Bitcoin is on the move again, a venomous snake in the grass. You might expect to find a reasonable explanation for cryptocurrency's sudden, spectacular rise from the dead. Instead, you get only dim-witted speculation that institutional players are starting to warm to it again. Fidelity, for one, reportedly will be buying and selling bitcoin for institutional customers starting in a few weeks. Wh...Read More
By: Ira EpsteinGold can't get over the 18-week moving average. Concerning..Read More
There is some serious manipulation in gold. Some bank or a cartel of banks have been selling gold futures on every rise from $1330 and also gold huge amounts around $1300. One of the possible reason is to protect options investment. May and November options expiry of every year attract huge investment every year. If this is the case, then gold prices should rise after ten days. Right now the m...Read More
Northern Superior Resources (TSXV: SUP) reported the discovery of eight gold-bearing structures and alteration zones at its Ti-pa-haa-kaa-ning (TPK) gold-silver-copper project in northwestern Ontario.In a press release, the miner said the discoveries represent a critical and important advance in defining bedrock-hosted high-grade gold mineralization, necessary to yield the unique world-class gold...Read More
The swing back into contango in the nearby aluminium forward curve on the London Metal Exchange moving triggered the cancelation of more than 90,000 tonnes of aluminium in LME-bonded warehouses this week.Almost 45,000 tonnes of material were freshly canceled on Friday May 17, predominantly out of registered warehouses in Johor and Singapore. More than 30,000 tonnes were canceled across the same lo...Read More
Indonesian steelmakers are facing increased headwinds with political tensions in the country rising ahead of the presidential election result, due to be announced on May 22, and adding to the bearish sentiment in the Southeast Asian billet market.Presidential candidate and former military general Prabowo Subianto has threatened to rally his supporters to conduct protests after alleging that voting...Read More
The swing back into contango in the nearby aluminium forward curve on the London Metal Exchange moving triggered the cancelation of more than 90,000 tonnes of aluminium in LME-bonded warehouses this week.Almost 45,000 tonnes of material were freshly canceled on Friday May 17, predominantly out of registered warehouses in Johor and Singapore. More than 30,000 tonnes were canceled across the same lo...Read More
Base metals prices on the London Metal Exchange were mostly lower at the close of trading on Friday May 17, with broad strength in the US dollar index pressuring commodity prices while trade tensions continue to deter investment.Trading volumes were thin over the day, with copper volumes leading the complex at just over 10,000 lots exchanged. Low liquidity conditions continue to typify the ba...Read More
Lead stocks held in Shanghai Futures Exchange-approved warehouses leapt by approximately 15% week on week on Friday May 17 due to weak demand. SHFE lead stocks totaled 36,993 tonnes on May 17, up 4,799 tonnes from 32,194 tonnes on May 17, reflecting a weak domestic market while the import window was closed, according to market participants. The largest inflow this week was registered at Zhejiang T...Read More
Offer prices for hot-rolled coil (HRC) in India have dropped by at least $10 per tonne after South Korea-origin HRC was offered to Indian importers this week at $545-550 per tonne cfr Mumbai, Fastmarkets heard on Friday May 17.Indian importers had last booked Japanese or South Korean HRC about two weeks ago, at $555-560 per tonne cfr Mumbai for shipment in June.Importers said, however, that the...Read More
Export prices for Brazil-origin slab went down for a second consecutive week in the period ended Friday May 17, with buyers in the United States heard to be declining offers on fears that their country's annual quota for semi-finished steel imports will be almost completely taken up by July or early August.Fastmarkets' weekly assessment of the price for Brazil export slab dropped to $510-520 per t...Read More
Canada is giving the country's mining association more than C$325,000 ($242K) to develop a program that would give miners the tools and knowledge needed to better plan for climate change in decision-making at all stages of an operation's life.The project - Climate Change Risk and Adaptation Best Practices for the Mining Sector - was announced Friday by Paul Lefebvre, Parliamentary Secretary t...Read More
Zambian President Edgar Lungu. Image from You Tube.Zambian President Edgar Lungu threatened to "divorce" the domestic copper units of Vedanta Resources Plc and Glencore Plc after the companies said they'd curb operations in the southern African nation.The threat marks an escalation in tensions between the mining industry in Africa's second-biggest copper producer and the state, after an increase i...Read More
BC Energy, Mines and Petroleum Resources Minister Michelle Mungall marked Mining Month last week by acknowledging that the industry provides 30,000 direct jobs in B.C. and will play a critical role in the global decarbonization effort.Indeed, because of the role it plays in providing the metals and minerals needed for renewable energy and electric cars, mining's hitherto environmentally destructiv...Read More
Representatives of Chilean state-owned copper producer Codelco will make their final wage and bonus offer to three workers' trade unions for the Chuquicamata mine division by May 24, the unions said on Friday May 17.The unions will have up to five days to schedule a vote on the proposal, the unions added.Workers are demanding active participation in the company's transformation plans; better healt...Read More
Copper concentrates treatment and refining charges (TC/RCs) continued to edge down in the second week of May due to traders snapping up tender tonnages at low numbers, while smelters became hesitant in spot purchases. Fastmarkets' Asia-Pacific TC/RC index dipped to $59.10 per tonne/5.91 cents per lb on Friday May 17, compared with $59.60 per tonne/5.96 cents per lb a week ago. The benchmark c...Read More
Base metals prices on the London Metal Exchange were mostly lower at the close of trading on Friday May 17, with broad strength in the US dollar index pressuring commodity prices while trade tensions continue to deter investment.Trading volumes were thin over the day, with copper volumes leading the complex at just over 10,000 lots exchanged. Low liquidity conditions continue to typify the ba...Read More
An overview of the battery raw materials markets and their latest price moves.Read More
Lead stocks held in Shanghai Futures Exchange-approved warehouses leapt by approximately 15% week on week on Friday May 17 due to weak demand. SHFE lead stocks totaled 36,993 tonnes on May 17, up 4,799 tonnes from 32,194 tonnes on May 17, reflecting a weak domestic market while the import window was closed, according to market participants. The largest inflow this week was registered at Zhejiang T...Read More
Primary aluminium stocks at the three main Japanese ports (MJP) of Osaka, Nagoya and Yokohama rose 1.4% month on month in April, data released by major Japanese trading house Marubeni Corp on Friday May 17 showed. Aluminium stocks at the three ports totaled 300,000 tonnes at the end of April, compared with 295,900 tonnes at the end of March, reversing the plunge in March when stocks fell by 7...Read More