Turkish steel producers resumed their deep-sea scrap purchasing activity on Thursday October 11, with prices going down, Fastmarkets heard.A steel mill in the Marmara region booked a European cargo, comprising 20,000 tonnes of HMS 1&2 (75:25), 5,000 tonnes of shredded, 7,000 tonnes of HMS 1, 2,000 tonnes of busheling and 6,000 tonnes of cut rebar at an average price of...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
The Comex copper price recovered in morning trading on Thursday October 11 although the complex remains vulnerable due to heavy selloffs in the equities space.The copper price for December settlement on the Comex division of the New York Mercantile Exchange rebounded 1.35 cents or 0.5% to $2.7940 per lb.Yesterday, US equity markets plummeted, driven by trade uncertainties and the Federal Reserve p...Read More
Over the last few days, we have seen market sentiment shift from an overall bullish demeanor in regard to U.S. equities to a bearish outlook. The Dow Jones Industrial Average has now lost over 5% in trading since Wednesday, with a net decline of over 1,300 points in just two days of trading. Following yesterday????s decline of over 800 points in the Dow, today traders continued their liquidation s...Read More
Equities got clobbered on Wednesday and this morning we are seeing some follow-through to the downside. Gold and silver rallied on Wednesday but not as much as you would have thought based on the trashing of equities. However, both are joining the Jeffersons this morning and are “moving on up.” As we have written many times, we don’t look at gold as a safe-haven play; we look at...Read More
German copper giant Aurubis' proposed sale of its rolled-copper product business to counterpart Wieland-Werke may not proceed with the current terms following a preliminary assessment by European Commission (EC), the company said on Wednesday October 10. The deal is unlikely to be settled with the proposed remedies, according to a statement. Meanwhile the EC has requested Wieland take further acti...Read More
(Kitco News) - Gold bulls today got a quadruple dose of bullish fuel that boosted prices to nine-week highs and above the recent sideways trading range. Today’s surprising gains in gold set the table for sideways-to-higher price action at least into the end of the year. December gold futures were last up $32.70 an ounce at $1,226.20. December Comex silver was last up $0.269 at $14.60 an oun...Read More
A requirement that the world's largest copper producer hands over 10% of its sales to the Chilean military has a strong chance of being phased out, the chairman of Codelco said. Juan Benavides, who replaced Oscar Landerretche as chairman of the copper producer in May, told Fastmarkets MB that a proposal is currently being discussed in Chile's Congress that would see payments from Codelco taper ove...Read More
(Kitco News) - With this overdue gold rally finally setting in and gold prices at six-week highs, analysts are anxiously eyeing the next key resistance level in hopes of seeing a sustainable move up.Following global equity sell-off and weaker-than-expected U.S. inflation data, gold finally saw the strength that was sorely missing these past six months.December Comex gold futures powered to six-wee...Read More
(Kitco News) - The CNN Fear & Greed Index is currently at 7 - the “Extreme Fear” category, which is a notch lower than Wednesday’s close at 8, when the Dow Jones Industrial Average plummeted more than 800 points.The index tracks seven indicators to gauge investor sentiment in the markets: stock price momentum, stock price strength, stock price breadth, put and call options, j...Read More
Base metals on the London Metal Exchange were collectively lower during morning trading on Thursday October 11, pressured by a sharp sell-off in global equity markets while investors remain broadly risk-averse toward commodity investment. The losses have stemmed from a statement issued by the International Monetary Fund (IMF) on Thursday indicating excessive stock markets valuations, while trade u...Read More
(Kitco News) - With Dow Jones Industrial Average plunging more than 800 points on Wednesday and gold climbing more than 2% on Thursday, are investors finally giving up on risk assets and shifting their weight to gold? The Denver Gold Forum was a mixed bag when it came to sentiment in gold. There’s no denying, however, that the following three speakers had the most unequivocal, bullish outloo...Read More
Arbitrage for copper, aluminium, zinc and nickel imported into China on Thursday October 11*Copper -$76.68 (-532.65 yuan) Aluminium -$463.92 (-3,222.75 yuan) Zinc $66.45 (461.63 yuan) Nickel $352.45 (2,448.42 yuan) *Fastmarkets MB calculates the physical arbitrage for import into China daily by using SHFE front-month...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
Gold-backed global exchange-traded funds posted a large inflow Wednesday, says Commerzbank. This came as the U.S. Dow Jones Industrial Average fell by more than 800 points. Meanwhile, “the gold ETFs tracked by Bloomberg registered an inflow of around eight tonnes yesterday,” Commerzbank says. “This is attributable to the SPDR Gold Trust in the U.S. and was the first daily inflow...Read More
(Kitco News) - Gold finds its legs after the crush in global equity markets yesterday. The rising yields with the uncertainty of the trade war with China became too much for equity investors and the herd headed for the exits. The scenario suggests that it was a safe haven play, but generally when equities collapse the first move for gold is lower, as investors raise cash to meet margin calls. This...Read More
Due to a technical error, Fastmarkets' CIS steel billet index for Thursday October 11 will be published in Fastmarkets' online Price Book later than scheduled. Fastmarkets is resolving the issue and the index will be restored to its standard format as soon as possible. Fastmarkets apologizes for any inconvenience caused by the late publication of the index. To provide feedback on the delayed publi...Read More
Editor's Note: Updating earlier story with more details from report.(Kitco News) - Gold extended early gains after Labor Department data Thursday showed that initial weekly U.S. jobless claims rose by 7,000 to a seasonally adjusted 214,000 in the week to Saturday. Consensus expectations compiled by various news organizations had called for initial claims to be around 205,000 to 207,000. The g...Read More
Turkish long steel export markets continued to struggle with poor demand and increasing production costs over the past week, sources said on Thursday October 11.Starting with the lira crisis in Turkey, the annual inflation rate rose to 24.52% in September, up from 17.9% in August, with energy prices in the country having increased by around 50% so far this year. In addition, the tight supply and s...Read More
The Turkish domestic rebar and wire rod markets have remained soft over the past week because of the low levels of demand, sources said on Thursday October 11.Fastmarkets' weekly price assessment for domestic rebar in Turkey was TRY3,600-3,700 ($592-608) per tonne ex-works on Thursday, widening downward from last week's TRY3,650-3,700 per tonne, including 18% VAT.The country's domestic long steel...Read More