The company raised A$4.5 million at 4c to complete its recapitalisation via an oversubscribed issue, and started trading at a peak 4.6c before easing to 4.3c after around 1.2 million shares were sold this morning. By afternoon it was back to 4c, giving an estimated market capitalisation of $2.5 million. The company, from the stable of Queensland resources executive and Nickel Mines chair...Read More
The collapse of "mining galleries" near the active Kamoto openpit at Katanga that reportedly killed a number of illegal miners hasn't impacted mine production, according to the mining major. The pit is understood to contribute about two-thirds of the ore processed at Katanga. But the incident (again) made clear that "security at the operations needs to be increased", BMO said in a note."If this ev...Read More
June 28th, 2019(S14-E702)Featured GuestsWolf Richter& Bill MurphyPlease Listen Here - MP3Interview RecapBill Murphy of GATA.org returns to the show with fresh insights on the stunning PMs shares rally, which outperformed the key US equities markets.Gold may have built a final base in preparation for liftoff to $2,000+ in the coming years, as the "Gold Cartel" runs out of physical bullion to s...Read More
It has been a truly glorious month for gold, and the purpose of this update is to point out firstly that the gold breakout of the past week was genuine and secondly that any short term reaction back as far as $1380 or even $1370 will not negate the breakout - instead it should be seized upon as an opportunity to build positions across the sector, especially in trampled down undervalued silver st...Read More
- Jordan Roy-Byrne CMT, MFTAAs I pen this article, Gold is set to close the month and the quarter above $1400/oz and holding the majority of its recent gains. That does not necessitate continued strength but it is a good sign.The technicals and fundamentals are finally in place for Gold. It is outperforming all major currencies and the Federal Reserve is weeks away from beginning a new cycle of...Read More
Gold and silver can fall more after the US-China meeting at G20. Gold will crash if it trades below $1390. Silver will crash if it trades below $1505. Copper and crude oil should rise today. Traders will assess the US-China trade talk. Since details are not yet made public, reaction will be limited. I do not think North Korea will have any impact on currencies or bullion. Do not confuse that tr...Read More
* GRAPHIC-2019 asset returns:* Discount for cash against 3-month aluminium narrows (Updates with official prices, U.S. data and nickel)By Pratima DesaiLONDON, July 1 (Reuters) - Copper prices hit six-week highson Monday as sentiment turned positive after the United Statesand China agreed a trade truce, but weak manufacturing datareinforced expectations of slowing economic activity and demand.Bench...Read More
The Monday Market Minute U.S. equity futures point to fresh record highs on Wall Street Monday following a breakthrough in U.S.-China trade talks and a surge in global oil prices.President Trump says the U.S. is 'back on track' after agreeing to re-start talks with China, pause fresh tariffs and loosen export restrictions on Huawei TechnologiesEuropean stocks book solid gains, led by the trade-s...Read More
Key data from the pricing sessions in Asia and Europe for the week ended Friday June 28ChinaChina's silicon export price slides on signs of a weakening domestic market due to more supply and limited bookings for July cargoes. Sellers open to cheaper bids to achieve sales early in expectation of slow demand in the summer lull and increasing supply during rainy season. Most refiners in Yunnan provin...Read More
Trade log for cobalt sulfate in China including transactions, bids and offers reported to Fastmarkets MB. Fastmarkets MB prices Click here for Fastmarket MB's price assessment for cobalt sulfate, Co 20.5% basis, China ex-works, yuan/tonne Click here for Fastmarket MB's price assessment for the cobalt sulfate, Co 20.5% basis China ex-works, adjustment to the standard-grade cobalt low-end price, $/I...Read More
Despite China's ban of low-quality copper scrap imports since the beginning of 2019, the volume of copper units contained in scrap imports has defied expectations by rising in the first five months of this year. Between January and May this year, China imported 682,508 gross tonnes of copper scrap, according to customs data. All of the imports are of the higher-grade category 6 scrap. This is down...Read More
Turkish steel producers continued to book more deep-sea scrap cargoes for August shipments, with prices rising further, sources said on Monday July 1.A steel mill in the Marmara region booked a Baltic Sea cargo, comprising 20,000 tonnes of HMS 1&2 (80:20) at $293 per tonne and 20,000 tonnes of bonus at $303 per tonne cfr, late on June 28.The same mill also booked a European cargo on Friday, compri...Read More
Turkish domestic scrap prices remained largely steady over the past week, sources told Fastmarkets on Monday July 1, with most steel producers keeping their buy prices unchanged. However, domestic scrap prices are expected to recover from this point on, in line with the upturn in the imported scrap values, they added.Only two steel mills have slightly reduced their buy prices - for auto...Read More
The outcome of the Group of 20 (G20) summit in Japan that was held on June 28-29, saw the United States and China agree to resume trade talks, which has boosted optimism for a trade deal. This has given most non-haven markets a lift, this despite further weakness in manufacturing purchasing managers' index (PMI) data.China's Caixin manufacturing PMI dropped to 49.4 from 50.2, Japan's manufacturing...Read More
The price of oil continued to rally this morning, topping $60 per barrel as the market digested news that OPEC will extend supply cuts through the rest of the year.Energy leaders from Saudi Arabia and Russia met over the weekend ahead of the G20 summit in Japan, where "they discussed the options for extending the OPEC + deal, as well as the cooperation in the oil and gas sector between the Kingdom...Read More
We learned from Matt Morgan, Managing Director of Ausmex Mining Group (ASX: AMG), that they are a gold producer and copper gold cobalt explorer, with a unique exposure to 2 tier-one IOCG projects in Australia. Ausmex shares a project called Mt. Freda, with Newcrest Mining in Queensland, which they are both drilling and expect significant high-grade results. In South Australia, Ausmex has a very la...Read More
Import prices for flat-rolled steel products have shown broad increases in South America over the past week, with more expensive offers heard from China, although deals remained scarce because of the cautious stances adopted by importers in the region and by Chinese exporters.Fastmarkets' assessment of the South American import price for hot-rolled coil (HRC) was $535-545 per tonne cfr on June 28....Read More
The export market for hot-rolled coil and cold-rolled coil (HRC, CRC) from the Commonwealth of Independent States (CIS) has been moderate during the week ending on Monday July 1, but the plate export price has increased.Fastmarkets' weekly price assessment for HRC exported from the CIS was $470-485 per tonne fob Black Sea on July 1, unchanged week on week.Steel mills in the CIS have closed their s...Read More
Turkey imported 581,338 tonnes of flat steel in May 2019, down by 32.49% from the corresponding month in 2018, when 861,166 tonnes arrived in the country, according to the Turkish Statistical Institute (T?oeIK).Sources who spoke with Fastmarkets noted that demand for flat steel in Turkey was weak in January and February, before the local elections were held on March 31. So, import volumes decrease...Read More