(Kitco News) - From all the precious and base metals, gold has the most to gain if equities see further losses, said Bloomberg Intelligence (BI), which is not ruling out the $1,400 an ounce level for gold.“Gold has the most upside if equities continue to decline, particularly if U.S. stocks give back more vs. the world. In this scenario, the dollar should decline and metals and broad commodi...Read More
China's domestic rebar prices dropped on Monday November 5, with market participants taking a pessimistic view on demand and supply. Domestic Eastern China (Shanghai): 4,630-4,660 yuan ($672-676) per tonne, down 20-30 yuan per tonneNorthern China (Beijing): 4,450-4,480 yuan per tonne, down 10-20 yuan per tonneSpot rebar prices fell on Monday amid early-hours losses in the futures market...Read More
China's hot-rolled coil market was largely steady on Monday November 5, but expectations have emerged for some upward momentum in the export segment as soon as prices bottom out.DomesticEastern China (Shanghai): 4,030-4,040 yuan ($584-586) per tonne, narrowing downward by 10 yuan per tonneNorthern China (Tianjin): 4,030-4,040 yuan per tonne, unchangedPrices in both major trading regions in China w...Read More
(Kitco News) - Gold and silver prices are modestly lower in early-afternoon U.S. trading Monday, in a choppy, two-sided trading session. Both the bulls and the bears are cautious ahead of what will likely be a very active trading week. December gold futures were last down $1.90 an ounce at $1,231.40. December Comex silver was last down $0.121 at $14.635 an ounce. Focus is on Tuesday's U.S. mid-te...Read More
Photo by Piotr Swat/Shutterstock.com (Kitco News) - Nearly 100% of Barrick Gold Corporation shareholders (NYSE: ABX, TSX: ABX) voted in favor of a merger with Randgold Resources, clearing one more hurdle that paves way for the creation of the world’s biggest gold producer.In a press release Monday, following a special shareholder vote, the company said that 99.8% or more than 683 millio...Read More
Australian lithium spodumene producer Altura Mining shipped about 10,000 tonnes of lithium spodumene from Port Hedland in Western Australia to China in October 2018, the company has said.Altura announced on October 31 that it had despatched two cargoes each of around 5,000 tonnes of lithium spodumene to China, on October 9 and October 20. The material came from the company's Pilgangoora lithium mi...Read More
(Kitco News) - The “proverbial perfect storm” of underperformance in the natural resource sector peaked in the third quarter, with the market now looking historically attractive, according to investment management firm VanEck.“Whether it be the concerns around … trade-war-induced slowdown in global growth and associated metals weakness …, [or] presumed dilutive acqu...Read More
Share this articleThe Mount Newman railway line in Western Australia. Source: BHP Billiton Ltd.BHP Billiton Ltd. [BHP-NYSE; BHPLF-OTCPK] has suspended all iron ore rail operations in Western Australia after a train carrying iron ore took off without the driver on board and travelled across the Pilbara outback before it was stopped early Monday.Local media reports said the train literally ran away...Read More
(Kitco News) - While the world continues to react to the election of Brazilian populist president Jair Bolsonaro, some government officials don’t expect this to have much impact on the nation’s plan to develop its national resource.In an exclusive interview with Kitco News ahead of the October runoff election, Pedro Bruno Barros De Souza, secretary of public policy coordination, said t...Read More
Australian lithium spodumene miner Neometals reported that it had achieved slightly higher production volumes in the July-September quarter in a results statement published on Wednesday October 31.Neometals increased its output by about 1.68%, producing 111,023 tonnes of lithium spodumene in the quarter, compared with 109,183 tonnes produced in April-June.Output of higher-grade lithium spodumene (...Read More
(Kitco News) - Large speculators rebuilt their bearish positioning in gold futures during the most recent reporting week for data compiled by the Commodity Futures Trading Commission, yet this may have been a temporary phenomenon, with prices since rising again amid a fall in the U.S. dollar, analysts said. During the week-long period to Oct. 30 covered by the CFTC’s report, Comex December g...Read More
(Kitco News) - Gold has bounced in a $20 range since the end of October. Discounting the drop on Oct. 31, which we believe was fund selling to grab some profits for client-statement purposes to offset losses in the equity space, gold has remained in a very tight range. Good economic numbers on Friday helped to strengthen the dollar, but gold remained resilient into the weekend. The technical pictu...Read More
Lithium spodumene miner Tawana Resources reported a quarter-on-quarter production increase of 63% from operations at Bald Hill in Western Australia in July-September this year, in a results statement for the third quarter published on Wednesday October 31.The Australian miner produced 28,419 tonnes of lithium spodumene in the quarter ended on September 30, compared with 17,403 tonnes in the previo...Read More
Since breaking above $1240, gold has gone back into churning mode. The fact that gold continues to make higher lows and is holding its support levels, we expect it to break out to the upside. The next level we expect to see is $1,275 as gold looks prepared to go into an extended rally. All signs point to gold breaking out, which could create an extended bull market. The metals in general gave held...Read More
Ferro-tungsten prices in Europe dropped on good material availability last week, while the ammonium paratungstate (APT) market was quiet with little spot business concluded and the market awaiting further direction. APT prices edge down in China; European prices stable amid little spot activity Ferro-tungsten prices fall in Europe on good material availability Concentrates market under pressure fr...Read More
U.S. equity index futures were mixed this morning. S&P 500 futures were unchanged in pre-opening trade.Lowes (LOW $96.82) is expected to open lower after the company announced closure of 20 U.S. and 31 Canadian stores on February 1st. Cost is estimated at $0.28-$0.34 per share. Exxon Mobil (XOM $81.95) is expected to open higher after JP Morgan raised its target price to $97 from $94.Under Arm...Read More
Turkish domestic auto bundle scrap prices have gone down in line with falling domestic rebar prices, while ship scrap prices have risen thanks to strong imported scrap values, sources said on Monday November 5.Fastmarkets' weekly price assessment for auto bundle (DKP grade) ferrous scrap was TRY1,750-1,940 ($322-357) per tonne delivered, widening downward from last week's TRY1,830-1,940 per tonne....Read More
Seaborne iron ore prices strengthened on Monday November 5 amid fears of supply disruptions in Australia.MB 62% Fe Iron Ore Index: $75.74 per tonne cfr Qingdao, up $1.77 per tonne.MB 62% Fe Pilbara Blend Fines Index: $74.77 per tonne cfr Qingdao, up $1.77 per tonne.MB 62% Fe Iron Ore Index-Low Alumina: $79.30 per tonne cfr Qingdao, up $2.34 per tonne.MB 58% Fe Premium Index: $66.92 per tonne cfr Q...Read More
The seaborne coking coal spot market was largely stable on Monday November 5 with sellers still unwilling to budge from their offers just yet.A cargo of branded materials was traded on Global Coal at $216.50 per tonne fob Australia late last Friday, market sources told Fastmarkets.This is $7.50 per tonne lower than the price for a cargo of the same brand of materials that was sold last week, accor...Read More
Ferrous futures in China registered mild movements during morning trading on Monday November 5, with the impact of winter steelmaking restrictions and the potential for easing tensions between the country and the United States being factors to watch out for over the rest of the month.Futures closing prices - morning session Shanghai Futures Exchange January rebar: 4,034 yuan ($585) per tonne, down...Read More