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
GOLD continues to trade below key resistance at 1,298.55 as it remains in consolidation mode. On the downside, support comes in at the 1,280.00 level where a break will turn attention to the 1,270.00 level. Further down, a cut through here will open the door for a move lower towards the 1,260.00 level. Below here if seen could trigger further downside pressure targeting the 1,250.00 level. Convers...Read More
Fresh restrictions on production planned for China's steelmaking hub of Tangshan in the northern region do not appear to have had any effect on steel prices, market sources told Fastmarkets MB.Local authorities intend to extend production limits imposed on heavy industries beyond the winter heating season - which concludes at the end of March - to the April-September period to preserve air quality...Read More
XAUUSD, Daily, H4 & H1 Gold breached the 61.8 Fibonacci level at 1286.00 zone, last Friday (January 18), and has been unable to close above this level so far this week. The Gold price has continued to trade below this key level, re-testing it briefly on Wednesday (January 23) but also trading as low as 1276.60 on Monday and Thursday. The daily chart has Support at 1275.00 (lower...Read More
There has been increasing emphasis on spodumene pricing due to the growing importance of this concentrate as a major source of feedstock for conversion in lithium compounds and the potential knock-on effect in the downstream electric vehicle and battery sectors. The growing importance of hard rock lithium concentrate as a major source of feedstock for lithium carbonate and hydroxide production has...Read More
China officially added gold to its reserves last month for the first time in two years and has been shrinking its holdings of US Treasuries. The Russians have also made similar moves.There have also been efforts to limit exposure to the US dollar by setting up alternative payments systems and financial channels that don't rely on the greenback.Gold offers countries some measure of independence...Read More
Stabilizing prices this month have lifted the gloom from China's steel sector, resulting in the emergence of optimism for the market after the Chinese New Year.Toward the end of 2018, most market participants had been pessimistic about Chinese steel prices, particularly those for flat steel, with the key automotive industry experiencing its first sales decline since the 1990s last year."Market par...Read More
Base metals prices on the London Metal Exchange were mostly higher at the close of trading on Friday January 25, with a downturn in the US dollar index supporting higher prices, while tin futures fell on more than 1,000 tonnes of inflows.Closing above $6,000 per tonne for the first time this year, copper's three-month price appreciated by 2.2% over the afternoon and total volumes traded toppe...Read More
SD Friday Wrap: This rant has got it all, and it's GUARANTEED TO MAKE YOU MAD, so enter at your own risk...It sucks being early.And I'm always early.It's the story of my life: Always early, rarely wrong.It sucks because you get laughed at.It sucks because people look at you like you're from outer space.It sucks because people are oh-so-quick to slap the "conspiracy theorist" label on you.Case in p...Read More
London Metal Exchange tin inventory, which reached its lowest level in 30 years earlier this week, has received its largest inflow since November 2014. More than 1,000 tonnes was delivered into LME-listed warehouses in Singapore on the morning of Friday January 25, taking the total LME tin stock count back above 2,000 tonnes. After today's morning inflow, tin's outright price dropped $500 per tonn...Read More
Comex copper prices rebounded on Friday January 25 after three straight declines amid a lower dollar and a round of technical buying. The copper price for March settlement on the Comex division of the New York Mercantile Exchange surged 5.35 cents to $2.6980 per lb. Market participants remain wary of commodity markets, though, with Chinese and...Read More
Gold could revisit the high of $1,286 hit earlier this week, as the repeated bounce from sub-$1,280 may have weakened the bearish view put forward by the contracting triangle breakdown. Hourly chart As seen above, sellers are struggling for a convincing break below $1,280. Further, the 14-hour RSI is showing a diamond breakout. Put simply, the indicator is possibly hinting it an impending b...Read More
Shares in Jardine Matheson Holdings, a 186-year old firm listed in Singapore, plummeted 83% on Thursday, wiping more than $40 billion off the market value of the storied conglomerate.The stock quickly recovered and traders immediately pointed to the most likely reason for the strange dealings - a fat finger.Fat finger trades are human errors - more often than not pressing the wrong buttons SGX lat...Read More
Canadian junior Explorex Resources (CSE:EX) (OTC:EXPXF) has placed its plans to buy the Hautalampi cobalt, nickel and copper project in eastern Finland on the back burner because it won't be able to secure the required funding in advance.The Vancouver-based miner, which in November said it intended to acquire the Finish asset, was supposed to pay the project's owner, FinnCobalt, around $1.9 milli...Read More
German auto maker giant Volkswagen has just upped its bet on electric vehicles (EVs) by overhauling its Salzitter plant to focus on production processes for battery cells for the new generation of cars, which the company plans to also start producing soon.The Wolfsburg-based company said it would invest 870 million euros (about $985 million) by 2020 to develop e-vehicle components, adding that i...Read More
European alloy surcharges for stainless steel products have fallen for the seventh consecutive month with the February surcharge down because of continuing weak market fundamentals and a sharp drop in molybdenum prices in January.The February alloy surcharge for molybdenum-containing grade-316 cold-rolled (CR) sheet - based on data published by producers Outokumpu, Aperam and Acerinox -...Read More
Base metals prices on the London Metal Exchange were mostly higher at the close of trading on Friday January 25, with a downturn in the US dollar index supporting higher prices, while tin futures fell on more than 1,000 tonnes of inflows.Closing above $6,000 per tonne for the first time this year, copper's three-month price appreciated by 2.2% over the afternoon and total volumes traded toppe...Read More
First Quantum Minerals has suspended production at its Cobre Las Cruces copper mining and hydrometallurgical complex in Spain following a land slippage at its open-pit mine on Wednesday January 23. The area has been evacuated and isolated for safety and environmental procedures since the land slippage in the early morning, the Canadian mining company said. The miner did...Read More
London Metal Exchange tin inventory, which reached its lowest level in 30 years earlier this week, has received its largest inflow since November 2014. More than 1,000 tonnes was delivered into LME-listed warehouses in Singapore on the morning of Friday January 25, taking the total LME tin stock count back above 2,000 tonnes. After today's morning inflow, tin's outright price dropped $500 per tonn...Read More
Comex copper prices rebounded on Friday January 25 after three straight declines amid a lower dollar and a round of technical buying. The copper price for March settlement on the Comex division of the New York Mercantile Exchange surged 5.35 cents to $2.6980 per lb. Market participants remain wary of commodity markets, though, with Chinese and...Read More
The market cannot get too excited about base metals prices in 2019 while the trade conflict between the United States and China continues to dominate headlines, INTL FCStone analyst Edward Meir said. Meir was the 2018 winner of the base metals price prediction category in Fastmarkets' Apex competition. Speaking to Fastmarkets MB, Meir said: "The year ahead is going to be much of the same and...Read More