Gold futures settled with a modest gain Thursday, finding support in the wake of sizable losses a day earlier as data showed that orders for core capital goods in the U.S. fell in September. "The U.S. core durable number was soft and this took the shine of the durable good order data," said Naeem Aslam, chief market analyst at Think Markets UK. "Hence, there is still a strong demand for gold and i...Read More
600 points. Dow plunged so much yesterday. The S&P 500 and Nasdaq also suffered. The persistence of losses is disturbing. Should, then, gold shine? Bears Are Back in Town The stock market sell-off continues. Yesterday, the Dow Jones Industrial Average dropped more than 600 points. It means that the index erased all of its 2018 gains, as one can see in the chart below. Similarly, the S&a...Read More
Ted Butler is back, expounding on the rapid velocity and physical ounce turnover within the COMEX silver warehouse complex. Since the internet's early days, Ted has covered various answered and still unanswered mysteries surrounding silver. Why has JP Morgan amassed perhaps the largest silver bullion hoard since the Hunt Brothers and Warren Buffet?The hit movie from 1996, "A Time to Kill", based...Read More
David says there could be another $1 decline in the silver price from here, but silver is more likely to go to $140 than down a buck. Here's more...David Morgan interviewed on SBTVWe spoke with David Morgan of the Morgan Report(https://www.themorganreport.com) on SBTV to get his take on the silver market at this moment. Is the bear market already priced in the silver price? Being 'gut honest', Dav...Read More
Supply disruption, strong demand, multi-year prices highs and subsequent supply responses have meant for another year of price swings and volatility across many of the minors metals, ores and ferro-alloys markets. And now, with LME Week and contract negotiating season coming around again, players must contend with Trump administration tariffs on imports of a number of China produced goods, includi...Read More
Christopher Lewis20 hours agoSilver markets continue to be very jittery, just as the global markets have been. Looking at this chart, I believe that it’s obvious that there are buyers on dips and that’s exactly what we have seen during early Wednesday trading. The $14.70 level has offered enough support to turn the market right back around and crashing into the $14.80 level. Silver i...Read More
Christopher Lewis20 hours agoGold markets fell initially during the day on Wednesday, finding support just below the $1230 level. Ultimately, this is a market that I think continues to find buyers on these dips as gold is a bit of a safe haven trade as of late. I believe that the market continues to be very skittish about global trade and of course rhetoric coming out of the mouths of politicians,...Read More
The production cost of rebar will increase from November 1 with the implementation of China's revised rebar standard GB-T 1499.2-2018, but spot prices are not expected to rise accordingly.Production cost risesThe revised standards prohibits steel mills from using a water-quenching process in rebar production to meet the new yield and strength requirements. "This kind of rebar rusts easily and is n...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
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
Tight supply of Australian iron ore continued to support the market for the steelmaking raw material on Thursday October 25, with the benchmark 62% Fe index rising above $76 per tonne cfr China.MB 62% Fe Iron Ore Index: $76.04 per tonne cfr Qingdao, up by $1.31 per tonne.MB 62% Fe Pilbara Blend Fines Index: $75.07 per tonne cfr Qingdao, up by $1.31 per tonne.MB 62% Fe Iron Ore Index-Low Alumina: $...Read More
Gold futures finished lower Wednesday, as strength in the U.S. dollar helped prices give up a portion of the gains from a day earlier that had lifted prices to a three-month high. December gold GCZ8, +0.07% fell by $5.70, or 0.5%, to settle at $1,231.10 an ounce. It climbed Tuesday by 1%, to close at $1,236.80 an ounce-the highest for a most-active contract since July 16, according to FactSet dat...Read More
Following LME Week, Mr Benedikt Sobotka, CEO of Eurasian Resources Group (ERG), one of the world's leading diversified natural resources groups, predicts a strong metals recovery ahead.Our view that commodities have fallen foul of wider macroeconomic concerns and the changing geopolitical landscape was confirmed at this year's LME Week. One of the issues that came up repeatedly was the fact that g...Read More
Newmont Mining, (NYSE:NEM), the world's second largest gold miner by output, reported Thursday lower third-quarter profit and revenue as a result of weak prices for the precious metal and copper in the period.The Greenwood Village, Colorado-based company logged an adjusted profit of $175 million, or 33 cents per share, for the three months leading to September, compared with a profit of $184 mi...Read More
* High crude prices, weak rupee hurting sales growth* Maruti's Q2 profit down 10 pct y/y, sales 1.5 pct lower* Q2 total revenue from operations up 3 pct (Adds company chairman, executive comments)By Aditi Shah and Arnab PaulNEW DELHI/BENGALURU, Oct 25 (Reuters) - Maruti Suzuki India MRTI.NS may find it tough to meet its 10 percent sales growth target for the current fiscal year, its chairman sai...Read More
China's month-on-month new electric vehicles (NEV) sales rebounded in August after month-on-month declines in June and July. The drop in sales between May and June was the first drop since September 2016, but Fastmarkets MB had expected Chinese NEV sales to dip temporarily after the June subsidy changes came into effect because consumers and NEV manufacturers would have to adjust to the new subsid...Read More
* NSE, BSE indexes fall 1.4 pct each* Investors cautious ahead of derivatives expiry* Reliance Industries top drag, hits 3-1/2-month lowBy Chris ThomasOct 25 (Reuters) - Indian shares fell nearly 1.5 percent to a seven-month low on Thursday, joining a sell-off in global equities amid concerns about a slowdown in the world economy.Asian shares plunged after tech stocks caused the largest daily de...Read More
Seaborne pig iron has become relatively competitive versus ferrous scrap over the past year in most regions, and China is no exception. As the first chart below illustrates, the gap between the MBR's proxy for imported pig iron price in China and the Metal Bulletin's Chinese domestic heavy melt scrap price assessment had shrunk by late 2017. The premium averaged $17 per tonne this year to date, co...Read More
(Adds graphic)* India coal imports: https://tmsnrt.rs/2Pk39w9By Sudarshan VaradhanNEW DELHI, Oct 25 (Reuters) - India's thermal coal imports rose at the fastest pace in three-and-a-half years in the September quarter, spurred by new demand and domestic infrastructure bottlenecks that are threatening government plans to cut foreign supplies.Imports jumped 35 percent to 42.7 million tonnes during th...Read More
Western Uranium & Vanadium Corp. (CSE: WUC) announced plans to re-open the Sunday Mine Complex, located in western San Miguel County, Colorado.The complex extends for 3,748 hectares and consists of five individual mines currently in temporary cessation. These are the Sunday mine, the Carnation mine, the Saint Jude mine, the West Sunday mine and the Topaz mine. Last time they were mined was between...Read More