Silver looks considerably weaker than gold, and it might look that way through July. Clive Maund explains...by Clive Maund from Streetwise ReportsSilver looks considerably weaker than gold, although that is normal at this stage in the cycle. It is still considered likely that it is forming a Double Bottom with its lows of late 2015, and if so then the support at those lows should hold.On silver's...Read More
Don't sweat the negative sentiment surrounding silver and gold. Matt from Silver Fortune explains why...by Matt from Silver Fortune via Silver FortuneDon't sweat the negative sentiment surrounding silver and gold. Matt from Silver Fortune explains why...Support Silver Fortune through Patreon: https://www.patreon.com/silverfortuneRead More
An overview of the minor metals markets and the reasons for any price moves.Read More
Copper's fundamentals mean prices should be higher but much depends on the outcome of the US-China trade dispute, according to an executive at ED&F Man Capital Markets. Keith Gwozdz, vice president of metals at the LME brokerage firm, said that there are three potential outcomes when talks between the countries resume at the G20 summit of governments and central bank governors in Japan (June 28-29...Read More
Aurubis, Europe's biggest copper smelter, said on Wednesday it had agreed to buy Belgian-Spanish recycling company Metallo Group for 380 million euros ($424 million) as part of an acquisition-led shift into other metals."Due to megatrends such as smart homes, e-mobility, digitalisation and renewable energies, both the quantity and the complexity of secondary raw materials will increase significant...Read More
Chinese miner MMG Ltd's operations at its Las Bambas mine, one of Peru's largest copper producers, have not been disrupted and talks with an indigenous Peruvian community are ongoing, the miner said on Wednesday.The Fuerabamba community had imposed a new road blockade on the mine after talks with the company over compensation broke down, Americo Contreras, a representative of the public ombudsman...Read More
Australia's largest gold producer, Newcrest Mining (ASX: NCM), will begin in June the most extensive drilling program to date at Greatland Gold's (LON:GGP) Havieron gold-copper project in the Paterson region of Western Australia.The exploration activities, part of a joint venture the two companies signed in March, aim to define the extent of mineralization along strike and at depths to 1,000m be...Read More
Barrick Gold's subsidiary Acacia Mining (LON:ACA) condemned its parent company on Wednesday for keeping it out of discussions with the government of Tanzania about a long-running row over outstanding tax claims.Acacia's comments come on the heels of the Canadian gold giant's bid to take full control of the company, which is Tanzania's No. 1 gold miner.Toronto-based Barrick has proposed to buy the...Read More
Here are five Fastmarkets MB stories you might have missed on Wednesday May 22 that are worth another look.A consortium of commodities companies and financial institutions is planning to launch an inventory management system focused on the use of blockchain and other digital methods to manage the post-trade processing of transactions for metal commodities.The liquidation order issued by the g...Read More
A consortium of commodities companies and financial institutions is planning to launch an inventory management system focused on the use of blockchain and other digital methods to manage the post-trade processing of transactions for metal commodities.The system, known as Forcefield, will be supported by technology from Accenture and has backing via a memorandum of understanding from ABN Amro, Angl...Read More
The liquidation order issued by the government of Zambia, that would allow it to take control of the copper-producing assets held in the African country by global metals producer Vedanta, has sent shockwaves through the global industry.The order marked the first government takeover attempt in the country, which is Africa's second-largest copper-producing region.Customers of Konkola Copper Mines (K...Read More
Global tin premiums were unchanged in all regions we follow in the week ended Tuesday May 21, with a large backwardation in the London Metal Exchange forward spreads limiting spot business in Asian, European and North American markets. European traders wary of tighter nearby spreads US participants report weak market Closed import arbitrage window caps Asian tin business European prem...Read More
Spot premiums for special high-grade (SHG) zinc ingots recovered slightly in Europe after falling to historical lows last week, though an extreme backwardation on the London Metal Exchange cash/three-month spread persists. In the US, falling auto sales have dampened demand for car battery manufacturing, weakening sentiment for lead although premiums remained stable week on week. High demand...Read More
Prices for mesh-quality wire rod in Europe continued to fall this week after a drop in finished mesh product prices, sources told Fastmarkets on Wednesday May 22.Fastmarkets' assessment of the price of domestic mesh-quality wire rod in Southern Europe was ?,?500-520 ($558-580) per tonne delivered on May 22, down by ?,?15 per tonne from ?,?515-535 per tonne on May 15."The wire rod market is very de...Read More
Domestic prices for hollow steel sections in Europe were unchanged this week as the market considered mill proposals to increase prices despite further falls in feedstock costs, sources told Fastmarkets on Wednesday May 22.Fastmarkets' domestic price assessment for commodity-size, grade-S235 square hollow sections made in Northern Europe was unchanged week on week at ?,?600-630 ($669-703) per tonn...Read More
Steel H-beam prices in Northern Europe moved downward this week although feedstock costs have begun to rise again, sources told Fastmarkets on Wednesday May 22.Fastmarkets' price assessment for domestic S235-grade, 200x200mm, category-2 H-beam in Northern Europe was ?,?585-615 ($653-686) per tonne delivered on May 22, down from ?,?590-620 per tonne delivered one week earlier.Beam prices remained u...Read More
The price of rebar produced and delivered in Northern Europe has remained stable week on week, but with optimism among mills returning because of the potential price rises for ferrous scrap, market participants told Fastmarkets on Wednesday May 22.Fastmarkets' weekly price assessment for domestic rebar in Northern Europe was ?,?525-545 ($586-608) per tonne delivered on May 22, unchanged from May 1...Read More
Sales volumes for flat steel distributors in Brazil grew by 18.10% year on year in April 2019, amid destocking while large importers lost market share, local distribution association, Inda, said this week.Flat steel sales totaled 266,000 tonnes, up from 225,100 tonnes in April 2018. However, volumes were down by 15% compared with March's 312,900 tonnes, which was weaker than Inda's forecast o...Read More
Troubled UK long steel producer British Steel has been placed into compulsory liquidation following an order from the UK high court, the UK official receiver, part of the UK's Insolvency Service, said on Wednesday May 22."The company in liquidation is continuing to trade and supply its customers while I consider options for the business. Staff have been paid and will continue to be employed," a st...Read More
RAPAPORT... Macy's and J.C. Penney noted strong sales in their jewelrydivisions in the first fiscal quarter, even as overall results showed a downward trend. "Our fine-jewelry business continues to deliver strong salesresults," J.C. Penney chief financial officer Bill Wafford said on an analystcall transcribed by SeekingAlpha. "We saw particular strength in categories such as modern bride, go...Read More