Fed Chief Powell supposedly has strong support inside Congress to fend off Trump's calls for lower interest rates. How do we know this? Well, there was this headline atop the lead story in Wednesday's Wall Street Journal: 'Powell's Support Inside Congress Is Deep'. And here was the sub-hed, in case you missed the point: 'Lawmakers on both sides say they would oppose any bid to oust the Fed chai...Read More
Trend for gold and silver is bullish. Interest rate cut towards the end of the month has been confirmed by the Federal Reserve chairman. If gold rises very sharply till Monday, then value based buying in silver should catch and there can be some rise. I am quite confident that silver will break free from the recent consolidation phase by next week. Tensions in the Persian Gulf can result in hi...Read More
European distributors of flat steel products reported a 1% year-on-year rise in shipment volumes in May 2019, Eurometal said this week.Fastmarkets' weekly price assessment for steel hot-rolled coil, domestic, exw Northern Europe, was ?,?475-490 ($532-549) per tonne on July 10, compared with ?,?480-495 per tonne ex-works a week earlier. Prices moved down due to poor demand.Eurometal's stock index f...Read More
Mexico's steel association, Canacero, has denied that Mexican producers of fabricated structural steel who export to the United States have been receiving subsidies, as alleged by US authorities.The denial on Tuesday July 9 followed the US Commerce Department's issuance of affirmative preliminary determinations a day earlier in its countervailing duty investigations of fabricated structural steel...Read More
Lead's three-month price on the London Metal Exchange was higher at the close of trading on Thursday July 11, climbing by around 2% through the day to approach the nearby resistance level at $2,000 per tonne, a threshold the metal has not surpassed since April this year.Three-month lead futures closed at $1,972 per tonne in the afternoon, while total volumes traded were at their highest since Octo...Read More
Trade log for battery-grade lithium carbonate in China including trades, bids and offers reported to Fastmarkets. Unless otherwise stated, all prices are per tonne on an ex-works China basis. Delivered prices are netted back. Fastmarkets prices Click here for Fastmarkets price assessment for lithium carbonate 99.5% Li2CO3 min, battery grade, spot price range, exw domestic China, yuan/tonne. Fastma...Read More
Turkish steel billet export prices dipped slightly this week after demand fell away following a downturn in scrap import values, sources said on Thursday July 11.Domestic and import billet prices remained stable over the period, they added.Fastmarkets' weekly price assessment for steel billet export, fob main port Turkey, was $425-435 per tonne, down from $435-440...Read More
Turkish rebar export prices increased slightly this week, while wire rod prices remained largely unchanged, sources said told Fastmarkets on Thursday July 11.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar) export, fob main port Turkey, was $455-465 per tonne on an actual-weight basis on July 11, narrowing up from last week's $445-465 per tonne.Turkish steel mills...Read More
Here are five Fastmarkets MB stories you might have missed on Thursday July 11 that are worth another look.Mexican steel association Canacero has denied that Mexican fabricated structural steel producers who export to the United States have been receiving subsidies, as alleged by US authorities.One of the world's biggest copper miners, Chile's Antofagasta, began to break away from the tr...Read More
The commodity complex is especially exposed to headline sentiment, and there's been a lot going on so far this year.The direction has led gold to, just maybe, start the next bull cycle that has been so long awaited?Energy seems to be continuing its churn, with oil stuck between $50-60. Is that going to change?We ask a panel of Marketplace authors to break down the stories and explain how they&...Read More
Despite the recent rally, gold still offers value to investors.Gold is undervalued compared to stocks and U.S. government bonds.Mining stock demand is also still strong, which bodes well for the metal.After the 10% gold price increase last month, some would-be buyers have concluded that gold has reached its upside potential and is due for a major pullback. Under normal circumstances, this would be...Read More
Investing.com - Gold rose on Thursday in Asia after the U.S. Federal Reserve indicated that it’s preparing to cut interest rates despite a strong U.S. jobs report released last week.Gold futures for August delivery, traded on the Comex division of the New York Mercantile Exchange, were up 1% to $1,426.05 by 11:57 PM ET (03:57 GMT).Fed chairman Jerome Powell said overnight that the central ba...Read More
Lead's three-month price on the London Metal Exchange was higher at the close of trading on Thursday July 11, climbing by around 2% through the day to approach the nearby resistance level at $2,000 per tonne, a threshold the metal has not surpassed since April this year.Three-month lead futures closed at $1,972 per tonne in the afternoon, while total volumes traded were at their highest since Octo...Read More
The London Metal Exchange nickel price rose to a three-month high of $13,140 per tonne during Thursday morning trading following news from Indonesia's Ministry of Energy and Mineral Resources that the country will stop the export of unprocessed laterite ore in 2022. (This article was corrected to clarify that the proposed export ban could come into effect in 2022, not until 2022 as previously stat...Read More
Seaborne coking coal prices retreated on Thursday July 11, which left some participants in China surprised over the quantum of the decline, though they had no doubts about the direction of the market. A cargo of premium hard coking coal was heard to have been traded at $186 per tonne cfr China, down $5 per tonne compared with a transaction involving the same brand earlier this week."I am not sure...Read More
Gold bulls spend much of early 2019 waiting for a catalyst to fuel another rally leg. They wouldn't have to wait long...A stealth shift in talking points and monetary policy from the Federal Reserve brought a very dovish tone.And this sent interest rates lower, along with the US Dollar.And when the Dollar goes lower, Gold enjoys the tailwind. Gold rallied over 10 percent from mid-May to early July...Read More
The Turkish steel producers have gone another day without making any deep-sea scrap bookings because of the slowdown in the finished and semi-finished steel markets, sources said on Thursday July 11.A steel mill in the Iskenderun region had booked a UK cargo on July 9 at $288 per tonne cfr for HMS 1&2 (80:20). The mills then went quiet in the deep-sea scrap markets.But market participants...Read More
Argosy Minerals has started lithium carbonate production at its industrial-scale pilot plant at its flagship Rincon lithium project in Argentina, it said late last week. The Australian junior lithium miner owns 77.5% of Puna Mining SA, the company that holds 100% of Rincon, which is located in the northern province of Salta in the South American lithium triangle. Upon reaching the commercial opera...Read More
Here are five Fastmarkets MB stories you might have missed on Thursday July 11 that are worth another look.Mexican steel association Canacero has denied that Mexican fabricated structural steel producers who export to the United States have been receiving subsidies, as alleged by US authorities.One of the world's biggest copper miners, Chile's Antofagasta, began to break away from the tr...Read More
The London Metal Exchange nickel price rose to a three-month high of $13,140 per tonne during Thursday morning trading following news from Indonesia's Ministry of Energy and Mineral Resources that the country will stop the export of unprocessed laterite ore in 2022. (This article was corrected to clarify that the proposed export ban could come into effect in 2022, not until 2022 as previously stat...Read More