The latest news and price moves to start the Asian day on Tuesday October 30.Base metal prices on the London Metal Exchange were lower at the close of trading on Monday October 29, with strong consumer spending figures from the United States fueling broad strength in the US dollar index and adding downward pressure to the market. Read more in our live futures report.Here are how prices looked at t...Read More
The ratio has been around for thousands of years.The argument for watching the ratio.The argument against watching the price relationship between gold and silver.Extensions in markets can lead to volatility.Leveraged ETN products in silver turbocharge results but do not sit on them for too long.Gold and silver prices had a rough summer season. After trading to a high of $1365.40 on the continuous...Read More
The above chart shows daily price action. XAUUSD looks to have broken out of a pennant pattern (green converging lines). Pennants are continuation patterns. The target of the pennant is near $1,260. However, there is overhead resistance around the $1,240 area (red horizontal). If the precious metal is to make any further gains towards the target it needs to break above this resistance....Read More
Good morning from Fastmarkets' offices in Asia, bringing the latest news and pricing stories on Monday October 29. Base metals prices on the Shanghai Futures Exchange were predominantly higher during Asian morning trading, with zinc showing the biggest gains on depleting inventories; meanwhile tin and...Read More
Base metals prices on the London Metal Exchange were mostly lower at the close of trading on Monday October 29, with strong consumer spending figures from the United States fueling broad strength in the US dollar index and adding downward pressure on prices.In a report released by the US Commerce Department, consumer spending increased by 0.4% over October, however, this is the smallest gain in 15...Read More
Iron ore prices were largely steady on Monday October 29, with limited liquidity in the spot market amid expectations of a loosening of steelmaking restrictions in China.MB 62% Fe Iron Ore Index: $76.48 per tonne cfr Qingdao, unchanged.MB 62% Fe Pilbara Blend Fines Index: $75.51 per tonne cfr Qingdao, unchanged.MB 62% Fe Iron Ore Index-Low Alumina: $80.23 per tonne cfr Qingdao, down $0.17 per tonn...Read More
Comex copper prices edged higher Monday morning in the US with the market holding steady amid further Chinese stock market deterioration. The copper price for December settlement on the Comex division of the New York Mercantile Exchange inched up 1.25 cents to $2.7535 per lb.Concerns of a slowdown in the Chinese economy continue to weigh on Asian shares, with the Shanghai Composite falling 2.2% ov...Read More
NEW BRUNSWICK - Montreal-based Osisko Metals has intersected multiple high grade zinc-lead-copper zones in step-out drilling at the Main zone of its Key Anacon project about 20 km south of the town of Bathurst.Drill hole KAMZ-18-10, a step-out drill hole 30 metres below the Main zone deposit, intersected 8.30 metres grading 10.47% zinc, 3.47% lead, 0.03% copper, and 92.0 g/t silver.Step-out hole...Read More
BEIJING, Oct 29 - Jiangxi Copper Co, one of China's leading copper producers, lifted third-quarter net profit by 2.3 percent year on year to its highest since 2014 as bumper treatment charges offset falling copper prices.The Nanchang-based company, which is still without a general manager after the departure of Wu Yuneng in July, earned net income of 767.3 million yuan ($110.31 million) in the thr...Read More
LONDON, Oct 29 (Reuters) - Mining companies must forge new ties with partners from customers to governments as they pursue innovation and compete for talent with technology giants, Rio Tinto's chief executive said in a speech to be delivered on Tuesday.The mining industry has recovered from the deep commodity crash of 2015-16, but faces headwinds from U.S.-China trade tensions, which have dented t...Read More
Enforcer Gold Corp (TSX-V: VEIN) announced that it plans to complete a non-brokered private placement of up to $1.5 million and acquire a property in the historic mining community of Red Lake, on top of issuing a share consolidation.The property that the Toronto-based miner wants to buy is called the McKenzie Gold property and it is located just northwest of Red Lake, the third largest gold camp i...Read More
* Russia's Novak: No need to freeze or cut oil output levels* Markets nervous after broad decline last week* Trump's sanctions on Iran tested by oil-thirsty China, India(Updates with settlement price, adds commentary)By Stephanie KellyNEW YORK, Oct 29 (Reuters) - Oil prices edged lower on Monday, with futures on track for the worst monthly performance since mid-2016, after Russia signaled that out...Read More
* Reliance is India's second most valuable listed company* Shares slump amid domestic woes: https://tmsnrt.rs/2BXsjtu* India's petrol is very expensive: https://tmsnrt.rs/2Ol51EM* Reliance sees long-term future in petrochemicalsBy Koustav Samanta and Promit MukherjeeSINGAPORE/NEW DELHI, Oct 29 (Reuters) - Reliance Industries RELI.NS , currently India's second most valuable listed company, got ri...Read More
* Aircraft sank after crashing into sea, wreckage found* Pilot had asked to return to Jakarta* Plane lost contact 13 minutes after takeoff* No sign of any survivors (Adds authorities taking away 24 body bags)By Cindy Silviana and Bernadette Christina MuntheJAKARTA, Oct 29 (Reuters) - An Indonesian airliner crashed into the sea on Monday, with the likely loss of all 189 people on board, as it tried...Read More
LONDON, Oct 29 (Reuters) - Mining companies must forge new ties with partners from customers to governments as they pursue innovation and compete for talent with technology giants, Rio Tinto's chief executive said in a speech to be delivered on Tuesday.The mining industry has recovered from the deep commodity crash of 2015-16, but faces headwinds from U.S.-China trade tensions, which have dented t...Read More
The world's biggest miners are cranking up spending for the first time in half a decade as well as pursuing more takeovers - and investors are flashing hazard lights as commodities prices slide and as doubts swirl over the outlook.Capital expenditure among the 10 largest metals and mining companies is forecast to advance to about $35 billion this year, the first annual rise since 2013, according t...Read More
OTTAWA - Late last month the Tax Court of Canada ruled in favour of Cameco (TSX: CCO; NYSE: CCJ) in the company's decade-long dispute with the Canada Revenue Agency over tax reassessments for the 2003, 2005 and 2006 tax years.Now the CRA says it plans to appeal the decision with the Federal Court of Appeal, a process Cameco estimates would take about two years.Decisions of the Federal Court of A...Read More
Treatment charges (TCs) for spot zinc concentrates continued to rise over the past week after an open arbitrage into China and agreement on higher prices led to a flurry of deals earlier in the month.Meanwhile, spot prices for lead concentrates dropped, although the market was persistently lacking in supply.The zinc market is still in transition from being more tightly supplied than at any other t...Read More
RAPAPORT... Petra Diamonds has appointed former De Beers executive VardaShine as a non-executive director in line with a plan to refresh its leadership,the miner said Monday. Shine was CEO of the Diamond Trading Company - now DeBeers Global Sightholder Sales - between 2006 and 2014, during which sheoversaw the division's move from London to Gaborone. She is currently an independent director of th...Read More
RAPAPORT... De Beers has signed up Alrosa to its blockchain pilot, bringingthe world's two largest diamond producers together for the source-verificationproject. "We believe tracing requires industry cooperation andcomplementation for the sake of a common goal," Alrosa CEO Sergey Ivanov said ina statement Monday. De Beers' Tracr platform tracks diamonds from the miningstage to finished jewelry usi...Read More