Chile's Copper Commission, or Cochilco, has lowered its copper price estimates for 2018 and 2019, while expecting an increase in prices for 2020, the state-run board said on Thursday November 15.In its quarterly report on the copper market, average copper prices should be $2.97 (297 cents) per lb this year, according to Cochilco, down from a previous $3 per lb forecast in July. The commission expe...Read More
Base metals on the London Metal Exchange had a mixed start in 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, appreciating more than 1% respectively amid depleting LME stocks and strong demand from the electric vehicle an...Read More
A Glencore Plc unit in the Democratic Republic of Congo had a ban on imports and exports from its giant copper and cobalt mine lifted by authorities in the country."They submitted a request," Jean Baptiste Nkongolo Kabila, director general of Congo's custom's agency, said Thursday by phone. "I have taken the decision to temporarily lift the suspension measures." Glencore said in a statement it had...Read More
Canadian miner Lundin confirmed on Friday it was cutting 106 jobs at its Candelaria copper mine in Chile to "improve competitiveness and productivity", amid reports that workers had begun a 48-hour strike.The job cuts represent less than 2 percent of the operation's workforceIn a statement sent to Reuters, the company said the job cuts represented less than 2 percent of the operation's workforce,...Read More
TORONTO/LONDON- Barrick Gold Corp , soon to become the world's largest gold miner, is interested in adding more copper assets as long as the red metal is accompanied by bullion, executives said on Friday.Barrick, which expects to complete its $6.1 billion takeover of Randgold Resources on Jan. 1, outlined broad plans for exploration, expansion, streamlining and asset sales at an investor presentat...Read More
Teck Resources (TSX:TECK.A | TECK.B)(NYSE:TCK), Canada's largest diversified miner, plans to announce in December which company will be its development partner at the Quebrada Blanca copper mine in northern Chile.In August, the Vancouver-based miner received regulatory approval for a $4.8 billion extension of the mine. Teck sees the Quebrada Blanca Phase 2 project as its most significant growth...Read More
German automaker Volkswagen said Friday it will spend tens of billions of dollars refocusing the company on the making of electric cars, autonomous vehicles and new mobility services.The Wolfsburg-based manufacturer, which plans to have some of the new offering in the market by 2023, said the 44-billion euro ($50 billion) investment in what CEO Herbert Diess describes as an "electric offensive,"...Read More
NEW DELHI/SHANGHAI - India's Vedanta Ltd has been selling copper concentrate on the spot market from stockpiles at its Sterlite smelter, a company official said, after the facility was forced to stop operating earlier this year amid pollution concerns.The company is disposing of around 70,000 tonnes of copper concentrate that have been lying unused since the closure of the plant, the official told...Read More
SANTIAGO - Chile's state copper agency Cochilco lowered its average copper price prediction for this year by $0.03 to $2.97 per pound on Thursday in its second negative projection in six months.Cochilco also lowered its 2019 price projection to $3.05 per pound from the $3.10 it predicted in July, saying there would be a continued depression in appetite for the metal because of U.S.-China trade ten...Read More
Palladium futures rallied Thursday, notching a third consecutive session climb and their highest settlement on record as growing global demand for the industrial metal continued to highlight the potential for tighter supplies. Gold prices, meanwhile, ended higher, shaking off pressure from a stronger dollar to hold on to a week-to-date gain as U.S. and European equities declined. December palladi...Read More
* Prices down for 6th week; Brent off 4.6 pct, U.S. crude 5.6 pct* OPEC could cut supply by 1.4 mln bpd to prevent glut* Russia resisting calls to join renewed cuts* GRAPHIC-U.S. oil output and storage: https://tmsnrt.rs/2PXBD8e* U.S. weekly rig count rises by two this week (Adds settlement prices, CFTC data)By Jessica Resnick-AultNEW YORK, Nov 16 (Reuters) - Oil ended slightly firmer after volati...Read More
Nov 16 (Reuters) - The chief executive officer of Indian online fashion retailer Myntra, Ananth Narayanan, has decided to resign, days after the co-founder and group chief executive of its parent Flipkart stepped down, the Times of India reported on Friday.Bengaluru-based Myntra, which was bought by e-commerce group Flipkart in 2014, could also see a job cut of up to 500 people, the paper reported...Read More
* NSE, BSE end about 0.6 pct higher* Reliance top boost* Yes Bank falls 7.2 pctNov 16 (Reuters) - Indian shares posted their best close in more than six weeks on Friday, powered by gains in the country's biggest company by market value Reliance Industries Ltd RELI.NS .The broader NSE index .NSEI closed 0.62 percent higher at 10,682.2, while the benchmark BSE index .BSESN ended up 0.56 percent...Read More
A Glencore Plc unit in the Democratic Republic of Congo had a ban on imports and exports from its giant copper and cobalt mine lifted by authorities in the country."They submitted a request," Jean Baptiste Nkongolo Kabila, director general of Congo's custom's agency, said Thursday by phone. "I have taken the decision to temporarily lift the suspension measures." Glencore said in a statement it had...Read More
Investing.com - Gold prices surged on Friday as American officials dashed hopes for an imminent solution to trade tensions between China and the U.S. and the dollar suffered from dovish comments from the Federal Reserve and a bearish call from Morgan Stanley (NYSE:MS).At 10:49 AM ET (15:49 GMT), gold futures for December delivery on the Comex division of the New York Mercantile Exchange jumped...Read More
NEW DELHI/SHANGHAI, Nov 16 (Reuters) - India's Vedanta Ltd VDAN.NS has been selling copper concentrate on the spot market from stockpiles at its Sterlite smelter, a company official said, after the facility was forced to stop operating earlier this year amid pollution concerns.The company is disposing of around 70,000 tonnes of copper concentrate that have been lying unused since the closure of th...Read More
(Bloomberg) -- The dollar’s bull run has ended and it’s time to sell the currency, according to Morgan Stanley.“We believe the USD has reached its peak at around current levels,” Morgan Stanley’s global head of FX strategy Hans Redeker wrote in a note. “The USD may weaken as credit spreads widen, equity prices fall, and sovereign bond yields also begin falling a...Read More
(Bloomberg) -- The dollar’s bull run has ended and it’s time to sell the currency, according to Morgan Stanley.“We believe the USD has reached its peak at around current levels,” Morgan Stanley’s global head of FX strategy Hans Redeker wrote in a note. “The USD may weaken as credit spreads widen, equity prices fall, and sovereign bond yields also begin falling a...Read More
Austenitic steel scrap prices fell further this week with the negative market factors that have developed in recent weeks remaining in place. The pressure on prices came from poor demand, decreasing nickel prices and a lack of confidence that the market will pick up early in 2019.In Europe, the price of imports of 18/8 stainless steel scrap solids was assessed at ?,?950-970 ($1,076-1,098) per tonn...Read More
Domestic prices for coated steel coil products in Turkey have moved down over the past week due to slow trading conditions, sources told Fastmarkets on Friday November 16."Demand is slow and sentiment is bearish, so the mills have had to decrease their prices," a trader...Read More