website on Sunday February 4. Meanwhile, the average coppe...Read More
Tungsten prices have climbed higher in both Europe and China in the past week on tightening availability of raw material ahead of the week-long national holiday in China beginning on February 15. China's tungsten prices rebound amid low availability European APT, ferro-tungsten prices increase on tightening raw material supply, currency fluctuations The approaching Chinese New Year is...Read More
Chinese ferro-silicon prices have edged down in line with tender purchase prices in the past week, with the European market easing amid reports of deals heard below the current range. China tracks lower tender purchase prices ...but supportive factors seen European price range eases US market firms while available supply thins Chinese domestic ferro-silicon prices were lower week on...Read More
Getting the right timeframe and adopting the correct investment planning approach are key differentiators between good and bad mining, according to Alcoa Corp's top executive. Companies have different approaches to mining, with some having very positive results and others relatively poor ones, Alcoa chief executive officer Roy Harvey said. "It gets back to how you think about those timescales invo...Read More
Shares in Australian zinc tailings processor New Century Resources halted trading on the Australian Stock Exchange (ASX) on Monday February 5, with the company set to announce offtake partners for the next three years of production.New Century has reduced the number of potential backers of the project to just a handful of international trading houses, several sources with knowledge of the matter s...Read More
Tightening supply in China pushed up chrome ore and domestic and imported charge chrome prices in the week to Friday February 2, while the European market dipped and the US price range widened. Tight supply, transport disruptions push up domestic Chinese ore and alloy marketsCharge chrome import prices jump on rand appreciationPrices edge up in JapanEuropean market slips amid thin tradingUS marke...Read More
Cobalt prices continued their steady ascent last week, while opportunities to pick up more cheaply-priced units ran thin. But slower spot activity ahead of the Chinese New Year holiday and buyers' reluctance to overstock at high prices served to limit the pace of the rally, market sources noted. Metal Bulletin assessed low-grade cobalt prices at $37.25-38.50 per lb, in-warehouse, on Friday Fe...Read More
Chinese silicon export prices rose again in the pricing session last week due to continuing dollar weakness and tightening spot availability. The weakening dollar has forced Chinese silicon exporters to frequently refresh their quotations in the past week to keep their order book balanced. The dollar index was recently at 89.07, down on Friday but up slightly from a low of 88.43 on January 25. Met...Read More