Base metals prices on the London Metal Exchange were mixed at the close of trading on Thursday November 22, with quiet trading continuing to keep prices broadly stable. Nickel's three-month price continued its downtrend, closing below $11,000 per tonne for the first time since December 2017; upward price action continues to be limited by slow Chinese stainless steel production. Additionally, the I...Read More
Some physical iron ore sellers made offers on the low side on Thursday November 22 amid losses in paper markets and concerns over shrinking steelmaking margins.MB 62% Fe Iron Ore Index: $72.18 per tonne cfr Qingdao, down $1.88 per tonne.MB 62% Fe Pilbara Blend Fines Index: $71.37 per tonne cfr Qingdao, down $1.88 per tonne.MB 62% Fe Iron Ore Index-Low Alumina: $75.82 per tonne cfr Qingdao, down $2...Read More
The majority of base metals prices on the London Metal Exchange were rangebound during morning trading on Thursday November 22 while overall volumes remain light. Holding gains made at Wednesday's close, the three-month lead price remained above $2,000 per tonne amid continued outflows in LME stock - which remain at nine-year lows - and strong demand from the lead-acid battery sector. Similarly, z...Read More
Gold futures climbed Wednesday, settling at their highest in two weeks and gaining week-to-date, on the back of some weakness in the dollar, a day after a tech- and energy-led rout prompted the Dow and S&P 500 to erase gains for 2018. Gold for December delivery GCZ8, -0.04% on Comex rose $6.80, or 0.6%, to settle at $1,228 an ounce, trading roughly 0.4% higher week-to-date. It settled at the...Read More
Gold ignores the new high in the dollar.Silver makes a lower low, but gold only probes below $1200.Gold has been making higher lows since mid-August.December has been an ugly month, but 2018 has been a year of departures for gold.UGLD and DGLD for a volatile period before the end of this year.In mid-August, the price of gold fell to $1161.40 which was its lowest level of 2018. The yellow metal had...Read More
Shares in miner and infrastructure supplier Mineral Resources (ASX: MIN) went ballistic on Thursday after striking a deal to sell a half-share in its Western Australia-based Wodgina lithium project to battery metals giant Albemarle for $1.15 billion.Under the terms of the exclusivity agreement, the two companies will work to execute a binding transaction by Dec. 14, allowing Albemarle to acquire a...Read More
Price was able to bounce back above $1,200 last week.This is significant in the grander scheme of things.Our research still favors the bullish side.I uploaded a video on my blog a few weeks ago and went over the case for $1,200 holding on gold. Well, gold actually went lower on the 13th of this month although price quickly rebounded, thereafter, above the $1,200 psychological mark. The yellow meta...Read More
Indonesia's environment ministry aims to resolve within two weeks environmental issues that have been holding up the state's plans to acquire a majority stake in Freeport McMoRan Inc's Grasberg copper mine.That deal, where Indonesia and state-owned miner PT Inalum will control a 51.23 percent stake in PT Freeport Indonesia, is expected to end years of wrangling over ownership rights to Grasberg, t...Read More
Copper output in Democratic Republic of Congo rose 8.7 percent year on year through the first nine months of 2018 to 908,695 tonnes while cobalt production jumped 92.5 percent to 115,116 tonnes, the central bank said on Thursday.Congo is Africa's top copper producer and the world's leading miner of cobalt, which is a key component in electric vehicles and other electronic products.Gold production...Read More
SolGold's coveted Ecuadorian copper-gold prospect may be 20 percent bigger than the mining group said earlier this week, its chief executive Nick Mather said on Thursday.SolGold, in which Mather has a near 5 percent stake, said on Tuesday that its Alpala project in Ecuador's Cascabel region was around double the size and grade quality it was known to be in December 2017."We think there's still 20...Read More
Saudi Arabia's King Salman on Thursday inaugurated the Waad Al-Shamaal mining project, which is expected to boost the kingdom's gross domestic product by 24 billion riyals ($6.4 billion) and its non-oil GDP by around 3 percent.The kingdom will invest 85 billion riyals in the project, a 440-square-km (150-square-mile) city for mining industries in the northern region, the Ministry of Energy, Indust...Read More
Copper supply has surprised this year, but not in the way everyone expected.It was supposed to be a year of mine disruptions, with the market anticipating that multiple labour contract expiries would result in at least one strike, and possibly more.In the event there was none.By copper's standards it has been a remarkably smooth year for mine production, leaving analysts struggling to fill the cus...Read More
South Africa's Sibanye-Stillwater (JSE:SGL) (NYSE:SBGL) has halted all its gold mining operations in the country after violence broke out overnight during a strike by workers demanding higher wages.Operations at the Driefontein, Kloof and Beatrix mines, major sources of revenue for the precious metals miner, were suspended late on Wednesday due to increasing levels of brutality and intimidation,...Read More
MUMBAI, Nov 22 (Reuters) - The Indian rupee rose to its highest in almost 12 weeks on Thursday as global oil prices eased further.The rupee INR=D4 strengthened past the psychological 71-to-the-dollar mark, climbing to as much as 70.9175, the highest since Sept. 3 and compared to its previous close of 71.46 on Tuesday. It was trading at 70.93 to the dollar at 1033 GMT.The foreign exchange market wa...Read More
* Trump puts pressure on Saudi Arabia to keep prices down* OPEC to meet on Dec. 6 to discuss supply policy* U.S. drilling, output and storage: https://tmsnrt.rs/2QaaY8q (Adds WTI settle, Brent last trade)By Julia PayneLONDON, Nov 22 (Reuters) - Oil prices dipped on Thursday after U.S. inventories swelled to their highest level since December adding to concerns about a global crude glut but OPEC ta...Read More
* NSE ends 0.7 pct down, BSE 0.6 pct lower* Both indexes post first weekly fall in four weeks* Markets shut on Friday for public holidayNov 22 (Reuters) - Indian shares erased early gains to end lower on Thursday due to broad-based losses across the sectors, with automaker Mahindra and Mahindra Ltd MAHM.NS being the top loser on both the indexes.The broader NSE index .NSEI closed 0.69 percent lowe...Read More
Saudi Arabia's King Salman on Thursday inaugurated the Waad Al-Shamaal mining project, which is expected to boost the kingdom's gross domestic product by 24 billion riyals ($6.4 billion) and its non-oil GDP by around 3 percent.The kingdom will invest 85 billion riyals in the project, a 440-square-km (150-square-mile) city for mining industries in the northern region, the Ministry of Energy, Indust...Read More
* STOXX 600 down 0.7 pct* Mining stocks tumble 1.6 pct* Italian bank stocks fall just 0.2 pct(Updates prices, adds details, quotes, graphics)By Danilo Masoni and Helen ReidMILAN/LONDON, Nov 22 (Reuters) - European shares resumed their downward trend on Thursday, hit by disappointing earnings updates and falling mining stocks, while the Thanksgiving holiday in the United States kept volumes thin.Th...Read More
* European shares slip as miners, banks and tech stocks falter Pound jumps as London and EU agree key Brexit text* Oil gives up early gains but still well off lows* Dollar slips in Thanksgiving void, rand jumps after rate hike Graphic: World FX rates in 2018 http://tmsnrt.rs/2egbfVhBy Marc JonesLONDON, Nov 22 (Reuters) - Europe's share markets fell back into the red on Thursday, as investor worrie...Read More
Core shacks at NexGen's Rook I project in the Athabasca Basin. (Image: NexGen Energy)SASKATCHEWAN - Vancouver-based NexGen Energy now has results from latest batch of 29 holes it drilled at the Rook I uranium property in the Athabasca Basin. The program set out to characterize areas within the Arrow deposit's footwall, lateral development, potential underground infrastructure locations. The inform...Read More