An overview of the battery raw materials markets and their price moves from the past week.Read More
New Gold generated operating cash flow of $43.2 million and net loss of $1.6 million in Q3.Rainy River's Q3 performance was disappointing once again.There is a light at the end of the tunnel, as Rainy River did very well in September.If the September Rainy River production numbers are also reached in the coming months, Q4 may become a turning point for New Gold.New Gold (NGD) released its Q3 2...Read More
Pig iron exporters in Brazil kept their prices low during week ended Friday October 26, despite the national currency becoming stronger.Fastmarkets' weekly price assessment for pig iron exports from the south-eastern Minas Gerais region on October 26 was stable at $350 per tonne fob.One cargo from southern Brazil was...Read More
Ferrous scrap prices moved in differing directions in the various global markets over the week from Monday October 22 to Friday October 26, depending on their market fundamentals.Import prices in the key Turkish market were on a slight upward trend due to consistent demand, while prices in Asia dipped because there was sufficient supply and weak demand.Export prices on the West Coast of the United...Read More
Buyers of pig iron in the United States have rejected high offers from the Commonwealth of Independent States because of the uncertainty in the market for hot-rolled coil, sources told Fastmarkets on Friday October 26.Fastmarkets' price assessment for US imports of pig iron narrowed downward to $375-390 per tonne cfr on October 26, from $375-395 per tonne a week before."The US flat steel producers...Read More
Wait, what?! Isn't the inverse head-and-shoulders a bullish pattern that was supposed to take gold miners much higher? Indeed, it is. But it didn't take gold miners much higher and all that the completion of the above-mentioned pattern generated was a corrective upswing that didn't even take gold stocks back above their December 2016 lows. And we warned that this is the likely outcome...Read More
The latest metal markets news and price moves to start the North American day on Friday October 26. Base metals prices on the London Metal Exchange were lower across the board during morning trading on Friday October 26, with a marked downturn in global equity markets prompting further risk-aversion while a continued surge in the dollar index kept prices subdued.The three-month nickel price deprec...Read More
South Africa's Sibanye-Stillwater (JSE:SGL) (NYSE:SBGL) said Friday it had concluded a proposed deal with Canada's Regulus Resources (TSX-V: REG), and its newly formed subsidiary Aldebaran Resources, to jointly unlock value at the Altar copper-gold project, in Argentina.The precious metal miner said it benefitted from the transaction by obtaining upfront proceeds of $15 million while retaining a d...Read More
Good morning from Fastmarkets MB's offices in Asia as we bring you the latest news and pricing stories on Friday October 26.Base metal prices on the Shanghai Futures Exchange were mostly down during Asian morning trading on Friday after a firm dollar continued to put downward pressure on the complex. Copper and lead were the only metals to register gains - albeit marginal ones - in the early sessi...Read More
The above chart shows daily price action. Gold has broken out of a pennant pattern (green converging lines). It is now challenging overhead resistance. The RSI(9) is above 50 and is indicative of an underlying bullish momentum(blue rectangle). The longer that the indicator stays above the 50 level, the greater the chance that the overhead resistance will be overcome. If gold does overcome this le...Read More
Metal Bulletin reviews the major stories that have affected the steel market during the week ended October 26.Raw Materials The Singapore Exchange's high-grade iron ore derivative contract will promote efficiency and transparency in price discovery and risk management related to this segment of the steelmaking raw material, market participants say.Global miner Vale has room to replace sales of low...Read More
Fastmarkets rounds up some of the key news and price moves across the global metals markets this week. Base metalsVale, the world's largest producer of iron ore and nickel, believes that its base metals division will be completely different by 2020, senior executives said on Thursday October 25 during a third-quarter earnings call.The continuing use of trade tariffs applied to global movements of...Read More
Published 23 Hours AgoUpdated5 Hours AgoReuters Gold rose on Friday to a more than three-month peak as investors rushed to the safety of bullion as stock markets around the globe plunged, putting the metal on track for its fourth week of gains.Spot gold rose 0.2 percent to $1,234.35 an ounce, having earlier gained nearly 1 percent to $1,243.32, its highest since mid-July.U.S. gold futures settled...Read More
Christopher Lewis20 hours agoSilver markets have calm down a bit after rallying significantly from the $14 level, and it now looks as if we are probably going to see a bit of sideways action in the short term as the EMA is flattening. If we can break above the $15 level, then the market could go to the $15.50 level, but I think it’s going to take a bit of US dollar weakness, something that...Read More
Despite the increasing digitalization of our financial system, Matt from Silver Fortune says silver is here to stay. Here's why...by Matt from Silver Fortune via Silver FortuneDespite the increasing digitalization of our economy and financial system, there is something to be said for holding a compact, valuable asset in your own hand. It helps if it has been used for money for thousands of years,...Read More
China's hot-rolled coil producers are looking to export more of the product amid expectations that domestic prices will continue to fall in the near term, key flat steel traders told Fastmarkets MB.HRC prices in eastern China were at 4,170-4,190 yuan ($601-604) per tonne on Thursday October 25, down from 4,280-4,300 yuan per tonne a month earlier.Export prices also fell, with the MB fob China HRC...Read More
Base metals prices on the London Metal Exchange were mixed at the close of trading on Friday October 26, with a continued downtrend in the three-month nickel price coming amid better-than-expected third-quarter GDP figures from the US.Reaching an intraday low of $11,810 per tonne on Friday afternoon, the three-month nickel price was trading at a 10-month low amid mounting pressure from a strong US...Read More
Comex copper prices dipped Friday morning in the US with a stronger dollar providing a serious headwind against the base metals complex.The copper price for December settlement on the Comex division of the New York Mercantile Exchange fell 2.50 cents to $2.7295 per lb. Broad strength in the dollar, which is trading at its highest level since July, is proving the most prominent headwind to bas...Read More
The seaborne coking coal spot market was largely stable on Friday October 26 following a flurry of transactions earlier this week.Market sources said that production at the Middlemount mine in Queensland, Australia has been disrupted, and an offer for a December-loading cargo involving a tier-two product from the mine was heard to have been withdrawn. "The issue is being looked into. However, the...Read More
Azimut Exploration of Longueuil, Que., and its strategic partner SOQUEM have made what they are calling a "major" discovery of gold-copper-silver mineralization at Azimut's Munischiwan property in the James Bay region.The zone is 600 metres long and 100 to 150 metres wide. Grab samples from the outcrop have returned gold values between 11.0 and 1.53 g/t, 1.67 to 0.05% copper, and 435.0 to 5.8...Read More