(Kitco News) - Gold prices were modestly up in early afternoon U.S. trading Wednesday. Some minor profit-taking early saw gold traders then step in to buy the dip when the U.S. dollar index could not hold its early gains and dropped to a 3.5-year low. February Comex gold was last up $3.70 an ounce at $1,340.80. March Comex silver was last up $0.016 at $17.20 an ounce.Gold and silver market bulls a...Read More
(Kitco News) - Kitco aficionados, it is now time to have your say in where you think gold prices are heading in the short-term.Will gold prices go higher, lower or remain unchanged next week? Kitco readers will have until 9 a.m. EDT, Friday to cast their vote. The results will be tabulated and released after noon (12 PM EDT) along with the results from our market professional survey.Readers can al...Read More
(Kitco News) - While gold faces a lot of headwinds at the start of a new year, analysts at Scotiabank said that this could be the market’s biggest strength.In a recent report, the analysts explained that gold remains an attractive diversifier as global equity markets continue to hit record levels.“Perhaps it is because of the strength in other markets and the apparent complacency regar...Read More
(Kitco News) - Despite reaching all-time highs this week, one famed investor says that any long-term rallies in the market won’t hold. Robert Kiyosaki, best-selling author of “Rich Dad Poor Dad” and his latest book “Why The Rich Are Getting Richer,” said that a market crash is imminent within the next two to three years. The S&P 500 Index has sustained its second-...Read More
(Kitco News) - Those heady Bitcoin-U.S. dollar traders who climbed on board the bullish bandwagon after prices pushed above $10,000 a few weeks ago are now under water--after many had doubled their money in just a short time. Bitcoin-U.S. Dollar prices have careened lower in late-morning trading Wednesday and hit a six-week low. The weak-handed longs are bailing out of their big losing positions,...Read More
The latest news and price moves to start the Asian day on Wednesday January 17.Base metals prices on the London Metal Exchange were mostly lower at the...Read More
The latest news and price moves to start the Asian day on Wednesday January 17.Base metals prices on the London Metal Exchange were mostly lower at the...Read More
Base metals prices on the London Metal Exchange were mostly lower for the second day in a row at the close on Wednesday January 17, while metals continue to retreat from earlier highs. Copper prices continue to fall, dropping a further $44 per tonne from Tuesday's close price, coming under pressure from profit-taking and concerns of Chinese demand."Copper pulls back to a 3.5-week low after strong...Read More
Red Kite is undergoing a restructuring process "to consolidate regulatory oversight" but day-to-day operations were not affected, with all funds and the physical copper business performing "well in line with expectations," it confirmed on Wednesday January 17. Metal Bulletin reported earlier this month that London-based RK Capital Management LLP had entered into a restructuring review that "m...Read More
The primary aluminium market was in a deficit of 1.57 million tonnes for the first 11 months of last year, driven mainly by soaring demand, the World Bureau of Metal Statistics said on Wednesday January 17. This represents a substantial increase from the 770,000 tonne deficit recorded for the whole of 2016, according to the release. Global demand growth, at 2.6%, in January-November 2017 outpaced...Read More
South African manganese ore producers face delays of up to two weeks to ship material after derailments disrupted deliveries to the country's Saldana port. "Derailments caused severe delays; shipments have been pushed back by two weeks," one miner told Metal Bulletin. A second supplier source said he was unable to book material because shipping slots had not been confirmed. South African state tra...Read More
The Turkish steel mills extended their silence in the deep-sea scrap markets on Wednesday January 17, because of tight supply in the US and high prices, according to market participants.The mills were expected to book more cargoes for February, but the weak demand for their finished goods was keeping them out of the market.Meanwhile, the heavy winter conditions along the US East Coast...Read More
Comex copper prices declined for the fourth consecutive session on Wednesday January 17 morning in the US, with the red metal facing a strong bout of speculative selling.Copper for March settlement on the Comex division of the New York Mercantile Exchange dipped 2.85 cents or 0.9% to $3.1910 per lb. Trading has ranged from $3.1865 to $3.2210."Rising global stock levels, stale-long liquidations amo...Read More
The EU's domestic prices for hot-dipped galvanized coil (HDG) were largely unchanged this week, but they are expected to rise in late January, sources have told Metal Bulletin.The price rise will be driven by positive trends in domestic hot-rolled coil (HRC) and cold-rolled coil (CRC) in the EU and limited imports.Metal Bulletin's weekly price assessment for domestic HDG in Southern Europe was ?,?...Read More
Domestic prices for cold-rolled coil (CRC) increased in Southern Europe this week and are expected to soon move up further, sources told Metal Bulletin.The rise was supported by a lack of competitive import offers in the market. Metal Bulletin's weekly price assessment for domestic CRC in Southern Europe was ?,?610-640 ($735-772) per tonne ex-works on Wednesday December 17, up from ?,?59...Read More
Domestic prices for hot-rolled coil (HRC) in the EU are expected to rise due to the lack of competitive import offers, sources told Metal Bulletin this week.The price rise is expected to be about ?,?10-20 per tonne and will be reflected in deals for coil from second-quarter rolling, according to market participants. EU mills were reported to be almost fully booked for first-quarter production of H...Read More
Domestic prices for rebar in Northern Europe have narrowed upward by ?,?10 per tonne week-on-week amid rising production costs and strong demand, sources told Metal Bulletin on Wednesday January 17.Metal Bulletin's weekly price assessment for domestic rebar in Northern Europe was ?,?550-570 ($674-698) per tonne delivered on Wednesday, up from ?,?540-570 per tonne on January...Read More
Domestic European prices for steel beams increased again this week due to healthy demand from end-users and steep costs for producers, market sources told Metal Bulletin on Wednesday January 17.Metal Bulletin's price assessments for S235-grade, 200 x 200mm category-2 H-beams made in both Northern and Southern Europe moved up by ?,?5 per tonne to ?,?620-650 ($759-796) per tonne delivered on January...Read More
Domestic prices for steel wire rod rose by ?,?5-20 per tonne in Southern Europe this week because of higher ferrous scrap costs, sources told Metal Bulletin on Wednesday January 17.Meanwhile, Metal Bulletin's weekly price assessment for domestic mesh-quality wire rod in Southern Europe narrowed upward to ?,?520-550 ($637-674) per tonne delivered on January 17, from ?,?515-530 per...Read More
The Turkish steel mills extended their silence in the deep-sea scrap markets on Wednesday January 17, because of tight supply in the US and high prices, according to market participants.The mills were expected to book more cargoes for February, but the weak demand for their finished goods was keeping them out of the market.Meanwhile, the heavy winter conditions along the US East Coast...Read More