Here are five Fastmarkets MB stories you might have missed on Wednesday April 3 that are worth another look.The United States' non-ferrous scrap export market was mixed in January, with shipments of aluminium scrap rising while those of copper scrap fell slightly compared with the same month last year.In base metals, the estimated arbitrage for shipping aluminium from warehouses in Asia...Read More
Brexit Trade Talks Bitcoin Oil Gold European equity markets are poised to open around half a percentage point higher on Wednesday, with the FTSE the notable underperformer after the pound rallied following Theresa May’s appeal to the opposition to help break the Brexit impasse. Sterling higher as May reaches out to the opposition to break Brexit impasse The next stage in the Brex...Read More
Silver can be frustrating for holders of the physical metal.Investors are losing both money and opportunity.The last three years of sideways price action have been frustrating for the bulls.Silver can be frustrating for holders of the physical metal. Stuck in a sideways pattern since 2014, silver has been oscillating between support at roughly $14.00 per ounce and resistance at $21.00 per ounce. T...Read More
James Hyerczyk21 hours ago (Apr 03, 2019 4:16 AM GMT)Gold is trading higher on Wednesday after forming a potentially bullish technical closing price reversal bottom the previous session. Buyers also successfully defended an attempt to break through the low of the year at $1287.50 after the market closed lower for the year on Monday.Helping to boost demand for the dollar-denominated asset is a weak...Read More
Gold is seen by the investment community or even by society's common sense as a great hedge for uncertain times.In an attempt to normalize liquidity in the interbank loan market, the Fed reduced interest rates and used several mechanisms to provide liquidity.The Lehman's bankruptcy brought renewed liquidity problems. That meant that the Fed needed to react.Gold (NYSEARCA:GLD) is seen by the in...Read More
Gold is currently trading at $1,293, having hit a low of $1,285 earlier this week. The bullish divergence of the 4-hour chart relative strength index suggests scope for a further rise to $1,300. The bounce, however, could be short-lived, as the 50-candle MA is about to cross the 200-candle MA from above. Further, the RSI on the daily chart is biased bearish below 50.00. The 5- and 10-day MAs conti...Read More
A crimp in London Metal Exchange zinc supply continues to fuel price action above $2,900 per tonne on Wednesday April 3, while a small contango in the copper nearby spread is contributing to increased buying. The three-month zinc price continues to trade near the $3,000 per tonne mark. The metal's cash/three-month spread was recently in a backwardation of $70 per tonne, with the current spread hea...Read More
The US copper price rebounded during midweek trading on Wednesday April 3 with optimism of a resolution to the US-China trade conflict boosting the base metals complex. The copper price for May settlement on the Comex division of the New York Mercantile Exchange gained 2.30 cents to $2.9285 per lb. In macro news, progress following US-China trade talks held last Friday in Beijing continues to impr...Read More
The seaborne coking coal spot market weakened again on Wednesday April 3, and ample supply is expected to weigh on prices further.A cargo of a top Australian brand premium hard coking coal, which is scheduled for loading between end-April and early May, was traded at $200.11 per tonne cfr China, various sources told Fastmarkets during the day. The same brand changed hands at $201.66 per tonne cfr...Read More
Cross-border concerns about mineral exploration and logging in British Columbia, Canada's Skagit River watershed may put a long-simmering campaign to close a hole in the middle of two provincial parks back on the front burner.Imperial Metals (TSX:III) has applied to the provincial government for an exploration permit that, if granted, could see the company building an access road and drilling test...Read More
The European domestic price of mesh-quality wire rod remained flat week on week, while European imports prices held steady amid concerns regarding tariff-quota monitoring, market participants told Fastmarkets on Wednesday April 3.Fastmarkets' weekly domestic price assessment for mesh-quality wire rod in Northern Europe was at ?,?535-550 ($599-616) per tonne delivered on Wednesday, unchanged week o...Read More
Democratic Republic of Congo's mining sector paid $1.57 billion in revenues to the government last year, up 91 percent on 2017, finance ministry data showed on Wednesday.Public revenues from the oil and gas sector fell by 19 percent in 2018 to $165.6 million, according to the data.Mining production in Congo, Africa's top copper producer and the world's leading miner of cobalt, a key component in e...Read More
Yet another foreign miner in the Democratic Republic of Congo is reviewing its future production plans after the government increased taxes and removed investor safeguards despite industry protests.MMG Ltd., the Chinese-owned copper producer, is considering whether to invest in more expensive methods of mining the metal when existing oxide resources are depleted. It's grappling with the same quand...Read More
Steel H-beam prices in Southern Europe went down over the past week due to weaker demand, higher stock levels and falling feedstock costs, sources told Fastmarkets on Wednesday March 27.Fastmarkets' weekly price assessment for domestic S235-grade, 200x200mm, category-2 H-beams in the Southern European domestic market went down by ?,?5 per tonne on Wednesday to ?,?625-640 ($700-717) per tonne deliv...Read More
Here are five Fastmarkets MB stories you might have missed on Wednesday April 3 that are worth another look.The United States' non-ferrous scrap export market was mixed in January, with shipments of aluminium scrap rising while those of copper scrap fell slightly compared with the same month last year.In base metals, the estimated arbitrage for shipping aluminium from warehouses in Asia...Read More
The estimated arbitrage for shipping aluminium from warehouses in Asia to the United States narrowed in March following a large rise in US river barge prices and slightly softer aluminium premiums in the region. The cost to ship metal via barge from New Orleans up the Mississippi and Ohio rivers to Owensboro have increased around $5 per tonne to nearly $21.50 per tonne. "Spot barge rates are the s...Read More
Weak demand pushed European premiums down in the week ended Tuesday April 2 even though restored Indonesian supply is less than before; meanwhile, overseas firms sold aggressively into the United States bringing down the premiums there and China's tin market saw no change. European low-lead premium drops 10% week on week. Bargain tin was available in Baltimore after US suppliers were underc...Read More
The US copper price rebounded during midweek trading on Wednesday April 3 with optimism of a resolution to the US-China trade conflict boosting the base metals complex. The copper price for May settlement on the Comex division of the New York Mercantile Exchange gained 2.30 cents to $2.9285 per lb. In macro news, progress following US-China trade talks held last Friday in Beijing continues to impr...Read More
Starting this Sunday, some 2,000 copper industry participants will gather in Santiago, Chile, for the annual Cesco Copper Week, looking into market dynamics and future development along the red metal supply chain. Fastmarkets has compiled a list of panels and events for the week. Please note that events are private receptions and admission is strictly by invitation only.Sunday April 71700-210...Read More
European zinc premiums were unchanged in the week to Tuesday April 2 with a widening backwardation muting buying interest, while in China, the lowering of the value-add tax did not boost the zinc premium there against market expectation. European markets quiet amid a widening backwardation. China's zinc market slow with limited impact from the 3 percentage point VAT cut on April 1. US l...Read More