Could Silver be creating a topping pattern at current prices? Possible, still too soon to tell though!The first chart looks at Silver Futures on a daily over the past 18-months. The rally since Mid-November reflects that Silver is testing highs of a few weeks ago at (1).Below looks at Silver on a monthly basis over the past 40-years-This long-term chart highlights that Silver peaked in 2011 at th...Read More
As expected, curbs placed on B.C.'s housing market have resulted in lower new housing starts and a loss of about $325 million from property transfer taxes.Last year's budget installed tax curbs to slow down B.C.'s runaway housing market, including increases to the property transfer and school taxes on homes valued over $3 million, and a new real estate speculation tax.But the government isn't coun...Read More
In a belated response to falling fresh-water levels in desert areas, Chile is moving to protect a natural resource that has been depleted after decades of mining activity.With complaints from local communities rising and the effects of climate change worsening, the world's largest copper producer is planning to implement measures that will make it more difficult for miners to pump fresh water.Chil...Read More
Finnish multi-metal producer Terrafame plans to increase focus on nickel production this year, emboldened by a 31% year-on-year increase in the metal's output in only its third full year of production in 2018. Production of nickel, Terrafame's main product, increased to 27,377 tonnes in 2018 from 20,864 tonnes the year before, the company said on Thursday February 21. The company also achieved a q...Read More
Is copper finally about to break up out of its well-trodden seven-month range?London Metal Exchange (LME) three-month copper came tantalisingly close on Wednesday with a mini-surge to $6,426.50, challenging the upper band of the $5,725 to $6,440 range that has defined the market since July 2018.The market was regrouping Thursday around the $6,380 level.Glencore set the ball rolling with an announc...Read More
* Share price eases after gains over last year* Supports independent body to oversee tailings dams* Still sees Brazil as favourable place to mine* Open to considering buybacks 'at right time' (Updates with share price, CEO comment, analysts)Anglo American reported on Thursday better than expected core earnings, driven by higher copper and coal prices, but said no financial performance was "worth a...Read More
Copper price moves on the United States' Comex trading system reversed in morning trading on Thursday February 21 after recent trade talks between the US and China gave no boost to metal prices.The copper price for March settlement on the Comex division of the New York Mercantile Exchange dipped on Thursday by 2.30 cents per lb to $2.8970 per lb.Senior officials from the US and China are engaged i...Read More
Canadian miners continued going down the slippery slope in the last three months of 2018 due mostly to weak commodity prices, triggered by a slowdown in China's economy near the end of the year, the latest report by Ernst & Young (EY) reveals.As a result, EY's Canadian Mining Eye index - which tracks the performance of 100 Toronto Stock Exchange and TSX Venture Exchange mid-tier and junior mi...Read More
Key data from the Wednesday February 20 pricing session in Asia.Key driversSeasonal weakness pressured the ADC12 export price while buyers were reluctant to take in more inventory on a downtrend. The approach of Japan's fiscal year-end kept consumers from purchasing, therefore...Read More
Base metals prices on the London Metal Exchange were mostly lower during morning trading on Thursday February 21, with positive steps in US-China trade talks doing little to support slumping prices although both copper and nickel futures held ground. Copper's three-month price consolidated lower over the morning but remains well supported above $6,300 per tonne by LME inventory which is at a decad...Read More
Barsele Minerals (TSXV: BME; US-OTC: BRSLF) has tabled an updated resource estimate for its Barsele gold project in northern Sweden totaling 5.5 million indicated tonnes grading 1.81 grams gold per tonne for 324,000 oz. gold and 25.4 million inferred tonnes at 2.54 grams gold for 2.08 million oz. gold.The resource is split between pit constrained, bulk underground and selective underground mining...Read More
Arbitrage for copper, aluminium, zinc and nickel imported into China on Thursday February 21*Copper -$172.14 (-1,156.99 yuan)Aluminium -$322.39 (-2,166.89 yuan) Zinc -$117.03 (-786.58 yuan) Nickel -$282.94 (-1,901.74 yuan) *Fastmarkets calculates the physical arbitrage for import into China daily by using SHFE front-month and LME three-month prices...Read More
A correction is underway in the three-month base metals prices traded on the London Metal Exchange with prices off by an average of 0.5% on the morning of Thursday February 21, compared with Wednesday's closing levels.This morning's price pullbacks follow a day of strength on Wednesday when the complex closed up with gains averaging 1.2%, which saw copper pushed up through the top of resistance on...Read More
Base metals prices on the Shanghai Futures Exchange were on divergent paths during Asian morning trading on Thursday February 21, with copper, tin and nickel edging higher, while the others were little changed to slightly weaker.The mixed movements follow the overnight release of the minutes from the US Federal Open Market Committee's (FOMC) January meeting, in which the central bank left open the...Read More
Here are five Fastmarkets MB stories you might have missed on Thursday February 21 that are worth another look.Canada has established surtax-free quotas for imports of energy tubular products and wire rod originating from Mexico effective from February 2, an official from Canada's Ministry of Finance said.French mining and metallurgy company Eramet generated lower operating income f...Read More
Brazilian steel and iron ore producer Companhia Sider??rgica Nacional (CSN) is planning a 10-15% price increase for flat steel products by March 25 due to increased costs and a positive trend in international prices."Much more than the market trend, we are affected by higher costs," CSN commercial executive director Luis Fernando Martinez said during a call for analysts on Thursday February 21.The...Read More
Steelmaker Gerdau will halt operations for 60 days at blast furnace No1 at its Ouro Branco mill in the south-eastern Brazilian state of Minas Gerais, starting in early June 2019, the company said on Thursday February 21.The company does not expect the stoppage to affect sales volumes because it is already building up the inventory necessary to continue regular supplies to customers, chief executiv...Read More
Brazilian steel and iron ore producer Companhia Sider??rgica Nacional (CSN) has signed a deal to supply iron ore to international trading company Glencore.CSN's mining unit will receive a pre-payment of $500 million, and in turn will supply around 22 million tonnes of iron ore over a period of five years, CSN said late on Wednesday February 20."The transaction is part of CSN's deleveraging plan, a...Read More
Access our research platformsSign-in to our platforms to access our extensive research, our latest insight, data and analytics and to connect to our industry experts.Wood Mackenzie's research analysts have over 40 years' experience understanding and forecasting natural resources industry performance across exploration, extraction and production, refining and financial markets.We produce annual, ha...Read More
Domestic prices for cold-rolled coil (CRC) in Europe have been largely stable over the past seven days with only minor increases reported, sources told Fastmarkets this week.European mills have been looking to increase prices to offset rising costs, with ArcelorMittal adding a further ?,?30 ($34) per tonne to its European coil steel offer prices on Tuesday - its second price in...Read More