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 convincingly crossed the falling channel hurdle on Friday, signaling an end of the corrective pullback from recent highs above $1,325. So far, however, the bull breakout has not emboldened the bulls. 4-hour chart The falling channel breakout seen in the above chart represents a bearish-to-bullish trend change. Put simply, the doors have been opened for a test of the recent high of...Read More
Gold is doing its seasonal thing, up from $1,200/oz in Q4 2018 to its current price of $1,314/oz.Further, gold miners, particularly 3 Canadian developers: Pure Gold Mining, Marathon Gold, and Sabina Gold and Silver have outperformed not only gold but the mining ETFs, GDX and GDXJ, ytd.The outperformance of the aforementioned Canadian developers are worth tracking as they could be signaling that in...Read More
Zinc's three-month price on the London Metal Exchange fell at the close of trading on Monday February 11, hampered by broad strength in the dollar index while low LME inventories failed to limit downward price action. The three-month zinc price has also fallen by 6% since reaching a July 2018 high of $2,800 per tonne last week. Since then, open interest in zinc has dwindled by more than 11% from a...Read More
Base metals prices on the London Metal Exchange were predominantly lower during morning trading on Monday February 11, with nickel the only metal to trade in positive territory, while continued strength in the dollar index fuels selling momentum. Chinese market participants have returned from their week-long Lunar New Year break. Yet despite a return of Chinese stimulus resulting in higher volumes...Read More
China's return to the market after a week-long break for Lunar New Year has not brought with it a rush to restock and that has led to some disappointed selling across the base metals traded on the London Metal Exchange, with the complex down by an average of 0.9% this morning, Monday February 11.The three-month zinc price led the decline with a 2% drop, while the three-month tin price was down by...Read More
Southern Copper Corp said on Monday that it earned $293.2 million in net profit the fourth quarter, compared to a $287.5 million loss it posted in the same period a year earlier.The company, controlled by Grupo Mexico, said its copper production rose 4 percent in the fourth quarter from the same period in 2017. It added that a 112 percent rise in net income in all of 2018 was due mainly to higher...Read More
Mexican miner and transport company Grupo Mexico on Monday reported a net fourth quarter profit of $74.7 million, down by 32 percent compared to the year earlier period.The company reported $2.567 billion in revenues for the fourth quarter, down slightly from a year earlier.(By Lizbeth Diaz; Editing by Delphine Schrank)Read More
Peru's environmental agency OEFA is investigating what looks like a tailings spill from Southern Copper's Cuajone mine into a river as the area where the operation is located has been inundated by heavy rains in the past four days.The authority detected a "flow of a greenish solution" into the nearby Torata River in the waste deposit area of the operation, located in the Moquegua region approximat...Read More
The European spot market price of ferro-silicon stabilized in the week ended Friday February 8 after recent falls, with the range holding at lows last seen in February 2017; while in the United States, prices narrowed during a slow trading week. Europe stabilizes losses, with trading activity expected low key until March US prices narrow amid limited trading activity China set to retu...Read More
Turkey's biggest steel producer, Erdemir Group, reported earnings before interest, taxes, depreciation and amortization (Ebitda) for 2018 of TRY8.302 billion ($1.579 billion*), up 52.24% from TRY5.453 billion for 2017. The group sold 7.482 million tonnes of flat steel products in January-December 2018, down by 1.47% from the 7.594 million tonnes sold in 2017, it said last week. The increase in ear...Read More
Canada's Cameco (TSX:CCO) (NYSE:CCJ), the world's largest publicly traded uranium miner, is in no rush to resume production at its idled operations due to "ongoing challenging and uncertain" uranium market conditions.The Saskatchewan-based miner indefinitely shut last year its flagship McArthur River mine - the world's biggest - and also the Key Lake mill, which has helped the market. But while...Read More
Here are five Fastmarkets MB stories you might have missed on Monday February 11 that are worth another look.The London Metal Exchange could face a significant financial challenge if the European Union wins a legal battle with the British government over tax breaks on commodity derivatives trading. Turkish President Recep Tayyip Erdogan has put his weight behind calls for a reduction of...Read More
OJSC Electrozinc, the second-largest industrial metallurgy enterprise in Russia, has permanently ceased operations at its plant in North Ossetia, Fastmarkets has heard.The unit, which had been under close scrutiny from regional authorities, had already suspended operations following a fire on October 21 last year that killed one person and injured three more."The company has decided to terminate E...Read More
The London Metal Exchange could face a significant financial challenge if the EU wins a legal battle with the British government over tax breaks on commodity derivatives trading.The European Commission has referred the UK to the European Court of Justice (ECJ) over concessions offered by the EU to the UK in 1977, which allowed the UK to apply a zero-rate of VAT to transactions on specific commodit...Read More
A 118-day queue for aluminium has developed at warehouses in Port Klang operated by Istim, following a series of cancelations on the London Metal Exchange last month, according to LME data released on Monday February 11.Between January 22 and 25, almost 300,000 tonnes of aluminium was canceled at warehouses in Port Klang, causing the extended wait for deliveries.At the end of December, there was j...Read More
The price of copper in the United States began the week trading in negative territory, with a strong dollar and a lack of news about the US-China trade talks weighing on the base metals complex.The copper price for March settlement on the Comex division of the New York Mercantile Exchange declined by 1.10 cents per lb to $2.79 per lb.Chinese market participants have returned from their week-long L...Read More
Base metals prices on the London Metal Exchange were predominantly lower during morning trading on Monday February 11, with nickel the only metal to trade in positive territory, while continued strength in the dollar index fuels selling momentum. Chinese market participants have returned from their week-long Lunar New Year break. Yet despite a return of Chinese stimulus resulting in higher volumes...Read More
RAPAPORT... Switzerland's G? 1/4 belin Gem Lab has launched a blockchain forcolored gemstones, which, it claims, will enable source verification throughoutthe entire supply chain. The digital ledger is now open to industry members wishingto place their gemstones on the platform, the Lucerne-based institute saidafter unveiling it at the AGTA GemFair Tucson show last week. The blockchain will recor...Read More
Arbitrage for copper, aluminium, zinc and nickel imported into China on Monday February 11*Copper -$165.93 (-1,126.09 yuan) Aluminium -$370.65 (-2,515.41 yuan) Zinc -$111.17 (-754.45 yuan) Nickel -$61.61 (-418.12 yuan) *Fastmarkets MB calculates the physical arbitrage for import into China daily by using SHFE front-month and LME three-month...Read More
RAPAPORT... Zimbabwe Consolidated Diamond Company (ZCDC) expects a 46% jumpin its rough-diamond production in 2019. The nation's rough-diamond output will reach 4.1 millioncarats this year, up from 2.8 million last year, the miner told RapaportNews last week. In 2017, the company produced 1.8 million carats. Prices ofrough should also increase as the state-owned miner implements a new diamond...Read More