* Dollar pares losses after worst year start in 3 decades* Dollar steadies after slump on U.S. devaluation complaint* Fed seen on hold amid much policy uncertainty* European shares climb as risk appetite creeps back* Apple stock up 3 pct after bell on strong iPhone salesBy Marc JonesLONDON, Feb 1 (Reuters) - World stocks made their first gain in five days on Wednesday as the dollar steadied from t...Read More
Investing.com - Gold prices were little changed in European morning trade on Wednesday, holding near the prior session's one-week high as market players looked ahead to the outcome of the Federal Reserve's policy meeting for further clues on the timing of the next rate hike.Gold for April delivery on the Comex division of the New York Mercantile Exchange dipped $1.00, or around 0.1%, to $1,210.35...Read More
(Adds futures, company news items)Feb 1 (Reuters) - Britain's FTSE 100 .FTSE index is seen opening 34 points higher at 7,134 on Wednesday, according to financial bookmakers, with futures FFIc1 up 0.4 percent ahead of the cash market open.* The UK blue chip index closed down 0.3 percent on Tuesday at 7,099.15. European shares ended January marginally lower after falling to a one-week low on Tuesday...Read More
Feb 1 (Reuters) - Britain's FTSE 100 .FTSE index is seen opening 34 points higher at 7,134 on Wednesday, according to financial bookmakers.* The UK blue chip index closed down 0.3 percent on Tuesday at 7,099.15. European shares ended January marginally lower after falling to a one-week low on Tuesday, as investors turned more realistic about U.S. President Donald Trump's policies, even though soli...Read More
SHANGHAI, Feb 1 (SMM) – Nonferrous metals futures edged down with SHFE aluminium leading the loss with a 1% drop. The ferrous complex saw mixed trading with hot-rolled coil up over 1% and rebar up slightly. Iron ore was down nearly 1%.Copper: Investors have reduced their long bets today, dragging SHFE copper lower. We expect copper prices to stay rangebound in the short term as the US w...Read More
SHANGHAI, Feb 1 (SMM) – China’s production of 10 nonferrous metals amounted to 53.78 million mt in 2017, up 3% from a year ago, according to data released by the National Development and Reform Commission (NDRC) on Wednesday January 31. The annual growth was up 0.5 percentage point from the previous year.According to the data, copper output was up 7.7% to 8.89 million mt, aluminium was...Read More
Teck CEO Don Lindsay: "we had analysts and prognosticators telling us that we would never recover and that the industry was doomed. Next time you see that, buy Teck" | SubmittedOne year ago, the share price for B.C.'s largest mining company, Teck Resources Ltd. (TSX:TECK.B), had fallen below $4, and some analysts were predicting it would follow more than a dozen American coal-mining companies into...Read More
Shares in Freeport McMoRan Inc (NYSE:FCX), the world's largest listed copper miner, gained on Tuesday after reports that the US company's Indonesia operations will be temporarily exempt from new mining rules introduced by the Asian nation.Freeport shares jumped as much as 2.4% in early trade in New York, bringing gains so far in 2017 to nearly 25%. The pundits favourite regularly makes the most a...Read More
United States mines in 2016 produced an estimated $74.6 billion of raw mineral materials, a slight increase from 2015, the U.S. Geological Survey announced Tuesday.The information comes from the 40th annual Mineral Commodity Summaries report, the earliest comprehensive source of 2016 mineral production data for the world. It includes statistics on more than 88 mineral commodities that are import...Read More
Investing.com - Gold prices were higher in European morning trade on Tuesday, adding to the prior session's gains amid uncertainty over the outlook for U.S policy after President Donald Trump introduced immigration curbs that sparked criticism at home and abroad.Gold for April delivery on the Comex division of the New York Mercantile Exchange rose $5.85, or around 0.5%, to $1,201.95 a troy ounce b...Read More
Description As global demand weakens and commodity prices fall, we're seeing a challenging environment in the metals and mining industry. Mining companies are increasingly coming under pressure to reduce operating costs, causing many to shift their strategic planning, delay new investments and look to long-term future growth. This Copper Short Term Outlook report provides a detailed breakdown of...Read More
SHANGHAI, Jan 31 (SMM) – Nonferrous metals futures fell across the board on Wednesday as SHFE nickel led the loss with over 2% drop. Both lead and aluminium were down some 1%, while zinc and tin slipped.In the ferrous complex, coking coal went back up in the afternoon while coke and iron ore were down some 1%. Hot-rolled coil and rebar edged down slightly.Copper: The SHFE 1803 copper contrac...Read More
SHANGHAI, Jan 31 (SMM) – Copper scrap spot prices fell 100 yuan/mt on Wednesday January 31 as downstream customers started to close for the Chinese New Year holiday.The 1# bare bright copper in Guangdong province area traded at 46,500-46,800 yuan/mt today, SMM learned. Trading was limited as supply remained tight and seller were reluctant to let go cargoes easily. For editorial qu...Read More
SHANGHAI, Jan 31 (SMM) – Tongling Nonferrous Metals Group’s net profits for 2017 are expected to amount to 510-580 million yuan, up 183-222% from a year ago, the company said in a statement on Wednesday January 31. This is due to the increase in average processing fees of copper foil, the company noted. For editorial queries, please contact Daisy Tseng at daisy@smm.cn For mor...Read More
SHANGHAI, Jan 31 (SMM) –Copper: Lacklustre downstream consumption has dragged the performance of copper futures of late but we see support for SHFE copper at 53,000 yuan/mt. LME copper, meanwhile, is set to trade at $7,050-7,110/mt. We see spot discounts stable today at 210-150 yuan/mt amid quiet physical market.Aluminium: LME aluminium will test support at the $2,200/mt level today while th...Read More
On Monday copper for delivery in March declined more than 1% in New York at $2.6545 per pound or $5,855 a tonne amid a general weakness on commodity and financial markets gripped by uncertainty surrounding the Trump administration's impact on the global economy and geopolitical stability. Last week copper touched its highest level since June 2015 above $2.70 a pound.Despite the pullback copper is...Read More
Nickel fell to a 13-year low of $7,725 a tonne ($3.50 a pound ) in February last year; then rallied to more than $11,700 by mid-November only to fall back nearly 20% to trade at a six-month low on Friday.Nickel, mainly used as an anti-corrosive in steel alloys, rallied in 2016 on the back of a clampdown on mines in the Philippines which took over as the main supplier to China following an ore exp...Read More
Frank discusses the gold and bond markets and how they have been driven by global uncertainty. Bond rates have begun to decline again which is bullish for the gold market. He talks about forward looking industrial indicators which are currently positive and how they are predictive of future global economic demand. Holmes says this is a good sign, and may be the underlying reason why commodities ha...Read More