Central banks around the globe have been on a gold buying spree this year, with Russia and China leading the pack.In the first three months of 2019, gold purchases by the country's top banks hit the highest level in six years, as nations diversify their assets away from the US dollar.Global gold reserves, in fact, rose 145.5 tonnes in the first quarter, a 68% increase from a year earlier, based on...Read More
World silico-manganese supply dropped 5% in April compared with March due to production cuts in all global regions, according to the International Manganese Institute (IMnI).Global output came in at 1.4 million tonnes in April, the latest figures from the industry body show, compared with 1.26 million tonnes in April of 2018. Global production rose by 16.7% month on month in April and by 11.4% yea...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
Stocks extended their short-term downtrend on Wednesday, as investors' sentiment worsened following the trade war fears again. The S&P 500 index fell below its mid-May local low after breaking below the 2,800 mark. Will the downtrend continue?S&P 500: Downtrend Continues, As US-China Trade War EscalatesThe U.S. stock market indexes lost 0.7-0.9% on Wednesday, as investors' sentiment worsen...Read More
Gold is still without support from its main allies, silver and oil.Mining stocks also remain in a malaise, which isn't helping the metal.A dollar index reversal would divert safe-haven demand into gold.Gold investors are biting their nails right now over gold's inability to rally in the face of widespread fears. Normally the yellow metal would be in full-blown bullish mode with as much uncerta...Read More
Frank Giustra-backed Fiore Gold (TSXV: F) will invest $2 million on metallurgical test work and resource expansion drilling at its Gold Rock project in Nevada.In a press release, Fiore said that the work is aimed at supporting a Preliminary Economic Assessment targeted for the end of the year, which should lead to a construction decision by mid-2021.The company is planning approximately 10,000 met...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
Gold prices are undermined by the lack of safe-haven demand despite increased US-China trade tensions.Gold's spec positioning deteriorated markedly over May 14-21; ETF investors were on the sidelines last week.GLDM is poised to rebound next month, once downside tail risks begin to be priced into risk assets.Introduction Welcome to Orchid's Gold Weekly report. We discuss gold prices through the len...Read More
Antimony prices in both Chinese and European markets have dropped significantly so far this year due to weak demand and bearish sentiment caused by factors led by rising trade tension between China and the United States, the world's two largest economies. Fastmarkets' European and Chinese antimony prices have fallen by more than 15% and 21% respectively in the year to date. Fastmarkets presents th...Read More
Opportunities to lock in long-term sales of cobalt hydroxide - and diversify a customer base outside of China in the process - are too appealing to pass by in a market still feeling the effects of a ramp-up in intermediates supply. Earlier this week, Umicore and Glencore announced a long-term revolving agreement for the latter to supply cobalt hydroxide to the former's global operations. This foll...Read More
Cambodia's Sihanoukville Special Economic Zone is over a thousand miles from China, but you would not know it to be there.Cut into a landscape of thick jungle and paddy fields, the area - which touts itself as a landmark Belt and Road project - is a mass of freshly built white factory buildings emblazoned with names such as Fangyuan Factory, Qingdao Baoli Textile and Jinchenyuan.There runs Kinnric...Read More
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