Nickel's three-month price on the London Metal Exchange was higher at the close of trading on Thursday June 27, up by about 2% amid continued buying momentum, with positive US GDP figures shoring up commodity investments. Three-month nickel futures closed at their highest level since April at $12,710 per tonne in the afternoon, improving by just under 9% from a June-low of $11,605 per tonne o...Read More
Seaborne iron ore prices strengthened further on Thursday June 27, with trading activity on the Singapore Exchange's (SGX) 65% Fe iron ore derivative contract also picking up. By 5.45pm Singapore time, 125,000 tonnes of the contract had been traded and cleared, according to SGX data. This compares with 175,000 tonnes traded in the whole of last week. MB 62% Fe Iron Ore Index: $118.02 per tonne cfr...Read More
Weakness persisted in the seaborne coking coal market on Thursday June 27 despite news of a suspension of mining activity at a mine in Queensland, Australia.An August-loading cargo of a top Australian brand was sold to an end user in southern China at $200 per tonne cfr China, according to various sources.A shipment of premium low-vol hard coking coal was heard offered at $198 per tonne cfr China,...Read More
Chris says silver's to be one of the absolute best potential trades and investments. Where's the price going? Here's Chris with the answer...by Chris Vermeulen of The Technical TradersSilver will likely find resistance near $15.60 and move slightly lower before another upside price leg takes place. Both gold and silver have begun incredible price rallies over the past 10+ days and we believe thi...Read More
150 years of silver price suppression does not end smoothly...it ends with a BANG!by Bix Weir from Road to Roota150 years of silver price suppression does not end smoothly...it ends with a BANG! A sound heard around the world! IF you have ANY ounces of gold left SWAP THEM TODAY for Silver at 93 to 1...it will change your world! Also, if you are loaded with cryptos and light on SILVER...NOW IS THE...Read More
Chris Vermeulen19 hours ago (Jun 27, 2019 6:10 AM GMT)Silver will likely find resistance near $15.60 and move slightly lower before another upside price leg takes place. Both gold and silver have begun incredible price rallies over the past 10+ days and we believe this is just the start of a much bigger price trend.DAILY SILVER CHART ANALYSISThe $15.60 to $15.75 resistance level can be seen...Read More
A gallery collapse at Glencore's Kamoto Copper Company in the Democratic Republic of Congo has killed 19 people, the company said in a filing on the London Stock Exchange on June 27.The miners were working illegally at a project, which has had on average 2,000 illegal incursions onto its jurisdiction per day, the company said adding that further casualties were a possibility."The incident has no i...Read More
Henrik Adam, who has been chief commercial officer at Tata Steel Europe since 2011, will replace Hans Fischer as ceo when he retires on July 1, the company said on Thursday June 27.Fischer will continue to serve on the board of Tata Steel Europe as a non-executive director, and will continue to act as an adviser to global ceo and managing director TV Narendran."During his tenure as ceo and be...Read More
This chart looks at the Silver/Gold ratio over the past 25-years. Historically bullish investors in Gold & Silver receive a positive message when this ratio is heading higher. When the ratio is heading lower, historically rallies in Gold often times have been short-lived.The trend since the 2011 highs has been down, as the ratio has created a series of lower highs and lower lows. The decline over...Read More
Here are five Fastmarkets MB stories you might have missed on Thursday June 27 that are worth another look.European steelmakers are concerned about the future viability of the steel industry in the United Kingdom should it leave the European Union at the end of October without a deal, they said at European Steel association Eurofer's European Steel Day in Brussels on Wednesday June 26. A ...Read More
The US-China trade dispute has dampened selling appetite among copper scrap dealers in the United States, though China granting restricted quotas has spurred exports once again.Market participants were cautiously optimistic regarding renewing exports to China, as the ongoing tariff spat has altered the flow of material conspicuously. A seller source told Fastmarkets he is finding it "harder to sel...Read More
Monthly European alloy surcharges for July deliveries of stainless steel products will be lower than the June surcharge after the price of nickel continued to fall.Fastmarkets' alloy surcharge for July deliveries of grade-304 cold-rolled stainless sheet is set to fall to ?,?1,318-1,362 ($1,498-1,548) per tonne, down ?,?18-21 per tonne from June's surcharge levels, according to calcu...Read More
Gold futures settled lower on Wednesday, down from the nearly six-year high scored a day earlier, following comments from Federal Reserve chair Jerome Powell on Tuesday that analysts interpreted as less dovish than expected, along with fresh hopes for progress on U.S.-China trade talks. "Pullback in gold is following through" after Federal Reserve Chairman Jerome Powell's comments Tuesday afternoo...Read More
Nickel's three-month price on the London Metal Exchange continued its uptrend during morning trading on Thursday June 27, with short-covering activity pushing the metal's outright price higher while trade optimism supports commodity investment. Building on Wednesday's gains, nickel futures are now trading 1.3% higher than Wednesday's closing price of $12,490 per tonne, reaching an intra-morning hi...Read More
While US officials have given the impression that they will attempt to defuse the ongoing trade dispute with China at the upcoming Group of 20 (G20) summit on Friday June 28, their Chinese counterparts were less upbeat.Despite the optimistic view shared by US treasury secretary Steven Mnuchin that a trade deal with China is "90% completed", market sources in the Asian nation say that Chinese offic...Read More
Base metals prices on the Shanghai Exchange broadly weakened during Asian morning trading on Thursday June 27, dragged down by a firm dollar and persisting uncertainty surrounding US-China trade relations.The firmer dollar of late coupled with macroeconomic uncertainty has spooked investors, limiting trading activity this morning and causing the SHFE base metals complex to give back some of Wednes...Read More
The flat-rolled steel import market in the United States has shown little activity, with most foreign products largely uncompetitive versus their domestic counterparts, which are readily available at a low cost."It's virtually impossible to present any foreign offer to make sense," one Gulf Coast trader source said."A lot of people didn't believe the foreigners were going to stay out of the market...Read More
The price of steel billet imported into Turkey dipped slightly over the past week in line with the recent downturn in the ferrous scrap import values, sources said on Thursday June 27.The offers from the Commonwealth of Independent States (CIS) were $430-435 per tonne cfr Turkey, down from $435-440 per tonne last week, however, customers were still looking for $420 per tonne and below.Therefore, F...Read More
The price of domestic rebar and wire rod in Turkey declined over the past week to Thursday June 27 amid falling imported scrap values, sources said.Fastmarkets' weekly price assessment for domestic rebar in Turkey was TRY3,100-3,160 ($537-547) per tonne ex-works on June 27, down from TRY3,160-3,190 per tonne, including 18% VAT, last week.The domestic rebar price in the Izmir region was TRY3,140-3,...Read More
The global uranium mining market in the 2010s took a hit from the Fukushima nuclear disaster in Japan in 2011 - which cut global uranium demand some 10% for many years - and the simultaneous ramping up of low-cost uranium production out of Kazakhstan that has transformed the country into the world's largest uranium producer.Thanks to the massive devaluation of the Kazakhstan tenge currency in 2014...Read More