Brazilian slab export prices were almost unchanged during the week ended Friday November 16 because of low activity, but producers and traders expected a recovery in the next few months because of planned stoppages and growth in demand.Fastmarkets' assessment of the Brazilian slab export price was $505-515 per tonne fob in Brazil on November 16, widening downward from $510-515 per tonne fob the we...Read More
Global ferrous scrap prices surrendered to the downward pressure created by weak mill demand and tepid finished steel sales during the working week from Monday November 12 to Friday November 16, with the exception of those in India.Turkish import scrap prices fell, with only four cargo bookings made during the week. Import prices in Taiwan and Vietnam also continued to trend downward. India's impo...Read More
Gold defended a key trendline support this week. The bearish-to-bullish trend change, however, is still not confirmed. The safe-haven metal fell below $1,200 in the first half of the week, as expected. The drop below the psychological support was short-lived, possibly due to the pullback in the dollar index from 97.69 to levels below 97.00. Notably, the yellow metal defended the support of the tre...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
OceanaGold (TSE: OGC) is interested in buying Bravada Gold Corporation's (TSXV: BVA) low-sulfidation Highland gold/silver project, located within the Walker Lane Gold trend in western Nevada, USA.Both companies have signed a letter of intent which stipulates that Oceana has until December 15, 2018, to accept the opportunity of earning up to 75% interest in the project.In detail, Oceana may earn a...Read More
Good morning from Fastmarkets MB's offices in Asia as we bring you the latest news and pricing stories on Friday November 16.Base metals prices on the Shanghai Futures Exchange were mixed during Asian morning trading on Friday, with zinc, copper and tin registering gains while the rest of the complex weakened.Check Fastmarket MB's live futures report here. The availability of copper scrap units in...Read More
Gold bulls are fighting for control, but currency weakness remains.Gold's fear component shows signs of improving, however.The end of the stock market correction should bode well for gold.In recent reports, we've discussed the lack of safe-haven demand for gold. Indeed, this has been a serious concern for its short-term outlook since gold typically needs a certain amount of fear in order to ra...Read More
Metal Bulletin rounds up some of the key news and price moves across the global metal markets this week.Base metalsAntofagasta aims to increase copper capacity by 70,000 tonnes per year via a rebuild of its Los Pelambres mine in Chile at a cost of $1.3 billion, the Chilean copper producer said.The US Beer Institute has called on the United States government to scrutinize aluminium price...Read More
• The precious metal traded with a mild positive bias for the fourth consecutive session on Friday, albeit seemed struggling to build on its positive move beyond the $1216-17 strong resistance. • The mentioned hurdle, representing 50% Fibonacci retracement level of $1237-$1196 recent downfall and nearing 200-hour SMA, has been capping the up-mo...Read More
Technical Weekly: The sideways consolidation continued although the market managed to post a significant low at 1160 in mid-August. Levels close to the 78.6% pullback level of 1175 found buyers. This weeks’ price action is forming a bullish hammer. Price action looks to be forming a bottom. Daily: The selloff from 1243 has stalled at the 78.6% Fibonacci retracement (1194). This completed an...Read More
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
Have you heard about the Everything Bubble? Some analysts believe that after the dot-com bubble of the 1990s and the housing bubble of the 2000s, we are in the middle of a price bubble in virtually all asset classes simultaneously caused by the Fed's unusually easy monetary policy with ultra low interest rates. Although we agree that the US central bank maintained federal funds rate too low fo...Read More
James and Matt dive into, among many topics, the newest proof of JP Morgan's control of the silver market...James Anderson interviewed by Matt from Silver Fortune on SIlver FortuneMore proof of JP Morgan's control of the silver market recently came out, and James joins us to discuss it, along with many other topics. Read More
An update on 2018 silver demand, including what is called "robust growth" in the use of silver in electronics, especially in the automotive sector...Press Release from The Silver InstituteRelease of Refinitiv Interim Silver Market ReviewSilver Industrial Demand Remains Strong - Surplus Expected for 2018(November 15, 2018 - New York City)At the Annual Silver Industry Dinner hosted by the Silver Ins...Read More
Twenty years ago, Buffett backed up the truck and loaded it with silver. He'd be a buyer of again today. Here's why...by Jesse Felder of The Felder ReportWarren Buffett is famous for many things one of which is his general dislike for precious metals as an investment. But maybe you're old enough to remember when, just over 20 years ago, he backed up the truck and bought a ton of silver - over 3,00...Read More
Published 22 Hours AgoUpdated5 Hours AgoReuters Getty ImagesGold rose as much as 1 percent on Friday as the dollar fell after U.S. Federal Reserve officials made cautions comments that fed doubt about the outlook for interest rate hikes, while palladium hit a record high driven by worries about short supplies.Spot gold rose 0.7 percent to $1,221.38 an ounce by 2:47 p.m. ET. The session high was t...Read More
The precious metal group does not get any break in the past 7 years. The move lower has been relentless and rally has been short lived. Silver in particular has corrected 70% from the 2011 high at $50 and still has not shown any sign of serious recovery. Our short term Elliott Wave view suggests that Silver is doing a 5 waves impulsive Elliott Wave move from April 19, 2018 high where Intermediate...Read More
Gold is consolidating in the range of $1,207 to $1,216 and a break above the upper end of the trading range would confirm a bullish continuation pattern, that is, a revival of the rally from the Nov. 14 low of $1,199. The yellow metal has found acceptance above the 200-hour exponential moving average (EMA). Further, the 50-hour EMA has cut the 100-hour EMA from below, confirming a bullish crossov...Read More
CLICK ON CHART TO ENLARGEKing Dollar has spent the majority of the past 7-years inside of rising channel (1), as it's created a series of higher lows and higher highs.The 2018 rally has it kissing the underside of potential resistance this week at (2), where it could be creating a bearish reversal pattern. This one week action has NOT changed the upward trend in King Dollar.If it breaks rising sup...Read More
Base metals futures on the London Metal Exchange rebounded at the close of trading on Friday November 16, led by a strong performance in the three-month lead price while a marked downturn in the US dollar index prompted follow-up buying. Trading for a time above $2,000 per tonne, the three-month lead price posted significant gains amid total LME lead stocks and remained at its lowest level since 2...Read More