Movements in the prices of base metals on the London Metal Exchange were mixed at the close of trading on Thursday October 11, under broad pressure from a sharp sell-off in global equity markets despite the emergence of fresh buying in the markets for lead and tin.The three-month lead price rose by 4.4% over the afternoon to recover losses made earlier in the week, reaching an intraday high of $2,...Read More
Tungsten miner Wolf Minerals' UK subsidiary has fallen into administration after failing to secure funding, the company said on Thursday October 11. The company said it had been unable to satisfactorily conclude its discussions with its key financial stakeholders. It subsequently put its Drakelands mine in Hemerdon, Devon, into administration because it is not in a position to meet its short-term...Read More
Merger and acquisitions in the precious metals sector are gaining momentum following Barrick's recently announced $6.1 billion-deal to acquire Randgold Resources.Shortly after, Canada's Americas Silver (TSX:USA) announced it was buying Pershing Gold (Nasdaq:PGLC) for $50.78 million in an all-stock deal."This transaction aligns with our stated initiative of building a profitable and low-cost precio...Read More
Fastmarkets MB published one of its chrome ore and two ferro-chrome prices later than scheduled on October 5.As a result of a technical error, Fastmarkets' Chrome Ore South Africa UG2 concentrates index, ferro-chrome European benchmark indicator and ferro-chrome China import charge chrome index for October 5 were published on the Fastmarkets MB price book later than scheduled.Fastmarkets MB's pric...Read More
Falling prices demolish production and wipe out investors.Buy the SPDR Gold Shares ETF January 2020 $120-$125 call spread for $1.60.China, Russia, and Kazakhstan have been the largest buyers of gold. As incredible as it may sound, I'm starting to hear good things about gold. That's amazing as the barbarous relic has been the red headed step child of the financial markets for the past six years. No...Read More
Codelco's Chuquicamata division will be running at reduced operating rates until mid-November following a technical fault at the Teniente copper converter last month, the company told Fastmarkets.The Teniente converter that is used in Chuquicamata for copper smelting has been closed for nearly three weeks already, a well-informed source said on Wednesday October 10. It will remain paralyzed until...Read More
The latest news and price moves to start the Asian day on Friday October 12.Base metal prices on the London Metal Exchange were mostly higher at the close of trading on Thursday October 11, although the complex remains under broad pressure from a sharp sell-off in global equity markets despite the emergence of fresh buying in the markets for lead and tin. Read more in our...Read More
Good morning from Metal Bulletin's offices in Asia as we bring you the latest news and pricing stories on Thursday October 11.Base metals prices on the Shanghai Futures Exchange were mostly lower during Asian morning trading on Thursday October 11 amid concerns over the global macro-economic environment and dollar strength.Check Fastmarket MB's live futures report here. The price of silicon...Read More
GOLD bull pressure eyes range top located at the 1,214.28 area. On the downside, support comes in at the 1,200.00 level where a break will turn attention to the 1,190.00 level. Further down, a cut through here will open the door for a move lower towards the 1,180.00 level. Below here if seen could trigger further downside pressure targeting the 1,170.00 level. On the upside, resistance comes in at...Read More
Investing.com - Gold prices extended gains on Thursday on safe-haven demand after global markets tumbled. A weaker dollar was also cited as supportive.Gold futures for December delivery were up $3.30, or 0.3%, at $1,196.8 a troy ounce by 1:20AM ET (05:20 GMT). “Investors might start to look for alternative investments to equities, as factors such as high country debt levels and emerging infl...Read More
Gold is in its medium-term downward trend, driven by a strong US dollar and weak treasury note prices.These days the speculators trading US dollar futures are extremely optimistic about the US currency.On the other hand, the speculators trading US treasury notes futures are extremely pessimistic, heavily betting on lower prices. What is more, they demonstrate the highest pessimism in modern histor...Read More
Christopher Lewis21 hours agoSilver markets pulled back to kick off the day on Wednesday, but it looks as if there are buyers willing to step in to this marketplace and perhaps go long. The $14.45 level above has been short term resistance, so it would make sense that we would attempt to get to that area. Silver markets continue to be very noisy, as there are a lot of moves around the world involv...Read More
Movements in the prices of base metals on the London Metal Exchange were mixed at the close of trading on Thursday October 11, under broad pressure from a sharp sell-off in global equity markets despite the emergence of fresh buying in the markets for lead and tin.The three-month lead price rose by 4.4% over the afternoon to recover losses made earlier in the week, reaching an intraday high of $2,...Read More
The London Metal Exchange benefitted from 2018's "economic turbulence" and the exchange should be proud of its growth in volume, LME chief executive Matthew Chamberlain said. Speaking at the LME Week annual dinner on Tuesday October 9, Chamberlain said: "For the LME, 2018 should be remembered as the year that our volumes returned to growth, and our exchange returned to confidence." He accepted tha...Read More
LONDON, Oct 11 (Reuters) - Copper producer Atalaya Mining, which is backed by Swiss trading giant Trafigura, is looking for a buyer, two banking sources said on Thursday.The Cyprus-based miner has hired Canadian investment bank Bank of Montreal to help with the sale, the sources said.Atalaya's main copper asset, the Proyecto Riotinto in the Spanish region of Andalucia, was part of a mine complex b...Read More
Trading activity was limited in the spot market on Thursday October 11, while the benchmark 62% Fe iron index rose slightly.Metal Bulletin 62% Fe Iron Ore Index: $71.30 per tonne cfr Qingdao, up by $0.16 per tonne.Metal Bulletin 62% Fe Pilbara Blend Fines Index: $70.33 per tonne cfr Qingdao, up by $0.16 per tonne.Metal Bulletin 62% Fe Iron Ore Index, Low Alumina: $76.30 per tonne cfr Qingdao, down...Read More
* Wall Street dips again, pulling crude futures down* U.S. crude stocks up by 6 mln barrels -EIA* Gulf of Mexico oil output cut by 40 pct on Hurricane Michael (Updates with settlement prices; adds commentary, market activity)By Stephanie KellyNEW YORK, Oct 11 (Reuters) - Oil prices slumped to more than two-week lows on Thursday as global stock markets fell, with investor sentiment made more bearis...Read More
(Updates with details, adds stocks move, quote)By Swati BhatMUMBAI, Oct 11 (Reuters) - The Indian rupee plumbed new lows and stock markets fell deeper into the red for the year on Thursday, rocked by sell-offs across global markets spooked by escalating global trade tensions and warnings of a growth slowdown.The Indian rupee fell to 74.4850 per dollar levels in early trade, off 0.4 percent on day....Read More
* NSE, BSE indexes end about 2.2 pct lower* Sharp sell-off across the globe* HPCL rises over 16 pctOct 11 (Reuters) - Indian shares plunged more than 2 pct on Thursday, at their lowest closing levels since April, mirroring the markets rout across the globe amid rising trade concerns and expectation of rate hikes in the United States.The benchmark BSE index .BSESN closed down 2.19 percent at 34,001...Read More
BENGALURU, Oct 11 (Reuters) - Gold prices inched down on Thursday as robust U.S. data potentially bolstered the chances of multiple U.S. interest rate hikes over the next year.The declines came even as Wall Street suffered its worst drubbing in eight months.FUNDAMENTALS* Spot gold XAU= was down 0.2 percent at $1,192.41 an ounce at 0105 GMT.* U.S. gold futures GCv1 were up 0.2 percent at $1,195.70...Read More