Copper prices on the Comex exchange in New York maintained their recovery in the morning of Thursday November 1, with a weaker dollar providing support to the base metals complex.The copper price for December settlement on the Comex division of the New York Mercantile Exchange rose day on day by 2.60 cents per lb to $2.6850 per lb."After a largely down session across a number of commodity complexe...Read More
(Kitco News) - Gold prices ticked up and were trading near daily highs after the headline manufacturing index from the Institute for Supply Management missed expectations and came in at 57.7% in October. Market consensus called for the index to come in at 59%. October’s monthly decrease marked a 2.1-percentage point drop from September’s reading of 59.8%.Readings above 50% in such diff...Read More
London Metal Exchange members are considering a multitude of ways to continue to service their EU clients in the event that a financial services deal is either not forthcoming or does not go far enough when the UK finally leaves the European Union. Some companies have even told their LME sales teams they need to be prepared to move to another major European city to be able to legally service their...Read More
NEW YORK (Reuters) - World equity markets began November with a broad rally on Thursday after a brutal October, boosted by strong corporate earnings and signs that a trade war between economic giants, China and the United States, could be contained.The MSCI All-Country World Index, which tracks stock markets in 47 countries, climbed about 1.1 percent.October was the index’s worst month since...Read More
Base metals on the London Metal Exchange were collectively higher during morning trading on Thursday November 1, with most metals recovering from Wednesday's dip amid a softer US dollar index and a continued drawdown in LME inventories. Pushing back above $11,500 per tonne, the three-month nickel price gathered support over the morning session, hitting an intraday high of $11,645 per tonne after f...Read More
WASHINGTON (Reuters) - The chair of the House Financial Services Committee says he is still hopeful the Senate will vote on a bill that would make it easier for companies to raise capital and go public, despite a growing likelihood the legislation has stalled in the upper chamber.In a statement to Reuters on Thursday, Texas Representative Jeb Hensarling said, without offering a date, he had &ldquo...Read More
Bob Moriarty ArchivesNov 1, 2018Iintroduced Benchmark Metals to my readers just a week ago and they continue to deliver. The company’s main project is in the Golden Triangle that continues to attract investor attention even in an especially boring market for resources. For most companies I fear little or no action until tax loss selling has once again passed. That’s another six weeks....Read More
One of the proprietors of StockBoardAsset.com tweeted about two weeks ago wondering when the stock market was going to start pricing in a slow-down in the economy. To that I responded by pointing out that the DJ Home Construction index is starting to price in a housing market crash. Residential construction + all economic activity connected to selling and financing existing homes is probably aroun...Read More
World silico-manganese supply edged up to 1.47 million tonnes in September, with the largest monthly increase recorded in the Commonwealth of Independent States, according to the International Manganese Institute (IMnI). Production was up 2.7% from August and 7.4% year on year globally, while year-to-date production rose 25.3% year on year. Supply from the CIS reached 138,000 tonnes, up 9% from Au...Read More
(Reuters) - Chuck Wirtz voted for Donald Trump in the 2016 election, inspired by the then-political outsider, but the veteran Iowa hog farmer now has buyer’s remorse as the U.S. Republican president’s trade policy exacts a heavy toll on his business.Wirtz, 56, estimates the tariffs resulting from the U.S. trade war with China and other nations have cost him $200,000 this year and force...Read More
Streaming and royalty company Royal Gold, Inc. (Nasdaq:RGLD) reports that revenue fell 11.1% year-on-year to $100 million in itsfiscal quarter, as volume of 82,400gold-equivalent ounces was down by 6.4%. Lower gold and copper prices alsoplayed a role. This left the company with net incomeof $15 million, or 23 cents per share, compared to $28.6 million, or 44 cents,in the year-ago period. The...Read More
(Kitco News) - CoeurMining, Inc. (NYSE: CDE) posted a loss in the third quarter on lower metalsprices and a dip in production due to temporary factors at two mines, thecompany said late Wednesday.Coeurlisted a net loss from continuing operations of $53 million, or 29 cents pershare, compared to a loss of $11.7 million, or 7 cents, in the same period of2017. The July-September results included a $3...Read More
Spot copper concentrate treatment and refining charges (TCs/RCs) fell 1.8% toward the end of October while a rapidly widening backwardation reduced market liquidity.Fastmarkets MB's assessment of the TC/RC index was lower by $1.60 per tonne/0.16 cents per lb at $87.40 per tonne/8.74 cents per lb on October 31. The previous assessment of $89 per tonne/8.9 cents per lb on October 15 was a one-year h...Read More
BEIJING (Reuters) - Chinese President Xi Jinping hopes China and the United States will be able to promote a steady and healthy relationship, Chinese state media reported on Thursday, as the world’s two largest economies engage in a bitter trade dispute.In a phone call with U.S. President Donald Trump, Xi also said he and Trump hoped to expand bilateral trade cooperation, Xi was quoted as sa...Read More
WASHINGTON/BEIJING (Reuters) - U.S. President Donald Trump and Chinese President Xi Jinping both expressed optimism on Thursday about resolving their bitter trade disputes ahead of a high-stakes meeting planned for the two leaders at the end of November in Argentina.Trump said on Twitter that trade discussions with China were “moving along nicely” and that he planned to meet with Xi on...Read More
WASHINGTON (Reuters) - U.S. President Donald Trump will make remarks on immigration and border security on Thursday before leaving for a political rally, the White House said.Trump has ramped up his tough stance on illegal immigration, an issue that appeals to his core supporters, before elections on Tuesday that will determine whether his fellow Republicans keep control of Congress.He will delive...Read More
NEW YORK (Reuters) - New Yorkers will be able to use their mobile phones to obtain bitcoin or sell it for cash at kiosks similar to ATMs in and around New York City after the state Department of Financial Services said on Thursday it has approved the virtual currency license of Coinsource Inc.Bitcoin teller machines operator Coinsource, based in Fort Worth, Texas, has 40 bitcoin kiosks in the stat...Read More
(Kitco News) - Gold prices are sharply higher and near their daily highs inlate-morning trading Thursday. The precious metals are getting a solid boostfrom a big drop in the U.S. dollar index today, showing its largest daily lossin quite some time. December gold was last up $18.20 an ounce at $1,233.20.By Jim Wyckoff For Kitco NewsFollow @jimwyckoffjwyckoff@kitco.comwww.kitco.com Disclaimer: The v...Read More
(Reuters) - U.S. stocks rose for a third straight day on Thursday, as industrials gained after President Donald Trump said trade talks with China were “moving along nicely”, while optimism was boosted by healthy results, especially from chipmakers.Trump said he plans to meet with his Chinese counterpart Xi Jinping at the upcoming G-20 summit in Argentina at the end of the month, revivi...Read More
Benchmark international prices for cobalt stabilized last month, but salts and metal prices fell in China amid weak demand and falling local futures prices, triggering a physical sell-off.Price moves: Benchmark low-grade cobalt traded in the remarkably stable range of $33.50-34.45 per lb in October, where the assessment also ended the month. Tightness continued in the low-grade market, which takes...Read More