LONDON (Reuters) - World stock markets suffered their worst tumble this week since February’s violent shakeout with some $2.6 trillion of investor wealth lost, but there was no clear trigger apart from long-brewing worries on U.S. interest rates, trade wars, China and emerging markets.Whatever the precise cause of this week’s reversal, many investors are now wondering whether the confl...Read More
Adam HamiltonArchivesOct 12, 2018 The lofty stock markets suffered a sharp selloff this week that may prove a major inflection point. There was one lone sector that bucked the heavy selling to surge in the carnage, the gold miners' stocks. They are the last cheap sector in these bubble-valued stock markets, long overlooked and neglected. Wildly undervalued today, the gold stocks have great potenti...Read More
Rising copper premiums should forerun years of higher prices for the metal, Atlantic Copper chief executive officer Javier Targhetta said in an interview with Fastmarkets on Tuesday October 9 during LME Week in London. Premiums for copper cathodes in-warehouse Shanghai remain close to three-year highs, while import gains for Chinese refined copper in September are up by 16.1% this year....Read More
CloseGain/LossOn WeekGold $1218.00-$4.70+1.24%Silver$14.61+$0.06-0.14%XAU69.28-0.99%+5.79%HUI153.30-0.59%+6.88%GDM550.27+0.04%+6.05%JSE Gold1154.31-1.65+10.59%USD95.28+0.26-0.36%Euro115.59-0.39+0.30%Yen89.18-0.03+1.43%Oil$71.34+$0.37-4.04%10-Year3.153%+0.009-2.66%Bond138.46875-0.375+0.93%Dow25339.99+1.15%-4.19%Nasdaq7496.89+2.29%-3.74%S&P2767.13+1.42%-4.10% The Metals: Gold dipped $6.80 to...Read More
Gold COT Report - FuturesLarge SpeculatorsCommercialTotalLongShortSpreadingLongShortLongShort179,746217,92163,757174,309148,443417,812430,121Change from Prior Reporting Period -12,7443,60915,1284,938-12,0537,3226,684Traders172103755654260203 Small Speculators (C) GoldSeek.com LongShortOpen Interest 47,44135,132465,253 -1,845-1,2075,477 non reportable positionsChange f...Read More
News, Commentary, Charts and Videos You May Have MissedHere is our Friday digest of the important news, commentary, charts and videos we were informed by this week.Market jitters and volatility have returned this week and the sell-off in US government bonds led to sharp falls on Wall Street centered on the very overvalued tech sector and the NASDAQ.(Bloomberg)Gold is 1.3% higher for the week as...Read More
The Fastmarkets MB alumina index fob Australia dropped below $500 per tonne on Friday October 12 following the Brazilian government's U-turn on an earlier decision, allowing the Alunorte alumina refinery to resume production at 50% capacity. Fastmarkets MB's fob Australia daily alumina index was at $493.75 per tonne today, down from $504.50 on Thursday October 11. Key drivers On Saturday, Hy...Read More
(Reuters) - Wall Street climbed more than 1 percent on Friday following its worst two-day slide in eight months, with technology and other high-growth stocks leading a fight back.Ten of the 11 major S&P sectors were higher, led by the technology sector’s .SPLRCT 3.11 percent jump, with Microsoft (MSFT.O) and Apple (AAPL.O) gaining 3 percent.JPMorgan Chase & Co (JPM.N) and Wells Fargo...Read More
* Spot gold on track for biggest weekly gain in seven * Could extend gains to $1,237/oz -technicals * Palladium off eight-month highs hit on Thursday (Updates prices, adds comment.)By Sethuraman N RBENGALURU, Oct 12 (Reuters) - Gold fell on Friday,retreating from two-month highs hit in the previous session, asglobal equity markets recovered some poise after dramaticlosses. Spot gold was down 0.4 p...Read More
An overview of the battery raw materials markets and their price moves from the past week.Read More
BEIJING (Reuters) - Amid gathering gloom over the state of the Chinese economy, exporters of motorcycles, tractors, photocopiers and Christmas tree lighting will join thousands of other companies peddling their wares at China’s largest trade fair Monday.Many of those exporters will have something in common - uncertainty over future U.S. orders as a trade war with the United States rages. The...Read More
Cobalt trade log including business, bids and offers reported to Fastmarkets MB.Unless otherwise stated, all prices are per lb on an in-warehouse basis. Delivered prices are netted back. Fastmarkets MB prices Click here for Fastmarkets MB's price assessment for low-grade cobalt, in-warehouse, $ per lb Click here for Fastmarkets MB's price assessment for high-grade cobalt, in-warehouse, $ per lb In...Read More
Mesquite gold mine in California. Photo source: New Gold Inc.Equinox Gold Corp. [EQX-TSXV; EQXGF-OTC] said Friday October 12 that it has closed the US$75 million equity financing for the acquisition of the Mesquite gold mine in southern California from New Gold Inc. [NGD-TSX, NYSE American]. News of the acquisition was announced on September 19, 2018.The financing was comprised of brokered and non...Read More
NUSA DUA, Indonesia (Reuters) - U.S. Treasury Secretary Steven Mnuchin said on Friday that he told China’s central bank chief that currency issues need to be part of any further U.S.-China trade talks and expressed his concerns about the yuan’s recent weakness.Mnuchin also told Reuters in an interview that China needs to identify concrete “action items” to rebalance the two...Read More
Ferrous scrap prices moved in different directions in the various global markets during the working week from Monday October 8 to Friday October 12, Fastmarkets has learnt.Import prices in Turkey and India inched upward week-on-week, while Taiwanese import prices slipped on poor demand. Offers from the United States to Turkey remained firm, but some US exporters lowered their buying prices in prep...Read More
The Detour Lake Mine in northern Ontario. Source: Detour Gold Corp.Detour Gold Corp. [DGC-TSX] on Friday October 12 released details of an offer that aims to settle a dispute with dissident shareholder Paulson & Co., which has been pressing for wholesale changes to the Detour board as well as the outright sale of the company.In a press release, Detour said it has chosen to release details of t...Read More
Fastmarkets' weekly prices assessments for alloy steel scrap imported into mainland Europe were unchanged this week amid 'very slow' market activity and relatively stable nickel prices.Demand has been below expectations since the end of the summer, when the usual post-holiday recovery failed to fully materialise. And it weakened further when stainless steel prices dropped sharply in October, with...Read More
The price for shredded ferrous scrap imported into India inched up this week but trading remained subdued because of the week rupee, sources told Fastmarkets MB on Friday October 12.Fastmarkets MB's weekly index for containerized imports of shredded scrap into India increased to $358.92 per tonne cfr Nhava Sheva on Friday October 12, from $355 per tonne cfr Nhava Sheva one week ago.The import mark...Read More
WASHINGTON (Reuters) - U.S. import prices jumped faster than expected in September amid resurgent energy prices but prices excluding fuels were unchanged.The Labor Department said on Friday import prices rose 0.5 percent last month. That was the largest increase since May and followed a revised 0.4 percent decrease in August.Import prices were previously reported to have fallen 0.6 percent in Augu...Read More
The Friday Market Minute Wall Street futures point to sharp rebound after the biggest two-day sell-off since February Friday, but banks earnings and Treasury bond yields will be key for the overall market's direction.World stocks notch their best day in 2 years, thanks to big gains in Asia, after a bigger-than-expected China-U.S. trade surplus suggests export growth will support the world's...Read More