The seaborne iron ore market continued to soften on Wednesday January 31 amid a subdued steel market in China. Key drivers Trading activity in China's steel market remained thin amid snow and freezing temperatures in many parts of the country, which have shaken market confidence.Many sources said that Hebei province could extend its restrictions on steel production - implemented for the winter hea...Read More
Buying activity in the seaborne coking coal market continued to pick up with the transaction price of a premium category fob Australia cargo moving up this week. The cargo was heard traded on an online trading platform at $215 per tonne fob Australia late on Tuesday January 30. The deal followed a transaction involving a higher-ranked cargo last week at $213 per tonne fob Australia.Market particip...Read More
Base metals prices on the London Metal Exchange were back in positive territory across the board during morning trading on Wednesday January 31, with the complex recovering from recent price weakness. Nickel prices were worst affected by the complex's overall weakness yesterday, closing 3.3% lower, but dip buying has supported the metal price to recover by $210 per tonne this morning. "High price...Read More
Mass market electric-vehicle (EV) production will ultimately focus on shorter-range batteries, allowing automakers to manage their exposure to cobalt prices, according to Masato Origuchi, electrical storage system expert at Renault. By equipping mass-market EVs with smaller batteries, carmakers can keep their requirement for cobalt - and exposure to rallying prices - in check, Origuchi said, speak...Read More
Commodities fund Tiberius is seeking to underpin a new world of digital currency transactions with a bullish future for industrial and precious metals, by launching a physical metals-backed cryptocurrency called Tiberius Coin.The fund, based in Zug in Switzerland, has more than $300 million of assets under management. In March, it will allow initial investment in the currency ahead of an ICO, or I...Read More
An overview of the minor metals markets and the reasons for any price moves.Read More
The following Metal Bulletin minor metals prices changed on Wednesday January 31:Minor metals Antimony MB free market regulus, $/tonne: $8,250-8,500 per tonne from $8,200-8,500 Antimony MMTA standard grade II, $/tonne: $8,250-8,500 per tonne from $8,200-8,500 Cobalt MB free...Read More
Base metals prices on the London Metal Exchange are for the most part firmer this morning, Wednesday January 31, the exceptions being aluminium (-0.3%) and lead that is little changed, while the rest of the complex is up by an average of 0.6% - ranged between tin (0.4%) and nickel (0.7%), with copper prices up by 0.5% at $7,117 per tonne. Volume has been average with 8,535 lots traded as of 07.08...Read More
China's crude stainless steel output rose 4.7% to a new high in 2017.The country produced 25.77 million tonnes of crude stainless steel, up 1.17 million tonnes from an adjusted output of 24.6 million tonnes in 2016, according to data released by the China Stainless Steel Council on Monday January 29. Of the total, 300-series crude stainless steel accounted for 52%, at 13.42 million tonnes. Product...Read More
Klaus Hauschulte, the former chief operating officer of Siemens' wind power division, has been appointed chief executive officer of German recycling company Scholz, the company said on Wednesday January 31.Hauschulte replaces Henry Qin in the position, who remains both managing director of the Scholz group and CEO of Chiho Environmental Group...Read More
The following Metal Bulletin UK non-ferrous scrap and foundry ingot prices changed on Wednesday January 31:Aluminium ingot LM24 pressure diecasting ingot: ?1,620-1,670 per tonne from ?1,615-1,665 LM6/LM25 gravity diecasting ingot:...Read More
(Repeats with no changes. The opinions expressed here are those of the author, a columnist for Reuters)* LME Copper Stock Arrivals: * LME Copper Stocks: By Andy HomeLONDON, Jan 30 (Reuters) - You don't get much market bang for 100,000 tonnes of copper these days. Or 101,725 tonnes to be precise, which is the amount of metal that was dumped into the London Metal Exchange (LME) warehouse network ov...Read More
Jan 31 (Reuters) - The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.HeadlinesMay warns China to play by global rules White House abandons planned pick for South Korea ambassador Uber's global rivals gather as Ola launches in Australia Overview- British Prime Minister Theresa May was starting a crucial trade visi...Read More
By Costas PitasLONDON, Jan 31 (Reuters) - British car production fell last year for the first time since 2009 and investment slumped by a third as uncertainty over Brexit cut domestic demand and companies' new spending plans, an industry body said on Wednesday. Production was down 3 percent at 1.67 million vehicles, mainly due to a 10 percent reduction in domestic demand, which was also impacted...Read More
The gold price chart is going to break higher, says famed investor and “Bond King” Jeffrey Gundlach, who believes that commodities are one of the best buys in 2018.“The gold chart looks a lot like the commodity chart, like it’s pacing out, about to break higher. And with the dollar getting weaker, I think you stay with that systematic positioning. I’ve been recommendi...Read More
U.S. citizens await the yearly presidential speech, the State of the Union, as U.S. equities, the U.S. dollar, and the precious metals are trading lower on the day.As of 3:45 PM Eastern standard time, the Dow Jones Industrial Average is trading off roughly 300 points on the day. This is 100 points from the intraday low, but with 15 minutes left in trading, it is widely anticipated that U.S. equiti...Read More
(Kitco News) - Gold and silver markets could not hold modest early gains and were ending the U.S. day session weaker Tuesday, on some follow-through selling from Monday's losses. A weaker U.S. dollar index limited selling pressure in the metals. However, the USDX was well up from its overnight low during the U.S. day session. Lower crude oil prices today also weighed on the precious metals market...Read More
(Kitco News) - It could be a dramatic year for the precious metals market as there is a significant divergence in price forecasts for 2018, according to the London Bullion Market Association.Tuesday, the LBMA released its forecast of 34 precious metals analysts, noting that there is a $390 trading range between the lowest end of the estimates and the highest prediction.The average gold prices amon...Read More
(Kitco News) - Three major European banks have been fined by the Commodity Futures Trading Commission for “spoofing” and manipulating gold and silver markets.The CFTC announced Monday that Deutsche Bank, UBS and HSBC face fines totaling $46.6 million. Deutsche Bank was the hardest hit as it was fined $30 million. UBS was ordered to pay $15 million and HSBC was fined $1.6 million.Spoofi...Read More
SHANGHAI, Jan 30 (SMM) – As the SHFE 1803 zinc contract refreshed its 10-year high and touched 27,235 yuan/mt on Monday January 29, SMM believes new highs may continue to be made.Such strong momentum can be attributed to stronger Chinese yuan, declining inventory, and more fund liquidity.With LME zinc inventory coming down to below the 180,000 mt level and a spot premium of over $20/mt, more...Read More