(Updates with closing prices)By Peter HobsonLONDON, March 12 (Reuters) - Zinc prices jumped to aseven-month peak on Tuesday, driven higher by a supplyshortfall, dwindling stockpiles on the London Metal Exchange(LME) and expectations of solid demand from top consumer China.Benchmark zinc on the LME ended up 3.7 percent at$2,838 a tonne after touching $2,840, the highest since July 3.The metal, used...Read More
Drilling a potential kimberlite pipe on the Bishop Nipissing properties near the town of Cobalt, northeast Ontario. Source: RJK Explorations Ltd.RJK Explorations Ltd. [RJX.A-TSXV; RJKAF-OTC] said Tuesday March 12 that it has commenced drilling to test two potential kimberlite targets at its Bishop Nipissing diamond properties south of Cobalt, Ontario.The company also said Robert J. Mackay, a min...Read More
Goldcorp's Cerro Negro mine in Argentina. Source: Goldcorp Inc.Goldcorp Inc. [G-TSX; GG-NYSE] has ceased mining at its Cerro Negro mine in Argentina as a result of an illegal work stoppage by the AOMA mining union, the company said in a press release, Tuesday March 12."All mining ceased when the work stoppage began late on March 9, 2019, and processing activities have now been discontinued with th...Read More
The London Metal Exchange is prepared for whatever outcome arises from the planned departure of the UK from the European Union, including a so-called "hard" Brexit, its chief executive officer said on Tuesday March 12.The two key requirements for the exchange to continue to operate as normal had already been achieved, or would be achieved, by the time of Brexit, Matthew Chamberlain said.Brexit, th...Read More
The three-month base metals prices on the London Metal Exchange were up across the board by an average of 0.5% this morning, Tuesday March 12.Nickel once again led the way with a 1.4% gain to $13,090 per tonne, compared with Monday's close at $12,915 per tonne, while copper was up by 0.6% at $6,459 per tonne, having closed on Monday at $6,421.50 per tonne. Copper and nickel are in the driving seat...Read More
Shannon Stubbs, Conservative Member of Parliament.Shannon Stubbs, Conservative Member of Parliament who represents the riding of Lakeland, Alberta, provided Resource World Magazine with her thoughts on mineral development during an interview at the recent Prospectors and Developers of Canada annual conference in Toronto.RESOURCE WORLD: How would you characterize the current state of the mining ind...Read More
[Editor’s Note: This story was previously published in February 2018. It has since been updated and republished.]Whether you’re a newbie who just watched The Wolf of Wall Street or you’re a seasoned trader whose previous fliers on penny stocks have burned one too many holes in your pocket, the story is the same — stay away from penny stocks!Penny stocks (classifie...Read More
Chilean lithium miner SQM expects to triple its sales volumes by 2025, to 150,000 tonnes per year of lithium compounds, up from the 45,100 tonnes of such materials sold in 2018.SQM's production capacity for lithium compounds is expected to increase to 180,000 tpy in the next few years to meet growing demand. Current capacity is 70,000 tpy; an interim capacity for 120,000 tpy is expected in 2020.Me...Read More
Well, it's been a heck of a year. The S&P 500 went from a low of 2,350 in December back up to around 2,800 in an attempt to break though some stubborn resistance. This is known as a short-covering sucker's rally.Meanwhile, the price-to-earnings ratio dropped from 26.5 to 21.35. It is still well above the mean P/E of 14.75 but not quite as stratospheric as it has been.Was it only 10 years ago tha...Read More
The prices for flat steel products imported into the United Arab Emirates and Saudi Arabia have been stable over the past week, with buying activity for all such materials remaining limited, Fastmarkets heard on Tuesday March 12.But new offer prices, to be sent out next week, were expected to be higher because of rises in raw material prices, sources told Fastmarkets.Higher prices were unlikely to...Read More
Chinese steel plate export prices were unchanged over the past week on stable demand.Fastmarkets MB's weekly price assessment for April shipments of commercial-grade, chromium-added steel plate remained at $545-555 per tonne fob for the week to Tuesday March 12.Negotiation levels remained at $545-555 per tonne fob, with mills raising their plate offers to $555-560 per tonne fob...Read More
This week in Insights, we tackle the question of what is next for Canadian stocks after a nice run in the first two months of the year. For clues, we look to our INK Sentiment Indicator which is showing some signs of potential weakness.Click for largerWe also highlight our Broadcast of the week and Insider of the Week. Click here to read the March 11th edition (registration not required).Read More
Export prices for Chinese cold-rolled coil (CRC) and hot-dipped galvanized coil (HDG) increased again over the past week, with mills continuing to raise their offers amid support from China's robust domestic market.Cold-rolled coilFastmarkets MB's weekly export price assessment for Chinese SPCC 1.0mm CRC was $555-565 per tonne fob China on Tuesday March 12, up $7-8 per tonne from $547-558 per tonn...Read More
Offer prices for CIS-origin wire rod remained firm in the middle of March, supported by higher prices achieved in deals in previous weeks as well as increased scrap costs in the global market, Fastmarkets heard on Tuesday March 12.CIS wire rod was available to foreign customers at $515-525 per tonne fob Black Sea, with some sources even reporting offers as high as $540 per tonne fob...Read More
Price assessments for steel rebar and billet imported into the United Arab Emirates have increased slightly this week but demand remained moderate, sources told Fastmarkets on Tuesday March 12.New local rebar prices will probably be announced after March 20, after which buying activity may increase, sources said.Market participants expected rebar prices to go up because of rising raw material pric...Read More
China's rebar prices picked up some upward momentum on Tuesday March 12 with market participants expecting iron ore supply from Brazil's Vale to tighten.Domestic Eastern China (Shanghai): 3,800-3,840 yuan ($565-571) per tonne, up 10-30 yuan per tonneNorthern China (Beijing): 3,780-3,820 yuan per tonne, up 20-30 yuan per tonneVale has suspended port activities at its Guaiba Island Terminal on instr...Read More
Turkish steel producers have continued to book deep-sea scrap to replenish low stock levels despite the weak demand for finished steel products, sources said on Tuesday March 12.A steel producer in the Iskenderun region booked a UK cargo, comprising 22,000 tonnes of HMS 1&2 (80:20), at $320 per tonne cfr.The cargo was scheduled to be shipped at the end of the March and was sold at the same...Read More
- Clint Siegner, Money MetalsA year ago, Republicans in control of Congress suspended the cap on federal borrowing. The limit was automatically re-imposed on March 1st. Politicians now have a few months to hammer out legislation to raise the cap as the Treasury employs "extraordinary measures" to fend off default.The federal deficit is mushrooming once again. The 2017 tax cuts have taken a bit...Read More
By: Dave KranzlerJames Kunstler summarized it perfectly. So rather than reinventing the wheel, here's an excerpt from his Monday commentary:Jerome Powell [was] wheeled out on CBS's 60 Minutes Sunday night, like a cigar store Indian at an antique fair, so vividly sculpted and colorfully adorned you could almost imagine him saying something. Maybe it was an hallucination, but I heard him say that...Read More