Good morning from Fastmarkets MB's offices in Asia as we bring you the latest news and pricing stories on Monday October 22.Base metals prices on the Shanghai Futures Exchange saw limited movement during Asian morning trading on Monday, with only zinc seeing a significant change - falling 1.5% - after large deliveries of the metal entered SHFE sheds last week. Check Metal Bulletin's live futures r...Read More
Published9:21PM ET Sun, 21 Oct 2018Updated6 Hours AgoReuters Gold prices slipped on Monday, pressured by a rallying dollar and the metal's failure to break above a key technical level.Spot gold fell 0.37 percent to $1,2210 per ounce, having hit a 2-1/2-month peak last week at $1,233.26 per ounce.Prices were on track to register their biggest daily percentage decline since Oct. 12.U.S. gold futures...Read More
I see too many bullish gold mining investors and traders who have jumped into the 3x leveraged junior gold miner fund, JNUG.With JNUG, there is no good entrance and exit strategy that doesn't risk excessive losses on the front end or giving back your gains on the back end.JNUG is designed only for short-term trades that last one week or less, and is certainly not for 6-month or longer time fra...Read More
Market sentiment drives demand in the metals market.Gold rises and falls during stock market volatility.Interest rate movements do not correlate with the movement of gold.We shine a light of truth and market history on some of the fallacies propagated throughout the media, and you will be surprised what appears.The general investment public usually applies the same principles when they chose how a...Read More
• Fading safe-haven demand prompts some fresh selling at the start of a new trading week. • Fed rate hike prospects further driving flows away from the non-yielding yellow metal. • Investors look forward to this week’s key event/data for a fresh directional impetus. Gold traded with a mild negative bias through...Read More
Gold futures fell Friday but secured a weekly advance, their third in a row, as a leading dollar index softened and stocks put in a mixed session. Investors kept tabs on budget tensions in Europe, which could have consequences for broader market sentiment. December gold GCZ8, +0.06% fell $1, or 0.1%, to $1,229.10 an ounce after spending time in positive and negative territory. The ICE U.S. Dollar...Read More
Base metals prices on the London Metal Exchange were higher across the board by the close of trading on Monday October 22, with prices elevated despite a slightly weaker US stock market opening in addition to a strong US dollar index. Despite a fresh cancelation of more than 25,000 tonnes from LME-listed warehouses in Singapore, the three-month aluminium price drifted down from its intraday high o...Read More
Comex copper prices traded at one-week high in the US morning on Monday October 22 amid hopes for added Chinese stimulus measures. The copper price for December settlement on the Comex division of the New York Mercantile Exchange gained 2.65 cents to $2.8045 per lb. The complex is broadly higher on strong macroeconomic data, especially from China. "They are receiving buoyancy from sharply rising.....Read More
The London Metal Exchange has clarified its forward-looking clearing strategy amid a raft of looming regulatory hurdles, in addition to outlining a move away from its current margin model, it told delegates at this year's LME Week.In particular, circumstances surrounding the UK's exit from the European Union could prove the most challenging obstacle for the exchange, with clearing services for all...Read More
The Democratic Republic of Congo gave two groups of investors a four-week deadline to submit a joint proposal on the development of the multi-billion dollar Inga 3 hydropower plant.The government signed an accord with Chinese and Spanish consortia this week to advance the 11,000-megawatt facility, the first time it's formally appointed entities to draw up plans to develop Inga 3 since the project...Read More
Jacobs Engineering Group Inc. agreed to sell its energy, chemicals and resources unit to Australia's WorleyParsons Ltd. for $3.3 billion to focus on its higher growth and margin aerospace and infrastructure businesses.Jacobs will get $2.6 billion in cash and about 58.2 million WorleyParsons shares, worth around $700 million and equal to about 11 percent of its stock, the Dallas-based company said...Read More
RIO DE JANEIRO, Oct 22 - Brazilian pension fund Previ, one of iron ore miner Vale SA's largest shareholders, will not sell part of its stake before the year ends, its chief executive officer said on Monday.Speaking on the sidelines of a conference in Rio de Janeiro, CEO Jose Mauricio Coelho said the fund intended to reduce its stake in the miner over the medium term. Previ had previously announced...Read More
Glencore chief executive officer Ivan Glasenberg is said to be planning to retire from the commodities trader and miner in three to five years, and has even begun training a small group of front runners to take over the post.Glasenberg (62), whose strategic brilliance has made Glencore's - and his own - prodigious fortune, is coaching three to four people to succeed him in the job, Bloomberg repo...Read More
* Beijing seeks ways to reduce its dependence on U.S. soybeans* India industry welcomes move but says process still lengthy* Rapeseed futures in India jump on the news(Adds detail, background)By Hallie Gu and Rajendra JadhavBEIJING/MUMBAI, Oct 22 (Reuters) - China has dropped a years-long ban on rapeseed meal imports from India as the government seeks to diversify sources of protein used in animal...Read More
* NSE index down 0.57 pct; BSE index 0.53 lower* Reliance Industries sinks 3.5 pctOct 22 (Reuters) - Indian shares fell for the third consecutive session on Monday, weighed down by index heavyweight Reliance Industries Ltd RELI.NS as macro concerns, including higher crude prices and liquidity crunch, hurt the trading sentiment.While the benchmark BSE index .BSESN closed down 0.53 percent at 34,1...Read More
* Saudi Arabia says to raise output to 11 million bpd* Sanctions against Iran oil exports to start Nov. 4 (Adds fresh comment, latest prices; changes byline, dateline, previous LONDON)By Scott DiSavinoNEW YORK, Oct 22 (Reuters) - Oil futures were little changed on Monday after paring earlier losses despite Saudi Arabia's pledge to raise crude production to a record high, two weeks before U.S. sanc...Read More
* FTSE 100 down 0.1 pct, mid-caps down 0.2 pct* NM Health jumps most in more than a year on earnings* Higher metals prices lift mining stocks* Lloyds lifted by report of big share buyback (Adds details, updates prices)LONDON, Oct 22 (Reuters) - Britain's blue-chip share index gave up earlier gains and slipped into negative territory on Monday in see-saw trade as lower oil prices pressured energy s...Read More
(For a live blog on European stocks, type LIVE/ in an Eikon news window)* FTSE 100 up 0.5 pct, mid-caps up 0.2 pct* NM Health jumps more than 7 pct on earnings* Higher metals prices lift mining stocksLONDON, Oct 22 (Reuters) - Britain's blue-chip share index was higher on Monday as a weaker U.S. dollar boosted commodities companies while positive results boosted NMC Health NMC.L .The FTSE 100 .FTS...Read More
CIS export slab prices have remained unchanged over the past week despite modest demand in the major outlet markets because competition in the global marketplace has softened.One of the reasons for the reduced level of competition was that Brazilian suppliers have switched the focus of their activities back to the United States from the European, Turkish and Asian markets.Brazilian companies were...Read More
RAPAPORT... The New York branch of India's ICICI Bank has sued 11executives of diamond manufacturer Shrenuj & Co. and its associatedcompanies, alleging they engaged in fraudulent transactions. The defendants induced ICICI to extend loans to Mumbai-basedShrenuj's US subsidiary, Simon Golub & Sons, which Shrenuj then diverted tothree shell companies in the United Arab Emirates, the bank clai...Read More