James Hyerczyk15 hours ago (May 31, 2019 9:47 AM GMT)Gold futures are trading higher on Friday, putting the market in a position to finish the week and the month with solid gains. It took a while for gold prices to get rolling to the upside in May. The fundamental events were there, but buyers first had to establish support and a value zone.The price action indicates that the value area is a techn...Read More
With the lack of bullishness in silver, and as the white metal has under-performed with little upside, we must ask, what's the future of silver?by Josh Sigurdson interviews David Morgan on World Alternative MediaJosh Sigurdson talks with David Morgan of The Morgan Report about the many questions many people have asked in recent days regarding silver.One of the most notable questions regards th...Read More
Zinc's three-month price on the London Metal Exchange was lower at the close of trading on Friday May 31, settling just above $2,500 per tonne, while continued tightness across the metal's forward curve deterred fresh buying.Participants seeking to purchase the galvanizing metal must now factor a cash/three-month backwardation of $144 per tonne in, while nearby spreads also remain less favorable f...Read More
Seaborne iron ore prices fell further on Friday May 31 amid losses in the futures and steel markets.MB 62% Fe Iron Ore Index: $101.60 per tonne cfr Qingdao, down by $2.27 per tonne.MB 62% Fe Pilbara Blend Fines Index: $100.08 per tonne cfr Qingdao, down by $2.27 per tonne.MB 62% Fe Iron Ore Index-Low Alumina: $105.53 per tonne cfr Qingdao, down by $2.13 per tonne.MB 58% Fe Premium Index: $94.55 pe...Read More
Seaborne coking coal prices have ended this week lower, and expectations are rife that the market would weaken further, which prompted buyers to sit things out on Friday May 31.The Fastmarkets MB fob Australia Premium Hard Coking Coal Index stood at $201.59 per tonne during the day, unchanged from a day earlier but down 1.3% from that on Monday.The Fastmarkets MB cfr China Premium Hard Coking Coal...Read More
Gold Miners ETF (GDXJ) has declined nearly over 60% in the past 8-years. Is the bear market in GDX about to end? Let's investigate why GDXJ is testing one of the most important price zones in years!GDX has created a series of higher lows along line (1) over the past few years. It has created a series of lower highs along line (2) over the past 8-years.Last year GDXJ broke above line (2) for a few...Read More
Agnico Eagle Mines (TSX: AEM; NYSE: AEM) reported Friday Meliadine mine-its largest gold deposit in terms of resources - has achieved commercial production ahead of schedule and below the initial capital budget.With the gold price reaching a seven-week high, Agnico's shares were up 4.5% to C$59.20 in mid-morning trading on the TSX.Total project construction costs after crediting pre-commercial gol...Read More
Zambia's Konkola Copper Mines (KCM) is not producing copper, the chief executive of the mining firm's owner Vedanta Resources said on Friday.Vedanta is fighting Zambia's decision this month to name a provisional liquidator to run Vedanta Resources' 90,000 tonnes KCM business and said in a statement that it was seeking international arbitration.Legal proceedings in Zambia have been adjourned to Jun...Read More
Alloy steel scrap prices in the UK and Europe were stable this week but decreases were expected next month because of diminishing demand, sources told Fastmarkets on Friday May 31.The market this week was described as stable and uneventful, as regards prices. But the lack of a price reaction to the lower demand was due, at least in part, to the fact that prices had recently fallen by a significant...Read More
Zinc's three-month price on the London Metal Exchange was lower at the close of trading on Friday May 31, settling just above $2,500 per tonne, while continued tightness across the metal's forward curve deterred fresh buying.Participants seeking to purchase the galvanizing metal must now factor a cash/three-month backwardation of $144 per tonne in, while nearby spreads also remain less favorable f...Read More
Tin's forwards spreads on the London Metal Exchange narrowed significantly over the week ended Friday May 31, easing from their widest backwardation since 2015.This came after a flurry of inflows led to an uptick of more than 80% in LME stocks over May, quelling some concerns about market instability.The metal's cash/three-month spread narrowed from $320 per tonne earlier this week, to trade at $1...Read More
An overview of the battery raw materials markets and their latest price moves.Read More
Copper concentrate treatment and refining charges (TC/RCs) went up marginally in late May from record low levels on May 24, while traders continued to take spot tonnages at similar terms and smelters became more active.Fastmarkets' Asia-Pacific TC/RC index rose to $58.90 per tonne/5.89 cents per lb on Friday May 31, compared with $58.30 per tonne/5.83 cents per lb a week ago when it was at the low...Read More
Customers of Konkola Copper Mines (KCM) told Fastmarkets that copper deliveries for May have arrived on time and June deliveries are not expected to be affected by the Zambian government's recent liquidation order of the 310,000 tonne per year facility. The Zambian government filed an official document to the High Court to liquidate the assets of KCM, which is majority-owned by Vedanta Resources,...Read More
Base metals prices on the London Metal Exchange were mixed during morning trading on Friday May 31, with most metals trading in narrow ranges despite a marginal downturn in the US dollar index. Volumes traded have been moderate over the morning, with more than 6,800 lots of copper exchanged as of 9:37am London time. The red metal's three-month price continues to trade in negative territory below $...Read More
RAPAPORT... Swarovski, the Austrian jeweler famous for its cut-glass crystals, is preparing to launch its natural diamond operations, Nadja Swarovski, head of corporate communications and design services, said in a panel discussion at the JCK Las Vegas show on Friday."We believe in the natural diamond story and we want to tell the story of a product that makes a positive contribution," Swarov...Read More
Deliverable nickel and zinc stocks in Shanghai Futures Exchange-approved warehouses rose in the week to Friday May 31, while the rest of the complex retreated. SHFE nickel stocks totaled 9,938 tonnes on Friday, up by 840 tonnes or 9.2% from last Friday. The largest inflow of nickel this week was registered at SIPG Logistics' warehouse in Shanghai, with 725 tonnes of the metal entering the warehous...Read More
Base metals traded on the Shanghai Futures Exchange were mostly little changed during morning trading on Friday May 31, while market participants digested disappointing Chinese manufacturing data.In data on Friday, the much-awaited release of China's official manufacturing purchasing managers' index (PMI) for May disappointed with a reading of 49.4, significantly lower than the forecast 49.9. Apri...Read More
Cold-rolled coil and coated sheet prices in the United States fell for a third week in a row, with soft demand and bearish sentiment remaining pervasive across the flat-rolled steel markets. Fastmarkets AMM's weekly assessment for US domestic cold-rolled coil dropped to $37 per hundredweight ($740 per short ton) on May 30 from $38 per cwt one week earlier. Fastmarkets AMM also assessed the&nb...Read More
Beam prices in the United States have retreated in the wake of a round of mill price cuts announced in late April, while market sentiment remains weak overall for much of the country, according to sources. Fastmarkets AMM's price assessment for domestic W8x8 beams fell by $2 per hundredweight to $41.25 per cwt ($825 per short ton) fob mill on Thursday May 30. That price is down by 4.6% from $...Read More