(Updates with closing prices)By Peter HobsonLONDON, June 11 (Reuters) - Copper prices touched theirhighest in two weeks on Tuesday, lifted by hopes that topconsumer China will pump money into building metals-intensiveinfrastructure.News that China will allow local governments to use proceedsfrom special bonds as capital for investment projects came afterthe United States and Mexico reached a deal...Read More
The Turkish deep-sea scrap import market was mostly quiet on Tuesday June 11 with the mills focused on making sales of finished steel, sources told Fastmarkets.The mills in Turkey booked three deep-sea cargoes from the United States over the weekend, taking advantage of falling prices.The prices on those cargoes sent the daily scrap indices down by around $11-12 per tonne at the beginning of the w...Read More
Southeast Asian raw materials producer Ok Tedi Mining announced a 17.1% decline in sales revenue in 2018 in its annual review published on Tuesday June 11.The Papua-New Guinea-owned company produces copper, gold and silver concentrate. It claimed that last year's decline in sales, which amounted to some $15 million, was due to the consequences of a major earthquake which caused a three-week produc...Read More
Gold's performance in Venezuelan-Bolivar terms comes as a shock to those who blithely assume that the yellow metal is a good hedge against hyperinflation. This isn't to say gold hasn't put up a valiant effort. It has risen 10,700% in Bolivar-denominated terms since the end of August, according to Bullion Rates. But it still hasn't come close to keeping up. According to Claude Erb, a former commo...Read More
The Tuesday Market Minute Global stocks extend gains on hopes of central bank support, helping U.S. equity futures trade higher into the opening bell.China stocks surge 2.6% as government uses stronger-than-expected May export data to allows provincial leaders to pump fresh stimulus into the flagging economy.European stocks gain as German markets return from Monday holiday and take car stoc...Read More
Fastmarkets has been pricing lithium for more than 30 years and other metals, mining and forest product markets for over 100 years. We are delighted to have been selected by the LME as its partner to develop the pricing benchmarks for the lithium market. The decision was made following a competitive tender process that started early in 2018.We are the provider of industry benchmarks across several...Read More
Back in the day, Pace Picante Sauce ran a popular TV commercial. Maybe you remember it? A bunch of cowboys are out on the range, eating supper by a chuck wagon after a long day of wrangling doggies.The cook brings out some cheap picante sauce, which they all complain about. Reading the label, one cowboy proclaims in disgust: "Made in New York City!" To which the rest reply, "New York City!"This is...Read More
Prices for flat steel products imported into the United Arab Emirates and Saudi Arabia remained steady over the past week during the Eid al-Fitr holiday, which marked the end of the Islamic holy month of Ramadan, sources said on Tuesday June 11.The observance of Ramadan among Muslim communities typically results in shorter working days and reduced demand for materials. Ramadan began early in May a...Read More
We all know that history may not repeat, but it can rhyme. So, is it 2018 all over again? We tackle that question in this week's edition of Insights. In our June 10th newsletter, you will also find our Broadcast of the Week that features Hilliard Macbeth on the likely path of the Canadian housing market while our Insider of the Week is a Canadian brokerage executive who has just spent more than h...Read More
We have had inquiries from users who have Outlook.com, Live.com and Hotmail.com accounts asking why they are not getting email alerts and reports. This is due to an issue beyond our control, and likely is due to an algorithm change at Microsoft on or around June 1st that is blocking our emails for some Outlook.com. Live.com, Live.ca and Hotmail.com email addresses. While our technical team is wor...Read More
China's domestic hot-rolled coil prices bounced back on Tuesday June 11 amid robust trading supported by rebounding futures.DomesticEastern China (Shanghai): 3,840-3,850 yuan ($554-556) per tonne, up 20-30 yuan per tonneNorthern China (Tianjin): 3,780-3,800 yuan per tonne, up 40-50 yuan per tonneTrading activity rose during the day amid gains in the futures market, in contrast with the subdued buy...Read More
The market for flat steel products in Russia's Central Federal District around Moscow was stable on seasonally good demand, sources told Fastmarkets on Monday June 10. Fastmarkets' weekly price assessment for Russia-origin 4mm hot-rolled (HR) sheet was unchanged on June 10 at 43,000-44,500 roubles ($664-687) per tonne cpt Moscow, including 20% VAT. "The local market is seasonally good now, but not...Read More
Prices for imported steel billet and domestic rebar in the United Arab Emirates have gone down over the past week, while rebar import prices have remained stable, sources told Fastmarkets on Tuesday June 11.Domestic rebarThe demand for local rebar was weak, because the country has just finished observing the Islamic holy month of Ramadan.The observance of Ramadan in Muslim communities and countrie...Read More
The CIS export rebar and wire rod market was quiet in the week to Monday June 10 due to the Eid holidays, marking the end of the holy month of Ramadan, in the major sales outlets.Customers preferred to take a wait-and-see position, expecting prices to decrease in the near term following the softening of import scrap prices in Turkey at the end of last week. Indications of rebar offers from Ukraine...Read More
China's rebar prices rebounded on Tuesday June 11 after Beijing urged local governments to issue special bonds to support economic growth and maintain a reasonable level of liquidity in the market.Domestic Eastern China (Shanghai): 3,900-3,940 yuan ($563-569) per tonne, up 30-40 yuan per tonneNorthern China (Beijing): 3,800-3,860 yuan per tonne, widened upward by 20 yuan per tonneThe State Council...Read More
Americans' trust in institutions, from the federal government to banks to the news media, has been deteriorating for decades. Sixty years ago, three quarters of Americans expressed faith in the government to do the right thing "most of the time" or "just about always." Today, only one in five people, a near-record low, believes our leaders make decisions in the country's best interest.The news m...Read More
Dear Friend of GATA and Gold:Responding to your secretary/treasurer's observation Sunday that central bank and government interventions against gold have been becoming more obvious --http://www.gata.org/node/19134-- our friend C.W. writes that the more obvious interventions against gold become, the more effective they are."As more investors see that the gold market is relentlessly and successful...Read More
By: Clint SiegnerA "perfect storm" is brewing for midwestern farmers. Unending rains have led to the flooding of tens of millions of acres of farmland. The deluge comes on the heels of years of low crop prices.It has the makings of an agriculture disaster on a scale never seen before.The nation may see a "perfect storm" in terms of food inflation. Prices for some farm commodities figure to be a...Read More
By: Ira EpsteinHow dovish will the FOMC be next week? Gold lost its trend, support in lower $1,300's:Read More
Although the S&P 500 and the Dow Industrials have been in explosive rallies for the last five days, traders appear skeptical, if not to say skittish. As the take-no-prisoners short squeeze has unfolded, a widely watched 'fear indicator' has refused to give ground; this, despite a 700-point burst in the Dow Industrials and a corresponding gain in the S&Ps over the last three days. The VIX Volatil...Read More