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
Base metals prices on the London Metal Exchange were mostly lower at the close of trading on Wednesday January 2, under pressure from upward momentum in the United States dollar index although a marginal downturn in US equity markets hindered buying sentiment.In afternoon trading, the three-month price of lead fell by more than 3% to reach an intraday low of $1,942 per tonne. It had spent most of...Read More
A quiet bull market in mining stocks is underway. The GDX ETF closed trading on New Year's Eve up 2.37%. Through Monday, the GDX has risen 20% since hitting a 52-week low close of $17.57 on September 11, 2018. In popular parlance, GDX is now in a "bull market."We expect that a significant bull move will occur and a significant amount of capital will pull out of "risk assets" and move into physical...Read More
China's manganese market was little moved in the last week of December with many market participants away for the Christmas and New Year holidays. Fastmarkets' 37% manganese ore index, fob Port Elizabeth, inched up by 6 cents to $5.62 per dry metric tonne unit (dmtu) on December 28. Fastmarkets' 37% manganese ore index, cif Tianjin, rose by 4 cents to $6.29 per dmtu, while the 44% manganese ore in...Read More
Glencore saw the heaviest fall of the group with a fall of 4.98% to £2.77 (US$3).The miner and trader had managed to avoid the global markets rout after Christmas that saw major indices mark the worst annual decline in a decade, only to be hit on the first trading day of 2019.Rio Tinto was better than the rest, but still fell 3.17% to £36.BHP and Rio also fell in Australia.The big Cana...Read More
Fastmarkets has corrected its titanium scrap unprocessed turnings (over 0.5% max 2.0% Sn) price, which was published incorrectly on January 2, 2019 due to a reporter error. The price was originally published incorrectly at $0.85-9 per lb cif major European ports and has been corrected to $0.85-0.9 per lb cif major European ports.Fastmarkets' price book and database have been updated to reflect thi...Read More
CloseGain/LossGold $1283.00+$0.80Silver$15.51+$0.04XAU70.94+0.40%HUI160.71+0.08%GDM586.15-0.39%JSE Gold1397.58+21.83USD96.79+0.65Euro113.44-1.15Yen91.69+0.46Oil$46.54+$1.1310-Year2.655%-0.028T-Bond146.96875+0.96875Dow23346.24+0.08%Nasdaq6665.94+0.46%S&P2510.03+0.13% The Metals: Gold gained $6.50 to $1288.70 in late Asian trade before it dropped back under unchanged at $1278.90 by early aft...Read More
Fastmarkets has changed the names of its benchmark in-warehouse Rotterdam cobalt price assessments on January 2, 2019. The name 'standard-grade' has replaced the name 'low-grade'. The name 'alloy-grade' has replaced the name 'high-grade'. These changes follow a market consultation on Fastmarkets MB's international cobalt price specifications completed in April 2018. All historical data relating to...Read More
The Turkish scrap import market was quiet on Wednesday January 2 with most market participants still on holiday, while demand for finished steel products was sluggish.After news broke of a Baltic Sea cargo being sold at $283 per tonne cfr for HMS 1&2 (80:20) on December 29, the daily scrap indices went down by around $6 per tonne...Read More
There will be a massive influx of copper scrap to China in the first half of this year, with market participants hurrying to secure material before the country steps up its clampdown on scrap imports in the latter half, a BMO Capital Markets analyst said. China will restrict the importing of copper scrap classified under HS code 7404000090, including category 6 copper scrap which does not require...Read More
Newrange names Archer as CEONewrange Gold Corp. [NRG-TSXV] said Wednesday January 2 that it has named Robert Archer as its new Chief Executive Officer. The company said Archer has more than 35 years of experience in the mining industry, working throughout North America and Peru.After spending more than 15 years with major mining companies, he held several management positions in the junior mining...Read More
The Ramu nickel-cobalt mine in Papua New Guinea. Source: Highlands Pacific Ltd.Cobalt 27 Capital Corp. [KBLT-TSXV, 270-FSE], owner of the world's largest stockpile of cobalt, on Wednesday January 2 announced the friendly acquisition of Australian Securities Exchange-listed Highlands Pacific Ltd. [HIG-ASX] in a $96 million transaction. Highlands' primary assets include an 8.56% stake in the produci...Read More
Fastmarkets has corrected its ferrous shredded scrap Rotterdam export price, which was published incorrectly on December 21 and December 28 due to a reporter error.The price was originally published incorrectly at $376-378 per tonne fob Rotterdam and has been corrected to $276-278 per tonne fob Rotterdam. Fastmarkets price book and database have been updated to reflect this change.To provide feedb...Read More
Comex copper futures softened in the first trading day of the new year in the United States amid disappointing Chinese manufacturing results and persistent weakness in US stocks.The copper price for March settlement on the Comex division of the New York Mercantile Exchange declined 2.90 cents to $2.6020 per lb.Weaker than expected manufacturing data from China prompted the Asian markets to open tr...Read More
Gold’s fierce year-end rally may have surprised a lot of people… I mean, even peeps like me who are getting kind of used to witnessing these sharp reversals around December timeframe, well, even then, I can’t ever say for certain I expect this trend to continue…In early December, though, I did write the following post, kinda letting readers know that a rally in gold was som...Read More
With the exception of lead and tin, three-month base metals prices on the London Metal Exchange were for the most part under downward pressure over the final trading days of 2018.Weak manufacturing purchasing managers' index (PMI) readings showed the Chinese economy has slipped into contraction mode, which is further evidence that the trade dispute between the Asian nation and the United States is...Read More
Fastmarkets has changed the names of its benchmark in-warehouse Rotterdam cobalt price assessments on January 2, 2019. The name 'standard-grade' has replaced the name 'low-grade'. The name 'alloy-grade' has replaced the name 'high-grade'. These changes follow a market consultation on Fastmarkets MB's international cobalt price specifications completed in April 2018. All historical data relating to...Read More
Like millions of other people, I'm very nostalgic for Nintendo, especially at Christmas. That's because this story, or some version of it, is quite common:1986. Christmas morning. Under the tree, there was a giant wrapped box, tagged:TO: Luke and LanceFROM: SantaMy father told us we should open that one first.Tearing into it revealed a giant robot head staring back at us. And we immediately knew e...Read More
Some flat steel import prices in Saudi Arabia and the United Arab Emirates have gone down over the past week on lower offers, sources said on Wednesday January 2.Demand was subdued because stock levels in the UAE were already high and the market wanted to see how the steel market would move early in 2019, sources told Fastmarkets.UAEChinese offers of hot-rolled coil (HRC) into the UAE were priced...Read More
Share this articleTORONTO - Canada's main stock index started the trading year higher in a volatile day that saw the key energy sector get a boost from higher oil prices.The S&P/TSX composite index closed up 24.30 points at 14,347.16.In New York, the Dow Jones industrial average ended the day up 18.78 points at 23,346.24. The S&P 500 index was up 3.18 points at 2,510.03, while the Nasdaq compos...Read More
China's hot-rolled coil prices fell on Wednesday January 2, the first working day of the year, following the release of statistics pointing to a contraction in manufacturing activity last month.DomesticEastern China (Shanghai): 3,650-3,660 yuan ($531-532) per tonne, down 30-40 yuan per tonneNorthern China (Tianjin): 3,560-3,570 yuan per tonne, down 70-80 yuan per tonneTrading was thin in the entir...Read More