The world's largest mining company, BHP (ASX, NYSE:BHP) (LON:BLT) today downgraded its economic growth forecasts for the world's two biggest economies, in what it calls a "lose-lose" outcome from increasing trade tensions.The miner now expects China's GDP growth to be "half to three quarters" of a percentage point lower over the next two years, chief commercial officer Arnoud Balhuizen said at a m...Read More
Comex copper prices tumbled to a mid-September low on October 30 morning in the US amid rising bearish sentiment in the equity market, a rising dollar and ongoing worries regarding the trade war between the US and China.The copper price for December settlement on the Comex division of the New York Mercantile Exchange tumbled 5.70 cents to $2.6835 per lb. Earlier in intraday trading, the contract h...Read More
* RBI "looked the other way" when banks lent excessively - Jaitley* Banks lent indiscriminately in 2008-2014 - Jaitley* Comments come after RBI official's call for more independence (Updates with quotes, background, details)By Manoj Kumar and Suvashree ChoudhuryNEW DELHI/MUMBAI, Oct 30 (Reuters) - India's Finance Minister Arun Jaitley blamed the Reserve Bank of India on Tuesday for failing to stop...Read More
* Trump expects "great deal" with China, but more tariffs if not* IEA's Birol says fuel demand could take a hit* US crude stocks up 5.7 mln bbls, more than forecast-API (Adds API data on U.S. crude inventories)By Stephanie KellyNEW YORK, Oct 30 (Reuters) - Oil prices dropped more than 1 percent on Tuesday on signs of rising supply and concern that global economic growth and demand for fu...Read More
NEW DELHI, Oct 30 (Reuters) - India's finance minister Arun Jaitley criticised the Reserve Bank of India (RBI) for failing to prevent lending excess in a speech on Tuesday."The central bank looked the other way when banks gave loans indiscriminately during 2008 to 2014," Jaitley said while speaking at an event in New Delhi.Tensions between the finance ministry and the RBI have risen since the bank...Read More
Access our research platformsSign-in to our platforms to access our extensive research, our latest insight, data and analytics and to connect to our industry experts.What does tight oil have in common with Facebook, Apple, Amazon, Netflix and Alphabet's Google stocks (known as FAANG stocks)? Answer: tight oil is arguably the upstream equivalent of these tech sector leaders. It's the hot investment...Read More
Investing.com - Gold prices fell on Tuesday as the safe haven demand for the dollar was boosted by concerns over the pending trade dispute between the U.S. and China.At 10:25 AM ET (14:25 GMT), gold futures for December delivery on the Comex division of the New York Mercantile Exchange lost $6.80, or 0.55%, to $1,225.80 a troy ounce.Meanwhile, the U.S. dollar index, which measures the greenback&rs...Read More
* European stocks stumble back into the red* French consumer spending data, Italian GDP weighs* Dollar at 2 1/2-month high, Wall Street futures point higher* Yuan at 10-year low, metals sink on trade war worries* Graphic: World FX rates in 2018 http://tmsnrt.rs/2egbfVhBy Marc JonesLONDON, Oct 30 (Reuters) - European shares laboured in the red and China's yuan hit a 10-year low on Tuesday as the pr...Read More
(IDEX Online) - Bonhams said that a set of Chameleon diamonds will be auctioned at its Rare Jewels and Jadeite sale in Hong Kong on 25 November. A diamond necklace (pictured above) featuring nine Chameleon diamonds weighing 13.87 carats is expected to fetch between HK$1,600,000 and HK$3,000,000 ($200,000-$380,000). "Chameleon diamonds are amongst the rarest and most mysterious of c...Read More
(IDEX Online) - Russian diamond miner Alrosa has joined the pilot program of Tracr, the end-to-end diamond industry blockchain traceability platform being developed by the De Beers Group in collaboration with industry stakeholders from the manufacturing and retail sectors. "Following the announcement of the Tracr pilot earlier this year, Alrosa's involvement brings the world's two largest d...Read More
Amerigo MVC plant ramp-up on courseSPONSOREDamerigo resourcesHallgarten & Company analyst Christopher Ecclestone said in a note this week that China's "weaponisation" of copper by flooding the market with its stockpiled supply in retaliation for US tr...Read More
Prices for rebar imported into the United Arab Emirates decreased in the week to Tuesday October 30 with demand remaining weak.The billet import market was also slow because the mills in the UAE have enough billet in stock to last for more than two months, sources told Fastmarkets.Domestic rebarLocal producers were still offering rebar at 2,016 dirhams ($549) per tonne ex-works this week.And Fastm...Read More
Amerigo MVC plant ramp-up on courseSPONSOREDamerigo resourcesIt also upped its forecast zinc production but reduced its gold guidance by 20,000 ounces. Cash flows from operating activities rose 8% on the previous quarter, ...Read More
London Metal Exchange members will be permitted to clear via London even if no Brexit deal is reached, although it remains unclear whether this reprieve would also apply in the event of Brexit being agreed with a deal on March 29, 2019.European Commission vice-president Valdis Dombrovskis said in media reports on Tuesday October 30 that the move was designed to ensure a catastrophic impact on clea...Read More
The P1020 cif Baltimore premium in the United States dropped considerably this week, largely due to the depressed Midwest duty-paid premium.Fastmarkets AMM's assessment of the cif Baltimore premium put it at 5.75-6.25 cents per lb on Tuesday October 30, down by 11.1% from 6.5-7 cents per lb one week earlier. Meanwhile, Fastmarkets AMM's assessment for the Midwest duty-paid aluminium...Read More
An extremely robust U.S. equities markets along with dollar strength put slight pressure on gold pricing today. The roller coaster ride that defines the U.S. equities market continues to oscillate strongly with significant gains today immediately following yesterday's dynamic selloff. Yesterday the Dow Jones Industrial Average traded within a range of over 900 points. Trading to a high which was a...Read More
Benchmark A380.1 and A413.1 prices in the United States tightened on Monday due to mounting pressure from the persistently wide spread between A380.1 and non-ferrous auto shred and a competitive North American special aluminium alloy contract (Nasaac) price on the London Metal Exchange.Fastmarkets AMM's assessment for A380.1 secondary aluminium alloy narrowed downward by a penny week on week to 90...Read More
(Kitco News) - Optimism is high among delegates at the London Bullion Market Association’s 2018 precious metals conference, even as general investors continue to ignore the sector.In a conference poll, 682 attendees said that they see gold prices rising to $1,532 an ounce by the next conference in 2019. The outlook comes as gold prices struggled to hold on to last week’s three-month hi...Read More
A summary of base metals premiums from across the globe for the week to Tuesday October 30.Please click...Read More
BOSTON - (Kitco News) - While there is no clear consensus on where gold is going in the near term, the one thing most participants at the LBMA 2018 precious metals conference can agree on that nobody is paying much attention to the space. “Gold is almost absent in traditional asset management,” said David Seif, director and economist at Point72, in a panel discussion at the conference...Read More