South African miner Gold Fields (NYSE, JSE:GFI) revealed Thursday the biggest union at its massive, but struggling South Deep mine is going on strike on Friday over the company's planned job cuts, which Chief Executive Officer Nick Holland has called a "last-gasp measure."The gold miner is axing about 1,100 jobs, almost third of the workforce at the mine - its only one left in South Africa - a...Read More
Asia's flat steel market is expected to continue to see declining prices amid persistently weak demand and excess supply in the region, market sources told Fastmarkets MB this week.Spot prices for various flat steel products are at intra-year lows, falling steadily after peaking earlier this year. The bearish sentiment will prevail for the time-being, market sources said, with buyers taking the op...Read More
Gold spot ($) Key resistance at 1219.00. Stay on top of the markets with Swissquote’s News & Analysis Pivot (invalidation): 1219.00 Our preferenceShort positions below 1219.00 with targets at 1214.50 & 1212.00 in extension. Alternative scenario Above 1219.00 look for further upside with 1223.50 & 1226.50 as targets. CommentAs Long as the resistance at 1219.00 is not surpassed,...Read More
Gold and silver are historically undervalued, in inflation adjusted terms, since 1970.Gold ounces per capita is trading below 1950s numbers which means there is less available physical ounces per person now than almost 70 years ago.Bond and stock market weakness are pointing to a recession. Crashes in both markets will likely be needed to break the spot price speculative nonsense which drives curr...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
Seaborne coking coal spot prices were mostly unchanged on Thursday November 1 amid an inactive market.In China, spot prices for domestic coking coal from Shanxi to Tangshan increased by around 60-70 yuan ($8.60-10) per tonne, a coke plant source in Tangshan said."We saw that coming. We are now paying around 1,520 yuan per tonne for hard coking coal with 1.3% sulfur and around 1,840 yuan per tonne...Read More
China's hot-rolled coil market continued to drop on Thursday November 1 amid rising supply after tumbling a day earlier, while export prices are also expected to dip after the product had its export rebate increased. DomesticEastern China (Shanghai): 4,060-4,080 yuan ($582-585) per tonne, down 20 yuan per tonneNorthern China (Tianjin): 4,040-4,050 yuan per tonne, down 10 yuan per tonneChinese stee...Read More
The largest US aluminum and steel producers - companies that were supposed to benefit from tariffs - have all lost value this year.Shares of every major US steel and aluminum producer are down for the year, while Century Aluminum Co. and Alcoa Corp., the country's two biggest aluminum makers, had the worst October since 2008. It was the biggest October drop since 2009 for US Steel Corp., which rep...Read More
CLICK ON CHART TO ENLARGEThis chart looks at the King Dollar over the past 10-years. It remains in a long-term uptrend, creating a series of higher lows and higher highs inside of rising channel (1). King$ has spent the majority of the past 3-year trading sideways between 90 and 105.In August King$ created a weekly bearish reversal pattern and sold off a small percentage (3%). The rally over the...Read More
Reconnaissance exploration at the Kirus and Jempe targets at Aurania Resources' (TSXV: ARU); US-OTC: AUIAF) Lost Cities - Cutucu project in Ecuador, has returned grab samples of rock with copper grades of 4% to 7% and silver grades ranging from 20 to 79 grams per tonne.The discoveries are about 20 km apart and were made during exploration of the magnetic targets identified from a geophysical surv...Read More
Chinese imports of scrap metal from the United States fell in September, according to customs data on Thursday, spelling out the impact of tariffs imposed by Beijing, while India and Iceland benefited from a boom in Chinese alumina exports.China's General Administration of Customs said in a statement posted on its website on Thursday that it was making available to the public monthly data on the i...Read More
Top global miner BHP on Thursday said it would buy back shares and pay a special dividend to return $10.4 billion to shareholders, sticking to a promise to hand back all of the proceeds from the sale of its U.S. shale business.Investors cheered the massive return and the split between a $5.2 billion off-market buyback and a $5.2 billion special dividend, sending BHP's Australian shares up as much...Read More
From 1996 until 2010, Zone 87 at the Troilus mine in Quebec was responsible for the majority of the 2 million ounces of gold and 70,000 tonnes of copper that was produced at the open-pit mining operation.The Z87 pit ultimately ran 350 metres deep and had a strike length of about 900 metres.Now junior explorer Troilus Gold (TSXV: TLG) is trying to bring that zone and others on its property back i...Read More
Specialist mining investors have found a "buyer's market" for projects as the mining sector struggles to compete for funding with new industries, multiple industry executives said at a conference this week.Smaller mines and developers who previously found capital through retail investors in public markets are increasingly turning to specialist investors such as private equity or companies that see...Read More
Ecuador, the world's shining light for copper prospects, aims to more than double the value of mining to its economy by 2021 and is seeking more joint venture partners for its state-owned mining company, a senior government official said on Thursday.Ecuador is being hailed as the biggest potential new source of supply of the metal used in renewable energy. Copper is number 1 on every miner's must-...Read More
Canadian miner Hudbay Minerals (TSX, NYSE: HBM) has shrugged off some shareholders concerns about the company not being in position to buy new assets, and announced the acquisition of Mason Resources (TSX:MNR) for C$31 million (about $24m).Disclosing the deal after the market closed on Wednesday, Hudbay president and chief executive officer Alan Hair said that while the company believed the most...Read More
* Fall extends hefty October losses for Brent, WTI* Signs of rising supplies ahead of Iran sanctions* Benchmark prices continue weakness from October* U.S. crude hits lowest level since April (New throughout, adds settlement prices, new quotes)By David GaffenNEW YORK, Nov 1 (Reuters) - Oil fell nearly 3 percent on Thursday, with U.S. crude futures hitting lows not seen since April, due to growing...Read More
NEW DELHI, Nov 1 (Reuters) - India is likely to announce new steps to support small and medium-sized businesses, such as increased access to credit and financial markets, at an industry event on Nov. 2, the finance ministry said in a tweet.Prime Minister Narendra Modi will launch a programme to support the businesses in New Delhi on Friday, the finance ministry said.Modi's government is pushing th...Read More
* Tepid start to November* IT sector hit by firm rupee* Yes Bank top gainer on NSE, closes up 8.5 pctNov 1 (Reuters) - Indian shares ended little changed on Thursday as losses in IT stocks, pressured by a strong rupee, marginally outweighed gains in the financial sector.The broader NSE index .NSEI ended 0.06 percent lower at 10,380.45, while the benchmark BSE index .BSESN closed mostly flat at 3...Read More
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