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
Most North American and European market indices were set for upbeat starts today and Australia's S&P/ASX200 was up at the time of writing.Copper miners gained yesterday, with Freeport-McMoRan (NYSE: FCX) up about 1.5% in New York and Antofagasta (LSE: ANTO) rising more than 2% in London.Base metal futures were mixed in Asian trade and the gold price remains about US$1,274 an ounce.Alumunium pr...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
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
Germany's Aurubis has agreed to acquire copper-tin recycler Metallo Group in a ?,?380 million ($424 million) share purchase deal, it said on Wednesday May 22.Fastmarkets reported in February that TowerBrook Capital Partners, Metallo's private equity owner, was close to agreeing a sale of the company, which operates plants in Belgium and...Read More
Glencore AG has signed an agreement to supply cobalt feedstock and financing to recommission the First Cobalt refinery in Ontario, Canada.The memorandum of understanding could result in annual production of roughly 2,000-2,500 tonnes of cobalt in sulfate from the plant, which is North America's only primary cobalt refinery.Glencore will evaluate making a loan to fund the capital requirements to re...Read More
Gold futures ended lower Tuesday as global stocks staged a rebound and the dollar strengthened a bit, dulling bullion's appeal and sending prices to the lowest finish in almost three weeks. June gold GCM19, -0.07% on Comex lost $4.10, or 0.3%, to settle at $1,273.20 an ounce, after booking a modest rise on Monday. The yellow metal logged the lowest most-active contract settlement since May 2, and...Read More
By: Ira EpsteinGold at Bollinger - lower band support. Market is oversold:Read More
Stocks are in wafting mode, indifferent to tariff wars, slumping retail sales and impeachment talk. The broad averages have been racking up impressive gains even when buying interest is weak to nil. It certainly felt that way on Tuesday, when the Dow Industrials rose nearly 200 points on the opening bar, then hovered aloft for the rest of the day. For every tepid buyer it would seem that there i...Read More
Short sellers in gold and silver need to trade very carefully as long as they do not fall below $1260 and $1419. There can be very sharp pullback rallies as long as gold trades over $1260 and silver trades over $1419. Crude oil will break free from $60-$65 consolidation phase and form a new range. Copper and industrial metals can trade with a softer bias. Momentum for gold and silver is down....Read More
An overview of the minor metals markets and the reasons for any price moves.Read More
The price for rebar produced and delivered in Southern Europe remained unchanged on Wednesday May 22, amid continuing weak demand, market participants told Fastmarkets.Fastmarkets' weekly price assessment for domestic rebar in Southern Europe was ?,?500-510 ($559-569) per tonne delivered on Wednesday, unchanged from May 8."We are just hoping for the market to remain stable as the demand situa...Read More
The quietness in the deep-sea scrap markets has continued because market participants were still looking for clarity in the export markets for finished products such as rebar, sources said on Wednesday May 22.After the United States reduced its tariff on steel imports from Turkey to 25%, from 50%, on May 17, Turkey was again in a position to supply to the US market.But scrap suppliers pulled back...Read More
Gold futures settled higher on Wednesday, a day after posting a nearly three-week low, with the metal finding modest support from weakness in U.S. stocks. Futures prices held onto those gains in electronic trade, shortly after the release of the minutes from the rate-setting Federal Open Market Committee's April 30 - May 1 meeting showed that voting members seemed comfortable with their patient s...Read More
Glencore AG has signed an agreement to supply cobalt feedstock and financing to recommission the First Cobalt refinery in Ontario, Canada.The memorandum of understanding could result in annual production of roughly 2,000-2,500 tonnes of cobalt in sulfate from the plant, which is North America's only primary cobalt refinery.Glencore will evaluate making a loan to fund the capital requirements to re...Read More
Ontario's government is working for the people of Northern Ontario by supporting economic development in Dryden with an investment in Dryden's Community Improvement Plan.Today, Greg Rickford, Minister of Energy, Northern Development and Mines, along with Peter Bethlenfalvy, President of the Treasury Board, announced more than $51,000 to help the City of Dryden develop a strategic and community imp...Read More
SAULT STE. MARIE - Ontario's government is working for the people by holding consultations to hear from businesses firsthand on industrial electricity pricing and programs.Ross Romano and Paul Calandra, Parliamentary Assistants to the Minister of Energy, Northern Development and Mines, met with steel and northern sector stakeholders in Sault Ste. Marie today. This session is one of several in-pers...Read More
Ontario's government is working for the people by supporting tourism infrastructure projects in the Algoma region and Manitoulin Island.Greg Rickford, Minister of Energy, Northern Development and Mines, announced an investment of over $1.3 million. Projects include: $1 million for the Township of Billings to complete infrastructure improvements to the Kagawong waterfront.$282,080 for the City of...Read More
* UK PM May's Brexit deal falls apart, hurting stocks, FX * Sterling hits lowest since Jan flash crash against dollar * But losses curbed on Sky report May will resign tonight * Graphic: World FX rates in 2019* Graphic: Trade-weighted sterling since Brexit vote (Updates prices)By Abhinav Ramnarayan and Saikat ChatterjeeLONDON, May 22 (Reuters) - Sterling fell on Wednesday andwas on track for its l...Read More
Fastmarkets has amended the names and specifications of its China cobalt sulfate assessments, effective Wednesday May 22, 2019. Fastmarkets has assessed the price of cobalt sulfate, ex-works China, on a 20.5% Co basis since the assessment was launched in June 2018, but due to an error, the definition of cobalt purity for the assessment was incorrectly stated as "Co 20.5% min" instead of "Co 20.5%...Read More