Stocks took another bold leap Friday, heedless of payroll data that suggest U.S. employers pulled back on hiring in May across all sectors of the economy. Their clear concern is a global slowdown in China and Europe that appears to be deepening. Copper and crude oil quotes have signaled this as well with a 12% fall in the former and a 20% plunge in the latter. So has the Ten-Year Note, which is...Read More
By: Ira EpsteinGold, there is reason for caution here:Read More
The export market for hot-rolled coil and cold-rolled coil from the Commonwealth of Independent States (CIS) remained quiet on Monday June 10, with activity yet to pick up after Eid al Fitr celebrations in key destinations.Fastmarkets' weekly price assessment for HRC exports from the CIS was $475-490 per tonne fob Black Sea on June 10, narrowing upward from $470-490 per tonne fob a week...Read More
The ferro-silicon markets in Europe and the United States were stable over the week ended on Friday June 7.United States Liquidity in the market indicated that prices had not moved over the week. Sentiment in the market was weakening, which will translate into lower trade prices, sources said.Key quote"There have been few spot transactions this...Read More
Here are five Fastmarkets MB stories you might have missed on Monday June 10 that are worth another look.Fastmarkets - a leading source of pricing information for the global commodity markets - announced on Monday June 10 that it has been selected by the London Metal Exchange as its partner to develop a lithium price benchmark. The partnership will promote the uptake of a transparent and repr...Read More
General consensus seems to be that gold performs poorly during recession.A look back at 2008 shows gold was very resilient compared to other commodities, broke to new highs long before recession was over, in the face of a rising dollar.Back then, gold started the recession at all-time highs, the dollar was at all-time lows, commodities at all-time highs, and bonds still had positive real yields.Si...Read More
The current gold price rally is coming at a perfect time for junior gold miner stocks.Right now, we are just heading into the prime months of the summer drilling season for junior gold exploration companies.The gold rally means that the market's attention will be focused on these stocks as they announce their drilling programs and then report results in the summer and fall.As I described last...Read More
The three-month price of lead on the London Metal Exchange had gone up by the close of trading on Monday June 10, reaching an intraday high of $1,890 per tonne, while the forward spread on the LME was in its widest backwardation since April 2017.The price of lead continued to rise steadily toward the nearby resistance level of $1,900 per tonne. Despite breaking through that mark last week, it has...Read More
Seaborne iron ore prices edged up on Monday June 10 amid positive buying activity and gains in the futures markets.MB 62% Fe Iron Ore Index: $101.51 per tonne cfr Qingdao, up $0.91 per tonne. MB 62% Fe Pilbara Blend Fines Index: $100.31 per tonne cfr Qingdao, up $0.91 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $105.20 per tonne cfr Qingdao, up $1.16 per tonne. MB 58% Fe Premium Index: $92.61...Read More
The London Metal Exchange is partnering with Fastmarkets to promote the uptake of a transparent and representative global lithium price, the exchange said on Monday June 10.The partnership will pave the way for the LME to launch a lithium futures contract."In recent years there has been unprecedented price volatility in the lithium market, driven particularly by explosive electric vehicle (EV) bat...Read More
Investing.com - Prices of safe-haven gold fell on Monday in Asia as market sentiment was boosted by easing global trade tensions and strong trade data out of China data.Gold futures for August delivery, traded on the Comex division of the New York Mercantile Exchange, were down 1.0% at $1,332.05 per ounce by 1:15 AM ET (05:15 GMT).Market sentiment was boosted after the U.S. and Mexico struck a mig...Read More
After 5 months of correction, Gold found strength again and hit more than three-month high on Tuesday. The move higher comes on the expectation that the U.S. Federal Reserve would cut interest rate to offset the U.S – China trade war. Recent commentary by the Fed governors and Chair hinted the willingness to do a rate cut. Yesterday we have James Bullard talking about a rate cut. Today, the...Read More
Aggressive bids and ample supply weighed on seaborne and port prices for low-grade manganese ore in the week ending on Friday June 7. Ore prices continue fall in China Stocks in China resist rising trend Alloys stable in Europe, US The manganese alloy price in India ticks downLow-grade manganese ore prices in China fell for the ninth consecutive week, with buyers' aggressive bids driving down spot...Read More
The CIS export billet market was quiet in the first week of June with most potential customers on holidays, Fastmarkets heard on Monday June 10.But negative sentiment was spreading after the decline in import scrap prices in Turkey late last week, as well as the lack of interest among customers."Mills expected demand to pick up after [the post-Ramadan] holidays in the...Read More
Here are five Fastmarkets MB stories you might have missed on Monday June 10 that are worth another look.Fastmarkets - a leading source of pricing information for the global commodity markets - announced on Monday June 10 that it has been selected by the London Metal Exchange as its partner to develop a lithium price benchmark. The partnership will promote the uptake of a transparent and repr...Read More
A cooperation deal between Outotec and Baikal Mining Co for a copper concentrator and hydrometallurgical plant in Russia could add around 130,000 tonnes per year of production to an already oversupplied global refined copper market. The contract, valued at ?,?250 million ($283 million), covers the engineering of the concentrate and hydrometallurgical equipment for the new complex at Baikal's Udoka...Read More
The development plans in place at Russian nickel producer Nornickel will not be adversely affected by the resignation last year of major shareholder Oleg Deripaska, according to company president Vladimir Potanin.Russian news agency Tass reported Potanin's comments, made on Thursday June 6 on the sidelines of the St Petersburg International Economic Forum (SPIEF).Potanin and Deripaska had battled...Read More
The Chinese alumina market's material supply has not been affected by the full production stop at Xinfa Group's Jiaokou refinery and has showed no sign of tightness until now, sources told Fastmarkets.China's alumina price continued its downward trend with the highest deal heard at 3,050-3,070 yuan ($441-444) per tonne on Monday June 10, despite predictions that the domestic alumina price may rebo...Read More
Lead's three-month price on the London Metal Exchange was up by around 1% during morning trading on Monday June 10, leading a broadly mixed base metals complex amid continued concerns over global economic health. Reaching an intraday high of $1,866 per tonne over the morning, the three-month lead futures have shown little sign of dropping below the $1,800-per-tonne support level, despite trading b...Read More
Nyrstar's lead smelter at Port Pirie, Australia, will resume production at the end of June after "steam eruption" delayed the phased restart of its blast furnace, the company said this week.Nyrstar declared force majeure on contracts to supply lead from the Port Pirie smelter - which produced 160,000 tonnes of refined lead last year while in a...Read More