The stock market sold off sharply yesterday following the main indexes' breakdown below their October the 11th local lows. The S&P 500 broke below its long-term upward trend line, after falling below 2,700 mark again. Will the decline extend even further?The U.S. stock market indexes lost 2.4-4.4% on Wednesday, accelerating their downtrend, as investors' sentiment much worsened following globa...Read More
(Kitco News) - Newmont Mining Corp. (NYSE: NEM) Thursday reported a modest decline froma year ago in third-quarter adjusted net income due to lower metals prices andoutput.The company listedadjusted income of $175 million, or 33 cents per share, compared to $184million, or 34 cents, in the same period a year ago. This beat forecasts centeredaround 19 cents a share, according to news reports.On a n...Read More
BloombergEmployees prepare fabric for clothing at the 9B Apparel manufacturing facility in Los Angeles. The numbers: The flash reading of IHS Markit's manufacturing purchasing managers index rose to a five-month high of 55.9 in October from 55.6, while the flash services PMI rose to a two-month high of 54.7 from 53.5 in September. Any reading above 50 indicates improving conditions. A flash readi...Read More
OceanaGold Corp.(TSX, ASX: OGC) reported a net profit for the third quarter of $21.7 million,or 4 cents a share, which was the same as in the third quarter of 2017. Thecompany lists production of 138,034 ounces of gold, up from around 136,000 inthe year-ago period. All-in sustaining costs were $761 an ounce. The averagegold price fell to $1,202 from $1,276. OceanaGold also produced 4,310 tonnes of...Read More
All markets go through the samephases from consolidation to blow off; the metals are no different. For months,gold languished in the consolidation pattern churning between $1,180-$1,220. Threeweeks ago today, it broke out right to blow off.Since its blow off, gold settledand resolved the blow-off pattern by consolidating once again but at muchhigher levels. The phase that gold missed was the trend...Read More
NEW YORK, Oct 25 (Reuters) - The recent cratering of stockmarkets is nowhere near severe enough to rattle confidence andsignificantly hurt U.S. business and consumer spending, a Fedofficial said on Thursday, in the latest unruffled message fromthe U.S. central bank.In a speech, Loretta Mester, president of the Cleveland Fed, reinforced the U.S. central bank'[s steady-as-she-goesexpectation to keep...Read More
WASHINGTON (Reuters) - Richard Clarida, U.S. President Donald Trump’s most recent addition to the Federal Reserve Board, made his debut speech on Thursday just days after Trump again slammed the Fed for raising interest rates. His message: rates should continue higher.“If the data come in as I expect, I believe that some further gradual adjustment in the federal funds rate will be appr...Read More
Base metals prices on the London Metal Exchange were mixed at the close of trading on Thursday October 25, with continued strength in the US dollar index capping gains, while stronger earnings reports and a broadly positive European Central Bank outlook safeguarded commodity investments. Over the afternoon, the three-month nickel price largely under-performed amid slight downticks in aluminium and...Read More
NEW YORK (Reuters) - U.S. stocks gained on Thursday as Microsoft’s strong earnings helped Nasdaq-listed companies stage a rebound from the tech-heavy index’s worst decline since 2011 in the previous session.Traders said investors also went bargain-hunting after the market rout on Wednesday that erased the Dow and the S&P 500’s gains for the year and confirmed a correction for...Read More
Comex copper prices were little changed Thursday morning in the US with a stronger dollar capping any positive momentum. The copper price for December settlement on the Comex division of the New York Mercantile Exchange inched up 0.10 cents to $2.7585 lb. "While we forecast a stronger copper price by the end of the year, the fragile macro backdrop poses downside risks to our outlook," Fastmar...Read More
NEW YORK (Reuters) - U.S. President Donald Trump’s favorite report card on his presidency may be failing him at a critical moment.U.S. stocks have fared well since Trump took office, a fact he has repeatedly touted, but have stumbled badly in October. The S&P 500 .SPX is down 7.6 percent and on course for its biggest monthly drop of Trump's presidency with fewer than two weeks before v...Read More
Weekly Reports |Oct 23 2018The uranium spot priced ticked up again last week as Section 232 uncertainty lingers.-232 submissions roll in-Canada bites back-Kazatomprom IPO to proceedBy Greg PeelThe US Department of Commerce Section 232 investigation into US uranium imports from state-sponsored producers remains ongoing, with more than 900 comments now having been received for review. The investigat...Read More
Base metals prices on the London Metal Exchange were mixed during morning trading on Thursday October 25, with bearish third-quarter earnings reports prompting sharp sell-offs in the Asian and European equity markets, while global trade tensions deter commodity investment. Edging lower over the morning, the three-month copper price is trading below $6,200 per tonne, while total available LME stock...Read More
(Reuters) - Credit rating agency Moody’s Investor Service changed its outlook on the U.S. retail industry to “positive” on Thursday, for the first time since July 2015, buoyed by optimism surrounding the economy and benefits from the retailers’ online investments.The retail industry has seen a resurgence this year with increased consumer spending and higher wages after bein...Read More
Grupo Mexico, the largest Mexican miner, expects a surge in its production next year, mainly led by copper and zinc. The company is undertaking a huge expansion program that will raise its output of copper by almost 80% by 2025, to 1.8 million tonnes per year.The conglomerate owns assets in Mexico, Peru, Spain and the United States, and it produced 254,219 tonnes of copper in the third quarter of...Read More
WASHINGTON/NEW YORK (Reuters) - The investigation into 10 pipe bombs sent to high-profile Democrats and critics of U.S. President Donald Trump is focusing on leads in Florida, a federal law enforcement source said on Thursday.Former Vice President Joe Biden and actor Robert De Niro on Thursday became the seventh and eighth intended targets of the bombs, all of which were intercepted before they ex...Read More
WASHINGTON, Oct 25 (Reuters) - A sustained stock market sell-off would need to factor into the Fed’s policy debate, just as would any steady shift in financial conditions, Federal Reserve vice chair Richard Clarida said on Thursday.“Changes in financial conditions are something that is relevant for the economic outlook,” and need to be accounted for “if they are sustained,&...Read More
(Reuters) - U.S. stocks rose on Thursday, as strong earnings from Microsoft helped Nasdaq-listed companies stage a rebound from the tech-heavy index’s worst decline since 2011 in the previous session.Traders said investors also went bargain hunting after the market rout on Wednesday erased the Dow and the S&P 500’s gain for the year and confirmed a correction for the Nasdaq.Microso...Read More
Zinc and lead concentrates trader Edouard Penot has left Transamine after four years at the firm, Fastmarkets understands.Penot was working with Eduardo Grau in handling zinc...Read More
WASHINGTON (Reuters) - New Federal Reserve vice chair Richard Clarida on Thursday said he’d support “some further” increase in interest rates as the best way to nurse the current U.S. recovery along while guarding against any jump in inflation.In his debut speech as the Fed’s second in command and the most recent appointee by President Donald Trump, Clarida said the economy...Read More