Editor's Note: View Kitco News' full 2018 outlook coverage(Kitco News) - It was a tale of two markets for gold in 2017, as prices made their biggest gains since 2010, but U.S. Mint coin sales were the weakest in a decade.The U.S. Mint said that sales of American Eagle gold and silver coins were the lowest since 2007 and American Buffalo coins had the worst year on record.The majority of analysts b...Read More
Editor's Note: View Kitco News' full 2018 outlook coverage(Kitco News) - SPDR Gold Shares (NYSE Arca: GLD), the world’s largest gold-backed exchange-traded fund, posted a modest inflow of roughly 15 metric tons during 2017.The figure might look better than it is since the inflow came from a low level of overall holdings, pointed out Ryan McKay, commodity strategist with TD Securities. Howeve...Read More
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
(Kitco News) - Gold continues to find buying interest on the back of continued dollar weakness and growing geopolitical rhetoric from North Korea and Iran. An uptick in manufacturing demand out of China continues to help the industrial metals, and the current cold snap in the U.S. Northeast has helped maintain oil above $60. Technically, gold looks healthy and a break to the $1,322 level is possib...Read More
The short squeeze in metals continues and it appears the shorts are starting to panic. The rally, as good as it looks, is not very healthy and before it ends, gold could see $1,325 and silver could see $17.20. That's the funny thing about short covering rallies; they look so good right before they collapse. Helping the rally has been the pressure in the cryptocurrencies, especially the Bitcoin, wh...Read More
A summary of base metals premiums across the globe for the week to Tuesday January 2.Read More
Base metals prices were on divergent paths at the close on the London Metal Exchange on Tuesday January 2 while most prices tried to consolidate recent gains. Zinc was one of the strongest performers today, hitting a high of $3,352 per tonne - the highest since August 2007. Lead followed its sister metal higher, closing up 2%. "Zinc has opened 2018 in a bullish mood; still, falling LME stocks sugg...Read More
Comex copper prices consolidated in the US morning on Tuesday January 2 after trading around a four-year high at the end of 2017. Copper for March settlement on the Comex division of the New York Mercantile Exchange dipped 1.20 cents or 0.4% to $3.2885 per lb. Earlier today, prices were in positive territory after Chinese manufacturing data surprised to the upside. But after closer inspection and...Read More
High-grade manganese ore prices edged lower on Friday December 29 as fresh customs data showed rising imports to China and silico-manganese futures prices looked weaker. Metal Bulletin's 44% manganese ore index, cif Tianjin dropped 5 cents to $6.88 per dry metric tonne unit (dmtu). Metal Bulletin's 37% manganese ore index, fob Port Elizabeth rolled over at $5.79 per dmtu, equivalent to $...Read More
All members of the China Smelters Purchase Team (CSPT) have agreed to adopt $82.25 per tonne and 8.225 cents per lb as the benchmark for copper treatment and refining charges (TC/RCs) in 2018, the CSPT told Metal Bulletin on Friday December 29.2018 annual TC/RCs were settled between Tongling Nonferrous and Freeport-McMoRan on Wednesday December 27.This was the first time that Tongling No...Read More
The Turkish deep-sea scrap market remained silent on Tuesday January 2, as suppliers remained out of the market, sources told Metal Bulletin.Steel mills in the country paused their deep-sea bookings two weeks ago, but are expected to book more cargoes for February.However, suppliers have stayed away during the New...Read More
The Indian imported ferrous scrap market spent much of 2017 under pressure from new government regulations and the ability of Pakistani counterparts to pay higher prices.The Indian import ferrous scrap market spent much of 2017 under pressure from new government regulations and the ability of Pakistani counterparts to pay higher prices.The introduction of the goods and services tax (GST) in July,&...Read More
China's ferrous futures rose during morning trading on Tuesday January 2 as sentiment improved in the new year, leading to the recovery of trading appetite. Futures closing prices - morning session Shanghai Futures Exchange May rebar: 3,871 yuan ($594) per tonne, up 70 yuan per tonne May hot-rolled coil: 3,920 yuan per tonne, up 69 yuan per tonneDalian Commodity Exchange May iron ore: 543.50 yuan...Read More
Comex copper prices consolidated in the US morning on Tuesday January 2 after trading around a four-year high at the end of 2017. Copper for March settlement on the Comex division of the New York Mercantile Exchange dipped 1.20 cents or 0.4% to $3.2885 per lb. Earlier today, prices were in positive territory after Chinese manufacturing data surprised to the upside. But after closer inspection and...Read More
Base metals traded on the London Metal Exchange are for the most part consolidating this morning, Tuesday January 2, with lead the exception where prices are up 0.6% at $2,514 per tonne. The rest are little changed with copper prices at $7,254 per tonne, but trading volume has been high at 11,821 lots as of 7.30am London time. This comes after an overall positive close to the year on Friday Decemb...Read More
With resignations, acquisitions and co-operation agreements, the last few weeks of 2017 were unusually busy for many European steel companies. Metal Bulletin brings together some of the more important stories from the festive period.British Steel chief resigns British Steel has started 2018 without a permanent chief executive officer, after the resignation of Peter Bernscher on December...Read More
Flat steel buyers in the United Arab Emirates and Saudi Arabia preferred to wait for new prices to be announced before making any new purchases, sources told Metal Bulletin on Tuesday January 2.There was no new price published after the New Year holiday, and the domestic markets in those countries were trying to get used to the imposition of 5% VAT on January 1, 2018.However, most buyers were expe...Read More
As competition in the global steel markets remains fierce, Metal Bulletin provides an update on the new, progressing and closed trade cases from around the world in December 2017.The case list below includes only updates. For other continuing cases in 2017, see the January, February, March, April, May, June, July, August, September, October and November updates.INVESTIGATING REGIONProductOrigin of...Read More
With resignations, acquisitions and co-operation agreements, the last few weeks of 2017 were unusually busy for many European steel companies. Metal Bulletin brings together some of the more important stories from the festive period.British Steel chief resigns British Steel has started 2018 without a permanent chief executive officer, after the resignation of Peter Bernscher on December...Read More
Turkey's ministry of economy removed the country's import duty on rebar on Monday January 1, sources told Metal Bulletin this week.The ministry had previously cut the import tax to 10% from the previous 30% on July 28, due to high domestic rebar prices.Metal Bulletin's weekly price assessment for domestic...Read More