Metal Bulletin reviews the major stories that have affected the steel market during the week ended Friday November 16.Raw MaterialsThe Singapore Exchange will launch high-grade iron ore derivatives settled against the daily MB 65% Fe Iron Ore Index published by Fastmarkets MB in the first week of December.Asia ferrous scrap prices are still falling due to weak demand from steel mills and ample sup...Read More
(Kitco News) - Fifteen market professionals took part in the Wall Street survey. Nine respondents, or 60%, predicted higher prices by next Friday. There were three votes, or 20%, for both lower and sideways prices.Meanwhile, 502 people responded to an online Main Street poll. A total of 311 respondents, or 60%, called for gold to rise. Another 123, or 26%, predicted gold would fall. The remaining...Read More
Cold-rolled coil and coated steel base prices declined this past week in the United States, in line with lower feedstock pricing.Fastmarkets assessed the price of domestic CRC at $45.50 per hundredweight fob Midwest mill on Thursday November 15, down by 1.1% from $46 per cwt a week earlier.Fastmarkets' assessment for the hot-dipped galvanized base price also dropped to $45.50 per cw...Read More
As you read this, the calendar is halfway into November. For some folks, this means heading south to a warm place like Florida. For some, it means breaking out the winter coats and hats. For top resource investors, it means tax loss selling bargain season. It means Christmas comes early...and the presents can lead to hundreds of thousands - even millions - of dollars in extra profit. At the end...Read More
(Kitco News) - Gold prices are solidly higher and setting new daily highs in early U.S. trading Friday, on safe-haven demand as U.S. stock indexes are pointed toward lower openings when the New York day session begins. The U.S. dollar index is also selling off and hitting its session low, further supporting buying interest in the precious metals markets. December gold futures were last up $9.60 a...Read More
Three-month base metals prices on the London Metal Exchange were either little changed or stronger on the morning of Friday November 16.Zinc and aluminium prices were up by the most with gains of 0.6% and 0.4%% respectively, while the rest were little changed with copper down by 0.1% at $6,195 per tonne. Volume has been above average with 6,330 lots traded as at 07.10am London time. This morn...Read More
(Kitco News) - The surplus in the global silver market will rise to 35.3 million ounces in 2018, an increase from 2.4 million in 2017, the GFMS team at Refinitiv reported late Thursday.Johann Wiebe, lead analyst for the GFMS team, reported on the GFMS/Silver Institute Interim Silver Market Review during the annual silver industry dinner hosted by the Silver Institute. The report includes provision...Read More
Palladium prices hit a record high Thursday and at one point were within $30 an ounce of gold, Commerzbank says, although the spread has since widened again. Nevertheless, palladium’s recent gains may have been “excessive,” Commerzbank says. “We attribute the price surge - which happened very quickly - to buying on the futures market, as the trading volume yesterday was twi...Read More
Domestic prices for steel coil products in Turkey were expected to move down due to limited demand, sources told Fastmarkets on Friday November 16."Demand is barely there, and there were hardly any deals done this week," a source said."There might be more activity seen next week, but most likely the mills will not be able to maintain the current level of prices," he added.Fastmarkets' weekly price...Read More
Editor's Note: Welcome to Kitco's new Bitcoin Daily Technical Alert. Every trading day veteran Kitco technical analyst Jim Wyckoff will provide you with a concise and easy-to-understand near-term technical brief on Bitcoin. Importantly, Jim will glean the short-term charts and technical studies, and then alert you to the signals he sees regarding upcoming potential bigger price moves or price tren...Read More
Domestic Indian prices for steel billet fell this week by at least 400 rupees ($6) per tonne, with demand for semi-finished products remaining weak on account of subdued sales of finished products such as rebar.Indian domestic secondary billets, mainly produced by the induction process, ended the week priced at 33,000-33,200 rupees ($459-462) per tonne ex-mill on Friday November 16. This was down...Read More
The latest metal markets news and price moves to start the North American day on Friday November 16. Base metals on the London Metal Exchange had a mixed start during morning trading on Friday November 16, with investor sentiment improving amid easing US-China trade tensions and a slight downturn in the US dollar index.Both lead and nickel futures were the biggest climbers over the morning, apprec...Read More
Like a gymnast, gold stuck a perfect landing as it tumbled from the $1,240 level, holding the $1,200 support level the last few days. The pattern for gold remains solid, although the selling before the landing was rather uncomfortable.Traders and investors look to the news for reasons to buy or sell when the simple truth is all the news plays out in the chart long before it ever hits the mainstrea...Read More
The import price for steel billet in Southeast Asia fell on Friday November 16 after suppliers offered cheaper cargoes, while negative sentiment intensified on China's possible return to the export market.Fastmarkets' daily price assessment for billet imported into Southeast Asia was $495-502 per tonne cfr Manila on Friday, widening downward by $5 per tonne from $500-502 per tonne cfr the previous...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 22 points in pre-opening trade. The Shanghai Composite added 10.94 to 2,679.01 completing a short term bottoming pattern on a move above $2,676.01.NVIDIA plunged $35.37 to $167.02 after reporting lower than consensus third quarter revenues. The company also lowered its guidance. Target on the stock was lowered by JP M...Read More
Key data for the pricing session for the week ending November 16.China Domestic ferro-chrome spot prices held stable this week on thin trading activity. The UG2 chrome ore index continued to soften amid few deals, while some players held off from buying on expectations that the price will dip further. The imported charge chrome...Read More
The following Fastmarkets noble alloys, bulk alloys and ores prices changed on Friday November 16:Noble alloysFerro-molybdenum basis 65% min, in-warehouse Rotterdam, $/kg Mo: $28.50-28.80 per kg from $28.50-29.00Ferro-molybdenum US 65-70% Mo, $/Ib: $12.90-13.30 per Ib from $12.90-13.35Ferro-vanadium basis 78% min, free delivered duty paid, $/kg: $126.00-128.00 per kg from $124.25-126.00Ferro-vanad...Read More
At Fastmarkets MB's 34th International Ferro-alloys Conference in Lisbon this week, we polled delegates about their expectations for the ferro-alloys markets in 2019. How will ferro-alloy prices move in 2019 relative to 2018? After a strong year in 2018, which has included a steady increase in manganese ore prices and multi-year highs in the vanadium market, the greatest proportion of poll respond...Read More
The weekly Chinese domestic spot battery-grade lithium carbonate price was unchanged on Thursday November 15 with most major buyers concluding their final deals before the end of the year. Battery-grade lithium carbonate prices were stable in China and in the seaborne markets, with most producers working with limited stocks before the year-end. Technical and industrial-grade lithium carbonate...Read More
Wages for workers rose to a nearly 10-year high in the second quarter of this year. Inflation continues to rise in the U.S. economy. While that means you see more in your paycheck, ultimately, what this means in simple terms is that your money buys less than it used.In today's economy, it's lunacy to think you'll get ahead by getting a good job and saving money. Your money becomes worth less and l...Read More