Remember, some hold this document to be the definitive final word on the silver market. But how could that be if there is no mention of...by Ted Butler via Silver SeekThis past week, the Silver Institute released the annual supply/demand report it commissions each year by GFMS from London. In about a month, the annual silver report compiled by CPM Group should be released. Over time, these two rep...Read More
Investing.com - Prices of safe-haven gold failed to sustain early-session gains on Tuesday, after initially rising following news that the U.S. will end Iran sanctions waivers.Gold futures for June delivery, traded on the Comex division of the New York Mercantile Exchange, were down 0.2%, at $1,275.45 per ounce by 1:33 AM ET (05:33 GMT).Prices had moved higher earlier after the White House decided...Read More
Europe's return to the metals market after the Easter bank holiday has failed to precipitate any significant consumption, while a further slew of weak European and United States economic data destabilized London Metal Exchange three-month contracts by the close on Tuesday April 23. The entire complex traded down by close of play but no metal was harder-hit than nickel. The metal's LME three-month...Read More
Comex copper prices were dragged lower on Tuesday April 23 morning in the United States, with a surging dollar and concerns over Chinese growth weighing on the base metals complex.The copper price for May settlement on the Comex division of the New York Mercantile Exchange inched down by 2 cents to $2.8815 per lb. The red metal has been unable to set a clear price direction over the past few weeks...Read More
Physical iron ore prices stayed rangebound on Tuesday April 23 while the 65% Fe derivative on the Singapore Exchange traded actively.MB 62% Fe Iron Ore Index: $94.53 per tonne cfr Qingdao, up $0.05 per tonne. MB 62% Fe Pilbara Blend Fines Index: $93.31 per tonne cfr Qingdao, up $0.05 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $96.88 per tonne cfr Qingdao, up $0.13 per tonne. MB 58% Fe Premiu...Read More
There is little surprise that stock investors are jittery as the U.S. extends the longest U.S. economic expansion on record and after a stratospheric 330% stock-market gain during the run, including an almost 17% year-to-date total return. Bulls insist this economic and market expansion is built like no other, meaning that its demise won't come about in a way that has taken down past bullish phase...Read More
Agnico Eagle Mines is doubling down this year on Nunavut, Canada's least developed territory, betting that the high-grade gold ores and slim competition there will offset the risks of digging in the remote location in the far north.For miners desperate to shore up reserves, the choice is often between safer jurisdictions with inhospitable geographies and easier-to-reach ores in politically challen...Read More
Toronto-based Noront Resources, 85% owner of the McFaulds volcanogenic massive sulphide property in the Ring of Fire, has completed a 2,059-metre copper-zinc focused program at the No.8 deposit. (KWG Resources holds the other 15% of the project.)Hole MCF-19-102 did not intersect massive sulphide, but returned a very respectable 20.0 metres grading 2.0% copper and 0.1% zinc within a zone of abundan...Read More
Canadian miner Teck Resources Ltd , the world's second-biggest exporter of steelmaking coal, reported a better-than-expected quarterly profit on Monday, boosted by its energy business and a slight increase in commodity prices.The miner said even though commodity prices were lower than a year ago, prices rose during the first quarter and closed higher than prices at Dec. 31, 2018.The profit beat co...Read More
The London Metal Exchange (LME), the world's biggest market for industrial metals, said Tuesday it would only allow responsibly sourced brands to trade on the platform from 2022 on, as part of increasing efforts to root out ore mined using child labour.The initiative, one of the first launched by the organization to clean up the global supply chain of all its commodities, will require all listed b...Read More
Despite falling to a more than 18-month low point in April, iron ore producer Ferrexpo expects pellet premiums to bounce back this year, with growing long-term demand supported by the need for increased steelmaking efficiency."We continue to believe long-term demand for pellet will be supported by [the need] for iron ore of a higher grade and in a form that reduces energy inputs, slag vo...Read More
Key data from the pricing sessions in Asia, Europe and the United States for the period ended Tuesday April 23. The European high-carbon, low-carbon and low phosphorous ferro-chrome and Turkish lumpy chrome ore cfr Chinese ports prices were due to be assessed on Friday April 19. As this was a UK public holiday, these prices were rolled over from the previous pricing day, as per our methodology. Th...Read More
Here are five Fastmarkets MB stories you might have missed on Tuesday April 23 that are worth another look.Metal brands deliverable on the London Metal Exchange will have to comply with international standards for responsible sourcing by the end of 2020, if a consultation by the exchange is approved by market members, Fastmarkets has heard. Negative pressure arising from delays in the electri...Read More
A number of executives have left Chile's state-owned copper producer Codelco as part of a cost-cutting program, Fastmarkets understands. Ra??l de la Piedra, vice president of copper sales, and Victor P?(C)rez, most recently executive vice president of sustainable market development, are two of the most high-profile managers to leave. De la Piedra had been with the company for almost 23 years, whil...Read More
The P1020 Midwest aluminium premium in the United States fell on Tuesday April 23 to its lowest point since March 2018, with several traders offering discounts so as to move metal and weak buying interest following the Easter holiday weekend.Fastmarkets' P1020A Midwest premium assessment declined to 18.5-19 cents per lb on April 23, down by 0.5 cents from the previous assessment of 19-19.5 ce...Read More
Comex copper prices were dragged lower on Tuesday April 23 morning in the United States, with a surging dollar and concerns over Chinese growth weighing on the base metals complex.The copper price for May settlement on the Comex division of the New York Mercantile Exchange inched down by 2 cents to $2.8815 per lb. The red metal has been unable to set a clear price direction over the past few weeks...Read More
Metal brands deliverable on the London Metal Exchange will have to comply with international standards for responsible sourcing by the end of 2020, if a consultation by the exchange is approved by market members, Fastmarkets has heard.The LME launched a consultation on Tuesday April 23, proposing that it apply guidance set up by the Organization for Economic Co-operation & Development (OECD) that...Read More
Scrap metal importers in China can apply for import quotas starting in mid-May after the government rejected plenty of applications earlier this year, the industry lobby group China Nonferrous Metals Industry Association's (CMRA) Recycling Metal Branch said.The statement, filed on Friday April 19, details that eligible scrap importers could prepare the documents for quota application before new re...Read More
Declining raw material costs and a slowdown in demand have caused spot prices to fall in the US cold-heading quality (CHQ) and high-carbon wire rod markets, sources have told Fastmarkets AMM. Fastmarkets' price assessment for cold-heading quality wire rod declined to $45 per hundredweight ($900 per short ton) North American delivered duty paid Great Lakes region on Monday April 22, while the ...Read More
Plate prices in the United States have fallen to their lowest point in more than a year on weak demand, increased imports and shorter mill lead times.Fastmarkets AMM's price assessment for domestic cut-to-length plate dropped to $45.50 per hundredweight ($910 per short ton) on Monday April 22, off by 1.1% from $46 per cwt previously and down by 7.1% from $49 per cwt at the beginning of the ye...Read More