(Kitco News) - Gold and silver markets could be two of the few commodities to survive an impending global economic slowdown in the next few years, according to one U.K. research firm.Although analysts at Capital Economics have little hope for gold prices this year, as the yellow metal continues to fight against rising U.S. interest rates, the firm reiterated its long-term forecast as it sees pric...Read More
The latest bids, offers and deals in the global markets for steel billet, slab and bloom. Latest transactions: billetBilletCIS, export, billet, traded at $480-490...Read More
Three-month base metals prices on the London Metal Exchange were for the most part under pressure during morning trading on Thursday October 25, with the complex down by an average of 0.2%. Poor US new home sales data on Wednesday and weakness in equity markets are weighing on market sentiment. Copper leads the weakness with a decline of 0.8% as at 07:39am London time, with aluminium, zinc an...Read More
The latest metal markets news and price moves to start the North American day on Thursday October 25.Base metals prices on the London Metal Exchange were mixed during morning trading on Thursday October 25, with bearish third-quarter earnings reports prompting sharp sell-offs in the Asian and European equity markets, while global trade tensions are deterring commodity investment.Edging lower over...Read More
(Kitco News) - European Central Bank President Mario Draghi cautioned markets following the central bank’s rate announcement, promising that even if the asset purchase programme (APP) ends at the end of the year, the monetary policy will still remain “very accommodative.”The ECB left interest rates unchanged on Thursday, noting that it was still planning to end its monthly asset...Read More
Iranian export billet and slab prices continued to decline in the week ended Wednesday October 24, but customers showed little interest in the material.Some customers refrained from booking Iranian materiel due to the United States sanctions."Customers [in the UAE] were signing documents confirming they will not buy anymore sanctioned material," a UAE-based trading source told Fastmarkets."Buyers...Read More
(Kitco News) - Newmont Mining Corp. (NYSE: NEM) Thursday reported a modest decline from a year ago in third-quarter adjusted net income due to lower metals prices and output.The company listed adjusted income of $175 million, or 33 cents per share, compared to $184 million, or 34 cents, in the same period a year ago. This beat forecasts centered around 19 cents a share, according to news reports.O...Read More
Domestic prices for hot-dipped galvanized (HDG) coil have fallen in Southern Europe over the past week due to slow trading, sources told Fastmarkets MB. Buyers have been mainly holding back from making purchases in anticipation of a clearer market trend. Mills are expected to negotiate their next long-term contracts with big buyers in the automotive sector by the end of this month, and spot buyers...Read More
OceanaGold Corp. (TSX, ASX: OGC) reported a net profit for the third quarter of $21.7 million, or 4 cents a share, which was the same as in the third quarter of 2017. The company lists production of 138,034 ounces of gold, up from around 136,000 in the year-ago period. All-in sustaining costs were $761 an ounce. The average gold price fell to $1,202 from $1,276. OceanaGold also produced 4,310 tonn...Read More
Import prices for steel billet in Southeast Asia edged down on Thursday October 25 amid lower offers and lackluster domestic sales for finished steel.Fastmarkets' daily price assessment for billet imported into Southeast Asia was $505-510 per tonne cfr Manila on Thursday, narrowing downward by $5 per tonne from $505-515 per tonne cfr on Wednesday.The assessment range declined from $510-515 per ton...Read More
All markets go through the same phases from consolidation to blow off; the metals are no different. For months, gold languished in the consolidation pattern churning between $1,180-$1,220. Three weeks ago today, it broke out right to blow off. Since its blow off, gold settled and resolved the blow-off pattern by consolidating once again but at much higher levels. The phase that gold missed was the...Read More
China's export prices for hot-rolled coil weakened on Thursday October 25 even though the domestic market was largely stable, with participants expecting more downside for the product amid rising supply and weak demand.DomesticEastern China (Shanghai): 4,170-4,190 yuan ($601-604) per tonne, unchangedNorthern China (Tianjin): 4,080-4,100 yuan per tonne, unchangedMost transactions in Shanghai were c...Read More
The production cost of rebar will increase from November 1 with the implementation of China's revised rebar standard GB-T 1499.2-2018, but spot prices are not expected to rise accordingly.Production cost risesThe revised standards prohibits steel mills from using a water-quenching process in rebar production to meet the new yield and strength requirements. "This kind of rebar rusts easily and is n...Read More
Good morning from Fastmarkets MB's offices in Asia as we bring you the latest news and pricing stories on Thursday October 25.Base metals prices on the Shanghai Futures Exchange were mostly down during Asian morning trading on Thursday after the dollar strengthened once more, with only lead prices rising due to continued supply tightness in China.Check Fastmarket MB's live futures report here. The...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 20 points in pre-opening trade.Index futures were virtually unchanged following release of economic news at 8:30 AM EDT. Consensus for Weekly Jobless Claims was 213,000 versus 210,000 last week. Actual was 215,000. Consensus for September Durable Goods Orders was a drop of 1.3% versus a gain of 4.1% in August. Actual w...Read More
Any time there's a big correction in the market, there's a temptation to fear the worst-case scenario. Since the most recent worst-case scenario-the 2008 financial crisis-happened to be one of the worst in modern history, psychologically speaking we are all pretty doomed to judge the likelihood of another 2008-like financial crisis with a much higher probability. This is commonly referred to as th...Read More
Samarco, the iron ore pellet producer with 50:50 ownership by Vale and BHP, should restart operations in Brazil early in 2020, Vale said on Thursday October 25.The company was already building a new tailings dam and expected to request an operating permit before the end of 2019.Vale was now more confident that Samarco would be allowed to operate again, chief executive officer Fabio Schvartsman tol...Read More
The latest bids, offers and deals in the global markets for iron ore, pig iron, direct-reduced iron and other steelmaking raw materials. Latest transactions: iron oreIron oreBHP, Global Ore, 90,000 tonnes of 62% Fe Newman fines, sold at $76.05 per tonne...Read More
This is a very emotional subject, pensions. Politicians and unions promised pensions they had no way to fund for the last 40 years and the bill has come due. It’s not just bad for taxpayers, it’s bad for pensioners. If you think local governments won't take away the pensions they promised, you clearly aren't paying attention.The face of retirement changed when Nixon took the dollar off...Read More
I can’t believe I’m actually saying this...But I believe the price of natural gas could DOUBLE in the next three months.That’s right.The theory behind my call is simple. All that is required is just a couple months of colder than normal weather.And the best part... Investors that are positioned correctly could soon see a sizeable payday.Let me explain...As of today, the amount of...Read More