Gold has big year in 2020 and outlook for this year robust. Learn about monetary expansion and gold future prices.Read More
The gold futures price reached US$1,767/ounce this week before retreating, which was the second time it has surpassed US$1,760 in the past two months, marking some of gold's highest levels in several years.Read More
Turkish steel mills started the trading week without any deep-sea bookings because of uncertainty prevalent across Asian markets, sources told Fastmarkets MB.The mills were mostly watching the situation in Chinese steel market for clues to market direction, sources said on Monday December 10."The phone did not ring... Everybody is watching China and is not willing to buy scrap until the situation...Read More
Comex copper prices hit a one-week high in the US morning on Tuesday December 11 with the continued trade actions between China and the United States guiding the market. The copper price for March settlement on the Comex division of the New York Mercantile Exchange jumped 5.15 cents to $2.7715 per lb today. Earlier, the contract traded at $2.7805, the highest since December 4. Trade tensions betwe...Read More
Three-month base metals prices on the London Metal Exchange were for the most part firmer this morning, Tuesday December 11, with average gains of 0.2%. This after they again tested support levels on Monday, when support held to varying degrees.Copper led on the upside this morning with a 0.6% gain to $6,133 per tonne, while aluminium dipped 0.1% to $1,945 per tonne. Volume across the complex has...Read More
Comex copper prices softened on Monday morning in the United States amid weak Chinese data and continued equity market weakness.The copper price for March settlement on the Comex division of the New York Mercantile Exchange dipped 2.25 cents to $2.7370 per lb."We expect copper prices to strengthen in the coming days," Fastmarkets analyst Boris Mikanikrezai said. "Although there is plenty of uncert...Read More
The Tuesday Market Minute Global stocks rally higher as investors react cautiously to news of progress in U.S.-China trade talks but remain unsettled by political uncertainty in Europe.China's chief trade negotiator spoke with Treasury Secretary Steve Mnuchin and Trade Representative Robert Lighthizer to set out a "roadmap" for talks despite the political overhang of the Huawei CFO arrestHu...Read More
Share this articleEDMONTON - Alberta is looking for someone to build a new oil refinery, but Premier Rachel Notley says any deal needs to work for both industry and taxpayers."The project must make sense for Alberta," Notley said Tuesday. "It must have a return on investment for Albertans, and it must diversify the way we use the energy resources that we as Albertans all own."Notley announced the...Read More
Share this articleTORONTO - Canada's main stock index was higher in late-morning trading, boosted by gains in the consumer staples sector as well as in financial and industrial stocks.The S&P/TSX composite index was up 69.40 points at 14,797.68.In New York, the Dow Jones industrial average was up 110.23 points at 24,533.49. The S&P 500 index was up 19.11 points at 2,656.83, while the Nasdaq compos...Read More
This is an ominous chart. This is the Dow Jones Transportation Average. And it looks dangerous.You see, when the transports and the Dow Jones Industrial Average agree, it gives us a clear sign of where the stock market is heading. Here is the industrial chart:Both charts have broken their respective support lines. Both are in downtrends, with lower highs and lower lows.I've been using the Dow th...Read More
Share this articleBiometric screening is expanding to the rental car industry.Hertz said Tuesday it is teaming up with Clear, the maker of biometric screening kiosks found at many airports, in an effort to slash the time it takes to pick up a rental car. Clear hopes it will lead more travellers to its platform, which has 3 million members in the U.S.It's the latest place consumers will find biomet...Read More
Last month, we suggested the gold market faced one of two scenarios. The first was the case where the Fed came to the conclusion this month that it would have to stop tightening. The second was the scarier situation where the Fed continued to press ahead with its tightening mantra until something broke, such as the stock market.Based on recent comments by FOMC chairman Jerome Powell, the Fed seem...Read More
The outlook for the steel market in the Middle East is improving because of improved oil prices, Abu Bucker Husain, chief executive officer of United Arab Emirates-based Al Ghurair Iron and Steel (AGIS) said in his presentation on Tuesday December 11 in Dubai.2017 had been the worst year for contracts being awarded in the Middle East since 2012 but now investment in construction, infrastructure pr...Read More
Flat steel import prices in Saudi Arabia and the United Arab Emirates (UAE) have remained stable over the past week due to limited demand near year-end, sources said on Tuesday December 11. Demand was subdued because buyers do not want to build up inventories before finalizing their year-end accounting procedures, they told Fastmarkets. UAE Chinese offers for hot-rolled coil (HRC) into the UAE wer...Read More
China's hot-rolled coil (HRC) prices dropped on Tuesday December 11 amid sparse trading both domestically and in the export market.DomesticEastern China (Shanghai): 3,710-3,720 yuan ($537-538) per tonne, down 10-30 yuan per tonneNorthern China (Tianjin): 3,530-3,560 yuan per tonne, down 50 yuan per tonnePrices were lower due to sparse trading today, a Zhejiang-based trader said.The...Read More
The latest news and price moves to start the Asian day on Wednesday December 12.Base metal prices rose on the London Metal Exchange by the close on Tuesday December 11, with copper surging after market sentiment was boosted by positive news of easing tensions between China and the United States. Read more in our live futures report.Here are how prices looked at the close of trading:Saudi Arabia ha...Read More
Saudi Arabia has not imported rebar in 2018 and cannot utilize its full production capacity due to weak domestic demand, Ahmed Al-Hussain, rebar director of Saudi National Committee for Steel Industry said at Fastmarkets MB's Middle East Iron and Steel Conference in Dubai on Tuesday December 11.Saudi Arabia has a combined rebar and wire-rod production capacity of 13.5 million tonnes per year, yet...Read More
Brazilian imports of flat steel products dropped year on year in November, while long steel shipments increased in the same period, according to figures from the country's foreign trade ministry, MDIC. Imports of flat steel fell by 8.78% year on year in November to 93,615 tonnes, compared with 102,626 tonnes in the corresponding month of 2017. China was the largest provider of flat steel to Brazil...Read More
Turkish steel mills remained out of deep-sea scrap markets on Tuesday December 11 because of continued uncertainty in the Chinese steel market, sources told Fastmarkets MB.Market pessimism weighed on China's rebar prices in both the domestic and the export market again on Tuesday December 11.Buyers kept procurement rates low amid bad weather in China, with work suspended at many construction sites...Read More
CloseGain/LossGold $1243.00-$1.30Silver$14.55+$0.03XAU67.09-0.46%HUI152.82-0.78%GDM558.66-0.31%JSE Gold1249.83+2.68USD97.42+0.21Euro113.22-0.35Yen88.22-0.12Oil$51.65+$0.6510-Year2.879%+0.025T-Bond143.90625-0.15625Dow24370.24-0.22%Nasdaq7031.83+0.16%S&P2636.78-0.04% The Metals: Gold gained $5.20 to $1249.50 in London before it chopped back down to $1241.10 by midafternoon...Read More
By Ed Steer11 December 2018 -- TuesdayYESTERDAY in GOLD, SILVER, PLATINUM and PALLADIUMThe gold price went vertical the moment that trading began in New York at 6:00 p.m. EST on Sunday evening in New York. but the short sellers of last resort were there in seconds -- and from that point the price chopped quietly sideways until shortly before 3 p.m. China Standard Time on their Monday afternoon...Read More
By Craig HemkeEach of the past five years, we've predicted a year-end and new-year rally in precious metals. And for each of the past five years, the market has performed as forecast. So, what can be expected as 2018 becomes 2019? Let's begin with the past. As mentioned above, each of the past five years have seen year-end gold and silver price rallies. These rallies have begun around the time o...Read More