Prices for hollow steel sections in Northern Europe have fallen this week following a decline in feedstock prices, Fastmarkets heard on Wednesday October 31.Fastmarkets' domestic price assessment for commodity-size, grade-S235 square hollow sections made in Northern Europe fell by ?,?10 per tonne to ?,?650-660 ($739-750) per tonne delivered on October 31, from ?,?660-670 per tonne delivered on Oct...Read More
The latest news and price moves to start the Asian day on Thursday November 1.Base metal prices on the London Metal Exchange ended mostly lower on Wednesday October 31, pressured by a fresh 2018 high in the United States' dollar index. Read more in our live futures report.Here are how prices looked at the close of trading:Ternium chief executive officer M??ximo Vedoya expects steel slab...Read More
The latest metal markets news and price moves to start the North American day on Wednesday October 31.Base metals on the London Metal Exchange consolidated lower during morning trading on Wednesday October 31, with downward pressure emerging from broad corrections in key indices such as the S&P 500 and Dow Jones Industrial Average, while dollar strength continues to hamper investment.Here...Read More
Gold’s correction from above $1,240/oz continued on Wednesday amid a stronger US dollar and higher Treasury yields. Price fell below key support levels, weakening further the technical outlook. The yellow metal is about to post the third slide in-a-row, losing again $10. The price opened above $1,220 and bottomed during the American session at $1,211. Then bounced to the upside...Read More
Good morning from Fastmarkets' offices in Asia, bringing the latest news and pricing stories on Wednesday October 31.Base metals prices on the Shanghai Futures Exchange were mainly lower during Asian morning trading, with risk-off sentiment, combined with the possible escalation of US-China trade tension and a...Read More
Last month in this space, I penned an essay titled "Are Silver and Gold 'at the Flood'"?. A few weeks later, two other essays on another widely-read site discussed this topic from the same perspective and sourcing – a case of "great minds thinking along similar lines"? Please take time to read or review that Money Metals Exchange Post of August 28. I made the case...Read More
Chaarat Gold Holdings (LON:CGH), the company that tried and failed to buy Centerra Gold's (TSX:CG) Kumtor mine in Kyrgyzstan, revealed Wednesday the Canadian miner turned down an unconventional takeover offer, valued at about C$2 billion (roughly $1.52B), for the entire company.The Central Asia-focused gold miner last month proposed buying the Toronto-based company in an all-cash transaction at...Read More
• Improving risk-appetite continue to dent the commodity’s safe-haven demand. • Resurgent USD demand/firming Fed rate hike prospects add to the selling pressure. • Technical selling further contributes towards accelerating the ongoing downfall. Gold kept losing ground through the early North-American session and drop...Read More
Published 19 Hours AgoUpdated6 Hours AgoReuters Gold fell to a near three-week low on Wednesday as the dollar scaled a 16-month peak and a bounce in stock markets following a recent rout revealed renewed appetite for riskier investments.However, the metal remained on track for its best month since January, ending a six-month run of losses in October, the longest such streak since a period from Aug...Read More
• USD climbs to 16-month tops and keeps exerting downward pressure. • Improving risk-appetite dents safe-haven status and add to the selling bias. Gold remained under some selling pressure for the third consecutive session and is currently placed at near three-week lows, just above $1215 level. The precious metal extended its corrective slide from ove...Read More
With gold closing around $1236, the market closing above the 9-day weekly moving average is confirmation that coming into this week we have a bullish trend momentum.If the gold market closes above $1235, the first target this week is the sell 1 (S1) level of $1247, and the second target is the sell 2 (S2) level at $1258.If the market comes down below $1235, it would negate this bullish trend to ne...Read More
SD Midweek: The question is whether the window is just now opening, or will it quickly slam shut? Here's some insight...President Trump sure is getting nervous, and if I'm right about my theory that the Globalists/Deep State plan to crash the stock market into the mid-term elections, then there is every reason for him to be nervous.As such, we did not just get one Tweet about the stock market yest...Read More
Base metals prices on the London Metal Exchange ended mostly lower Wednesday October 31, pressured by a fresh 2018 high in the US dollar index.The three-month nickel price was hardest hit, falling 2.5% over the afternoon to an intraday low of $11,500 per tonne. Both three-month copper and zinc fell below nearby support levels - copper fell below $6,000 per tonne for the first time since September...Read More
Arbitrage for copper, aluminium, zinc and nickel imported into China on Wednesday October 31* Copper -$103.74 (-724.61 yuan) Aluminium -$436.45 (-3,048.53 yuan) Zinc -$47.26 (-330.08 yuan) Nickel $586.71 (4,098.08 yuan) *Fastmarkets calculates the physical arbitrage for import into China daily by using SHFE front-month and LME three-month prices at 3pm...Read More
Prices for iron ore fines weakened on Wednesday October 31 in a cautious market, while lump premiums traded higher.MB 62% Fe Iron Ore Index: $75.71 per tonne cfr Qingdao, down $1 per tonne. MB 62% Fe Pilbara Blend Fines Index: $74.74 per tonne cfr Qingdao, down $1 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $80.13 per tonne cfr Qingdao, down $0.04 per tonne. MB 58% Fe Premium Index: $67.42 pe...Read More
Nov 1 - BHP will start an off-market buyback of $5.2 billion of its shares immediately, with the remainder of the proceeds from its U.S. onshore assets sale to be returned in the form of a special dividend, the global miner said on Thursday.The world's biggest miner had promised in July to return the $10.5 billion in sale proceeds to shareholders. It also announced the completion of the sale of it...Read More
MOSCOW, Oct 31 - Production at Russia's Norilsk Nickel (Nornickel) Bystrinsky copper project near the Chinese border surged in the third quarter, the company said on Wednesday, indicating that it was making progress fixing a problem with equipment.Nornickel, controlled by Russian billionaire Vladimir Potanin and aluminium giant Rusal, launched the mine a year ago with an aim to export its producti...Read More
Vancouver-based explorer Golden Arrow Resources (TSX-V: GRG) has entered into a Definitive Agreement with Mineria Activa SpA to acquire up to 100% of the Indiana gold-copper project in Chile. Indiana is located approximately 35 kms from Golden Arrow's new Atlantida copper-gold project.The advanced-stage gold-copper project features a near surface deposit of high-grade gold and copper vein-hos...Read More
Excelsior Mining plans to complete construction at its Gunnison copper project in south eastern Arizona and enter production over the next year after agreeing to a US$75 million project financing package with Triple Flag Mining Finance.Triple Flag will buy a US$65 million copper stream on Gunnison and US$10 million in shares from Excelsior. The package includes an option for Triple Flag to fund a...Read More
Canada's Barrick Gold and takeover target Randgold Resources are boosting their dividend payouts ahead of shareholder votes next week on their $6.1 billion deal, the miners said Wednesday.Barrick's all-stock purchase of the African miner, announced in September, spurred some analyst criticism because it lacked a premium for Randgold, which has a record of strong operational and financial performan...Read More