Investing.com - Gold prices slipped on Thursday in Asia as the U.S. dollar remained supported near two year highs amid heightened Sino-U.S. trade tensions.Gold futures for June delivery, traded on the Comex division of the New York Mercantile Exchange, were down 0.3% at $1,276.8 per ounce by 11:15 PM ET (03:15 GMT)."Gold has to crack the $1,289 resistance first if it wants to get to $1,300," said...Read More
Copper's three-month price on the London Metal Exchange remained low at the close of trading on Thursday May 30, with its price action capped by a sizable inflow into LME-registered warehouses, while US dollar strength and trade tensions continue to hang over commodity investment. The red metal's three-month price closed the day's trading session at $5,852 per tonne on Thursday May 30. Just u...Read More
Seaborne iron ore prices dipped on Thursday May 30 following losses in the futures and steel markets, and amid concerns over narrower profit margins at Chinese steelmakers.MB 62% Fe Iron Ore Index: $103.87 per tonne cfr Qingdao, down by $2.31 per tonne.MB 62% Fe Pilbara Blend Fines Index: $102.35 per tonne cfr Qingdao, down by $2.31 per tonne.MB 62% Fe Iron Ore Index-Low Alumina: $107.66 per tonne...Read More
Last week the price of gold rose 8 bucks, and silver 16 cents.No amount of gold reserves can push a gold standard into the world as it exists today.The Monetary Metals Silver Fundamental Price was down a penny, to $15.33.The Money of the Free Market, not of Governments Monday was Memorial Day holiday in America. Last week the price of gold rose 8 bucks, and silver 16 cents. With Keith traveling in...Read More
The seaborne coking coal spot market softened further on Thursday May 30, with offers falling even lower.A cargo of premium low-vol hard coking coal was offered at $205 per tonne cfr China during the day, down $3 per tonne from a day earlier, sources told Fastmarkets. Sellers were still indicating offers for top Australian brands at around $210-212 per tonne cfr China, which Chinese market partici...Read More
Gold and silver futures settled higher Wednesday for the first time in three sessions, inversely tracking a fall in stocks and other assets that tend to gain in times of growing appetite for risk. Gold for June delivery on Comex GCM19, +0.40% rose $3.90, or 0.3%, to settle at $1,281 an ounce. August gold GCQ19, +0.40% which now trades on higher volume, rose $3.80, or 0.3%, to finish at $1,286.30....Read More
Copper's price slide due to the escalating U.S.-China trade dispute suggests a deteriorating fundamental picture, but bubbling away in the background are supply side problems that are likely to lead to a tighter market.Copper is used in the power and construction industries and is seen by investors as a gauge of economic health.Benchmark copper prices on the London Metal Exchange, trading at aroun...Read More
Shares in Ecuador-focused SolGold (LON, TSX:SOLG) took a hit on Thursday, following media reports of a potential referendum on mining in Imbabura, the province in which its flagship Cascabel copper-gold project is located.The company's stock dropped more than 28% in London to 24.26 pence in early morning, but recovered in the afternoon to close at 32p, leaving its market cap at almost 589m pou...Read More
Chilean copper giant Codelco produced 342,000 tonnes of copper from its mines in the first quarter of 2019, the company said on Thursday, down 18% from the same period a year earlier.The world ?s top copper miner posted a pretax profit of $372 million for the January-March period, down 31% year-on-year, with a production cost per pound of copper of $1.347, a decrease of 0.3%, the company said.Copp...Read More
Zambia says its decision to punish miner Vedanta's local operation for breaching environmental and financial regulations is a signal to other firms to follow the law, mines minister Richard Musukwa said on Thursday.Vedanta is fighting Zambia's decision this month to name a provisional liquidator to run Vedanta Resources' 90,000 tonnes Konkola Copper Mines (KCM) business.Legal proceedings have been...Read More
Steel billet prices for imports into Egypt have increased this week on higher offers, while domestic rebar prices have remained unchanged, Fastmarkets heard on Thursday May 30.Fastmarkets' weekly price assessment for steel billet imported into Egypt was $450-455 per tonne cfr on Thursday, unchanged week-on-week.Egypt imposed temporary import duties on steel billet and rebar on April 15, at a rate...Read More
Turkish steel billet prices remained largely unchanged over the past week with market participants generally focused on rebar sales after the US halved its import tariffs, sources said on Thursday May 30.Suppliers in the Commonwealth of Independent States (CIS) were offering billet to Turkey at $440-450 per tonne cfr, but bids from Turkish customers were heard at $430...Read More
Here are five Fastmarkets MB stories you might have missed on Thursday May 30 that are worth another look.Antimony prices have dropped significantly in both Chinese and European markets so far this year due to weak demand and bearish sentiment caused by factors led by rising trade tensions between China and the United States, the world's two largest economies.Opportunities to lock in lon...Read More
Workers belonging to three trade unions at Codelco's Chuquicamata division voted to go on strike when they rejected the latest contract proposal from the Chilean state-owned copper miner, the unions said on Wednesday May 29.The company and the unions both have the option, within four days, to ask authorities to mediate negotiation on a new contract of employment for workers at the mine. Once media...Read More
Chinese stainless-steel producer Tsingshan Holding Group plans to set-up a cold-rolling mill with an annual capacity of 600,000 tonnes per year in Busan, South Korea, and has submitted letters of intent to the city government and potential business partners, Chinese market sources told Fastmarkets.Domestic suppliers may raise concerns about Tsingshan's plans because South Korea currently consumes...Read More
Dafydd Davies has joined TradeCloud as marketing executive to expand its presence in Europe and the Americas, the company said on Wednesday May 29.Launched in October 2017, TradeCloud is a digital metals trading platform where producers, consumers and traders can meet to exchange information, negotiate contracts and...Read More
Las Vegas show opens with hopesit will uplift diamond market. Jewelers taking more on memo and using tech intheir stores to tap online supply and improve consumer buying experience.Polished suppliers left with large volumes and low profit margins. Rough marketslow. India's customs unreasonably tightens disclosure rules for rough imports.India April polished exports -18% to $1.6B, rough imports -5%...Read More
Local trading limited as many dealers traveled toLas Vegas. Some Far East and Indian buyers in Mumbai, but supply is focused onthe US. Indian sentiment weak due to reduced demand and tight liquidity. Gooddemand for 0.70 to 1.99 ct., G-J, VS-SI. Stars and melee weak. Cutters workingbelow capacity. RoundRead More
The three-month copper price on the London Metal Exchange continued to edge lower during morning trading on Thursday May 30, reaching its lowest level since September 2018 after more than 29,000 tonnes was delivered into LME-registered warehouses across Asia and Europe. Volumes traded in the red metal were high over the morning, with more than 6,500 lots exchanged as of 9:25am London time, indicat...Read More
RAPAPORT... Donna Sturm, manager of design and product development forNew York jeweler Verdura, died May 4 after a traumatic brain injury. Sturm, a 30-year industry veteran, was struck by a cyclistwho ran a red light while she was crossing 57th Street during her lunch break onApril 24. She was 67. "Donna Sturm was a vibrant, energetic and wonderful womanwho died as a result of carelessness a...Read More