Copper continues to capitalize on the narrowing $0.75 per tonne cash-to-March spread contango, while the three-month contract rises to $6,430 per tonne, up $26 per tonne from the $6,404-per-tonne close on March 14.The three-month copper price seems to be ignoring the significant influx of material into Asian LME warehouses on March 15, with 18,905 lots of material traded during the day's session.N...Read More
When the London Metal Exchange amended its policies related to its physical delivery network a few years ago, it overlooked one key thing. The issue centers on LME's linked load-in/load-out (LILO) rule, which operates by linking the amount of metal a warehouse loads in to the amount it is obligated to load out for warehouses that have queues of over 50 days.The rule changes were part of package of...Read More
Gold spot ($) Rebound expected. Stay on top of the markets with Swissquote’s News & Analysis Pivot (invalidation): 1296.00 Our preferenceLong positions above 1296.00 with targets at 1302.00 & 1304.50 in extension. Alternativescenario Below 1296.00 look for further downside with 1293.00 & 1290.00 as targets. Comment The RSI calls for a rebound. Silver spo...Read More
Ahead of Fastmarkets' Battery Materials 2019 conference in Shanghai, Fastmarkets looks at use of lithium in next-generation vehicles and other battery uses, as well as soaring prices, which have spurred interest in lithium and boosted its importance in recent years as a battery material. In June 2016, the spot price in China peaked at $27 per kg, more than three times the global contract price, ac...Read More
Market Overview There is a slightly more settled look to markets as the weekend approaches. With all of this week’s key Brexit votes in the UK Parliament have passed, it will be interesting to see if sterling begins to settle down. Initially as European traders take over this morning, a degree of selling pressure has taken hold, although this is so far nowhere as severe as other moves earlie...Read More
In contrast to the clear skies outside, a cloud hung over discussions among Indian scrap traders attending the opening session of the annual conference of the Material Recycling Association of India (MRAI) earlier this month in Kochi, southern India.Secretary-general Amar Singh praised the superior air quality in the host city, compared with the metropolises of New Delhi and Mumbai. But delegates...Read More
Investing.com - Prices of the safe-haven gold prices edged up on Friday in Asia even after tensions and uncertainty over Brexit seemed to have eased.On Thursday, British lawmakers voted to seek a delay to the country’s exit from the European Union.The news came after British Prime Minister Theresa May’s Brexit deal suffered a second defeat in the parliament earlier this week. A day lat...Read More
Gold _ Silver Spot Gold held support at 1291/90 but below here targets 1286/85, perhaps as far as important head & shoulders neck line support at 1281/80. Sell a little if it looks like we will see a weekly close below here & add to shorts on a break below 1271.Minor resistance at 1300/02 but above 1304 allows a recovery to 1305 & 1308 before another selling opportunity at 1310/11 with...Read More
Citing its near-4% decline from the highs and exhaustion candles beneath its lower Keltner, we highlighted Gold’s potential to mean revert last week. Having rebounded 2.4% from its low, we suspect a corrective top could be in place. Key points: March tends to be a weak month for gold, looking at its seasonal averages Gold’s performance typically deteriorates throughout Q1 Near-...Read More
Gold futures pulled back below the $1,300-an-ounce level on Thursday, giving up their highest levels of the month, as the U.S. dollar regained its footing and investors appeared to shrug off political turmoil in the U.K. surrounding the country's preparations for exiting from the European Union. Gold for April delivery GCJ9, +0.56% on Comex fell $14.20, or 1.1%, to settle at $1,295.10 an ounce....Read More
Copper continues to capitalize on the narrowing $0.75 per tonne cash-to-March spread contango, while the three-month contract rises to $6,430 per tonne, up $26 per tonne from the $6,404-per-tonne close on March 14.The three-month copper price seems to be ignoring the significant influx of material into Asian LME warehouses on March 15, with 18,905 lots of material traded during the day's session.N...Read More
The copper market in the United States bounced back in trading on the morning of Friday March 15, with a softer dollar and positive data boosting the marketplace.The copper price for May settlement on the Comex division of the New York Mercantile Exchange rose by 1.95 cents to $2.9110 per lb."While we acknowledge that copper is at present facing macro/fundamentals headwinds, we think copper will s...Read More
Forward cargoes of seaborne coking coal continued to fetch lower prices on Friday March 15 while those for April-laycan shipments held steady.On the Global Coal trading platform, a July-laycan cargo in the branded segment was traded at $196 per tonne fob Australia, while a bid for an April-laycan cargo in the same segment was made at $212.50 per tonne, up $0.50 per tonne from the last bid. The tra...Read More
• The precious metal stalled its recent positive momentum near 200-period SMA on the 4-hourly chart and came under some renewed selling pressure on Thursday. • The intraday slide dragged the commodity below the key $1300 psychological mark and tested 50% Fibonacci retracement level of the $1280-$1311 latest up-move. • Slightly...Read More
China's month-on-month new electric vehicles (NEV) sales rebounded in August after month-on-month declines in June and July. The drop in sales between May and June was the first drop since September 2016, but Fastmarkets MB had expected Chinese NEV sales to dip temporarily after the June subsidy changes came into effect because consumers and NEV manufacturers would have to adjust to the new subsid...Read More
Gold jumped to 4-hour 200-candle moving average (MA) of $1,311 earlier today, as expected, but failed to take out the key hurdle and is currently trading at $1,308. The hourly chart relative strength index (RSI) has rolled over from the overbought territory, creating lower highs in favor of the bears. Meanwhile, rejection at the 200-candle MA has strengthened the bearish case put forwa...Read More
Iron ore prices fell sharply in the second half of November after climbing through October, with prices for higher-grade material pioneering the decline.Fastmarkets MB daily benchmark for 65% Fe fines dropped by 22% by Monday November 26 after peaking on October 29. The 62% Fe iron ore index declined by 16% over the period, as some Chinese steelmakers started to seek larger volumes of cheaper ores...Read More
The steel scrap sector in the United States still depends on exports to Turkey, a member of the Fastmarkets research team said during the ferrous session at the Bureau of International Recycling (BIR) conference in London.This dependence persists despite the changes in the international markets created by the US' imposition of its Section 232 tariffs on imports of steel products, metals analyst Le...Read More
Key data from the March 15 pricing session in London: Key drivers: Prices edge lower again in the second half of the week although the midweek drop to low the $14s deters some consumers from buying again, in anticipation of weaker prices. One so-far isolated sale at $13.20 per lb...Read More
Turquoise Hill Resources (TSX: TRQ; NYSE: TRQ) reported 2018 income of $394.3 million-a 255.4% jump over 2017's $110.9 million-driven by an increase in gold production and sales from its Oyu Tologi copper-gold mine in Mongolia.Gold production surged 150% year-on-year to 285,000 ounces, while copper production of 159,100 tonnes marked a 1.1% increase over 2017. The income jump was driven by an inc...Read More