Metal Bulletin rounds up some of the key news and price moves across the global metal markets this week. Base metalsDuring the Asian trading on Friday morning, most base metal prices on the Shanghai Futures Exchange were up, buoyed by the modest pick-up in risk-on sentiment following China's release of positive economic data for October. On London Metal Exchange trading on Friday morning...Read More
Gold Gold charts have been reviewed. New patterns have been discovered. In general, the metal is going down. Namely, the commodity price is trading in two channel down patterns in the borders of a large scale ascending pattern. In the near term future, the pair is set to decline in the smallest pattern down to the 1,213.85 level, where it should encounter the support of a monthly pivot point....Read More
• The precious metal extended its bearish slide for the sixth consecutive session and dropped to near one-month lows after hotter than expected US PPI figures. • On the daily chart, the commodity has struggled to sustain above $1235 horizontal zone on closing basis, forming a bearish double-top chart pattern. • Sustained...Read More
Bix says we're easing in to freely traded markets, and silver will very soon move to a 1 to 1 ratio with gold. Here's more...by Bix Weir from Road to RootaWith the JP Morgan silver trader ratting his bosses out for YEARS of silver manipulation we SHOULD see silver find a TRUE Fair Market Value when the hammer comes down. 7 to 1 Gold ratio to OPEN! Read More
“We are in a bond market bubble that’s beginning to unwind.” This is the statement of Alan Greenspan. Is he right? We invite you to read our today’s article about the US bond market and find out whether it is in bubble or not – and what does it all mean for the precious metals market. Gold Asks: Are US Bonds Overvalued? Bond yields are in an upward trend since 2...Read More
• Resurgent USD demand kept exerting downward pressure on Friday. • Firming Fed rate hike expectations add to the ongoing bearish slide. • A slight deterioration in investors’ risk-appetite does little to lend support. Gold remained under some selling pressure for the sixth consecutive session on Friday and is currently pl...Read More
Published 22 Hours AgoUpdated5 Hours AgoReuters Gold fell to its lowest in a month on Friday as the U.S. dollar strengthened after the Federal Reserve reaffirmed its monetary tightening stance, seen as a negative for non-yielding bullion.The Fed held interest rates steady on Thursday but is widely expected to raise interest rates in December - which would be its fourth hike this year - as it point...Read More
Looking ugly below $14.00.Looking great over $14.90.A speculative metal in hibernation.Silver is not following gold.USLV and DSLV can provide explosive short-term returns.The silver market is stuck in a rut. Even though gold broke above its short-term technical resistance, silver has not moved to a level that is outside of its trading range since trading down to the lowest level at $13.91 in mid-S...Read More
Gold eroded key trendline support in Asia as Fed maintained hawkish guidance Prices fell to $1,219 - the lowest level since Nov. 1. The safe-haven metal is struggling to find takers despite risk aversion in the markets. Gold's price hit an 8-day low of $1,219 in Asia as the Fed reiterated its tightening stance. The yellow metal eroded trendline rising from the Oct. 9 low and Oct. 31 lo...Read More
Base metals on the London Metal Exchange were mostly lower at the close of trading on Friday November 9, with broad price weakness coming amid a fresh surge in the dollar index while investors heed caution over hawkish US-Sino trade relations. "Base metals are working against the strong dollar and the tightening Fed policy," SP Angel commodities analyst Sergey Raevskiy told Fastmarkets. "All the f...Read More
The London Metal Exchange has addressed a series of proposals put forward to market participants in a consultation period that began in early August, introducing key rulebook and procedural amendments in conjunction with its Strategic Pathway initiatives first introduced in 2017.Structured around key initiatives set out in 2017 to drive market growth, market feedback from the consultation has prom...Read More
Base metals stock level movements at Shanghai Futures Exchange-approved warehouses were mixed in the week ended Friday November 9, with lead, nickel and tin stocks higher while zinc, aluminium and copper stocks fell. Deliverable lead stocks increased by 1,390 tonnes or 17.3% over the past week to total 9,434 tonnes on Friday. Warehousing company Zhongchu Lutong in Tianjin saw the biggest inf...Read More
Permitting at Sandfire Resources' (TSXV: SFR; US-OTC: SRAFF) Black Butte copper project in Montana has been delayed by a new statewide standard for nitrogen during the growing season.The company says it will expand its mine plan to include a treated water reservoir that can meet Montana's new pollution standards year round. It has to add the information to its draft environmental impact statement...Read More
A tight copper market may be set to get a lot tighter, if a report this week from the world's biggest miner of the metal is any indication.Santiago-based Codelco posted the lowest quarterly copper production this year in the third quarter, according to Chile copper agency Cochilco. The company reported declines across all of its mines in September as ore grades fell an average of 5 percent in the...Read More
Gold prices suffered a fourth loss in five sessions on Thursday, then struggled for direction in electronic trading with the U.S. dollar extending earlier gains as the latest policy update from the Federal Reserve yielded no surprises. The U.S. central bank held interest rates steady, in a 2% to 2.25% range and signaled that it will stay the course and move rates up at a gradual pace in coming mo...Read More
* U.S. crude down 22 pct from October peak, Brent down 20 pct* Iran sanctions impact dampened by broad exemptions* U.S., Russia, Saudi crude output: https://tmsnrt.rs/2Rua0R8* Asia gasoline margins turn negative: https://tmsnrt.rs/2PNUIcZ (New throughout, updates prices and market activity, adds CFTC data)By Devika Krishna KumarNEW YORK, Nov 9 (Reuters) - Oil prices fell nearly 1 percent on Friday...Read More
By Sanjeev MiglaniNEW DELHI, Nov 9 (Reuters) - India's government said it will sell stocks worth millions of dollars seized from people who moved to Pakistan following partition in 1947 and the wars since, as a way to make up for a shortfall in revenues.The stocks worth at least 30 billion rupees ($412.26 million) are part of what India calls "enemy properties" that once belonged to people who wen...Read More
* NSE index down 0.2 pct, BSE index 0.1 pct lower* IT, energy stocks drag; financials top boostNov 9 (Reuters) - Indian shares closed slightly lower on Friday, dragged by top IT and energy stocks, while gains in the financial and consumer counters arrested the downside.The benchmark BSE index .BSESN fell 0.22 percent to 35,158.55, while the broader NSE index .NSEI declined 0.12 percent to 10,585.2...Read More
Investing.com - Gold prices slumped on Friday as inflation data pointed to steady interest rate increases by the Federal Reserve.Comex gold futures for December delivery fell 1.17% to $1,211.90 a troy ounce as of 11:11 AM ET (16:11 GMT).The producer price index (PPI) increased 0.6% in October. The higher-than-expected numbers support the Fed’s gradual rate increase policy, which helped boost...Read More
* Walt Disney (NYSE:DIS) gains on strong Q4 results* General Electric (NYSE:GE) falls after J.P. Morgan cuts PT* U.S. crude in bear territory, below $60 a barrel* Indexes down: Dow 0.58 pct, S&P 0.74 pct, Nasdaq 1.10 pct(Updates to open)By Sruthi ShankarNov 9 (Reuters) - U.S. stocks fell on Friday, with shares of technology, energy and industrial companies bearing the brunt of a selloff, a...Read More