The price of gold retested the $1300 level last week.Aggressive futures short-selling on the Comex took the price of gold below $1300 on Thursday.I believe the long period of consolidation in the precious metals sector is finally ending.I sourced the chart below from a blog called The Macro Tourist. I added the title and the two yellow trend lines. The chart shows the daily price of gold since the...Read More
Louis joins Sean on SGTreport for a wide-ranging update on the economy, the markets, gold, silver, the US dollar, and a whole lot more...Louis Cammarosano interviewed by Sean on SGTreportLouis joins Sean on SGTreport for a wide-ranging update including the economy, the markets, gold, silver, the US dollar, and a whole lot more!Thanks for tuning-in to this wide ranging update in its entirety below...Read More
James Hyerczyk21 hours ago (Mar 18, 2019 3:23 AM GMT)Gold futures closed higher last week, confirming the previous week’s closing price reversal bottom. The market was driven higher by a drop in U.S. Treasury yields. This move made the U.S. Dollar a less-desirable investment, while driving up demand for dollar-denominated gold. Helping to put a cap on gold prices was increased demand for hi...Read More
Aluminium on the London Metal Exchange was higher at the close of trading on Monday March 18, having peaked at its highest since February 6.The three-month aluminium price ended at $1,920.50 per tonne, up $23.50 from the pre-weekend close.For much of March, the three-month price held below resistance at $1,900 per tonne. It hit a two-month low of $1,845 per tonne on March 11. Around 45% of LME alu...Read More
The Comex copper price ticked higher in morning trading on Monday March 18 with markets awaiting a resolution to the US-China trade negotiations that have dictated investor sentiment for months. The copper price for May settlement on the Comex division of the New York Mercantile Exchange gained 1.65 cents to $2.9225 per lb. "Ongoing US/China trade talks remain under way... as the two sides continu...Read More
The seaborne coking coal market was muted on Monday March 18 following a flurry of trades involving forward cargoes last week. A May-laycan cargo of premium hard coking coal was heard offered at $214 per tonne fob Australia during the day. A May-laycan cargo in the same category had changed hands at $204 per tonne fob Australia last week.Second-tier cargoes were heard offered at around $192-194 pe...Read More
Anglo American has installed 256 photovoltaic panels that float on the tailings containment pond at its Los Bronces complex. This pilot project is expected to generate 150 MWh/year from 256 photovoltaic cells.The mine is located 65 km from Santiago at an elevation of 3,500 metres. The cells are designed to withstand extreme weather such as snow and heavy rain. Even winds of 210 km/h should not dis...Read More
A union at Chile's Sierra Gorda copper mine, controlled by Polish mining company KGHM, could go on strike this week after rejecting the latest offer in contract negotiations, the union leader told Reuters on Monday.The company still has until the end of Tuesday to request government mediation to help reach a deal with the union of 520 workers."I hope they will be ready to have an agreement because...Read More
Chile's economy surged in the fourth quarter as increases in mining output and investments set the stage for continued growth going forward.Gross domestic product grew 1.3 percent in the fourth quarter, up from a revised 0.2 percent expansion in the three months through September. The economy expanded 3.6 percent from the fourth quarter of 2017 and 4 percent for the full year of 2018, the central...Read More
Havilah Resources (ASX: HAV) is planning to run a detailed, high resolution, airborne electromagnetic survey or AEM to explore for additional copper-cobalt resources in the Mutooroo copper-cobalt district, located in New South Wales, eastern Australia.The survey is planned to commence in mid-April and it is expected to take at least three weeks to complete. This type of study has never been done o...Read More
CIS slab producers continued to keep their offer prices steady in the second half of March, supported by reduced availability of the material in the market due to imminent repair works at some sites.This was despite the lack of buying activity and comparatively much lower bids being placed by customers.Offers of CIS-origin billet were heard within the range of $500-505 per tonne fob Black Sea in t...Read More
Chile's Supreme Court has ruled in favour of Barrick Gold (TSX:ABX) (NYSE:GOLD), revoking the permanent closure of the Canadian miner's Pascua-Lama gold-silver project.The world's largest gold miner, which completed its merger with Randgold at the beginning of the year, said the March 14 ruling overturned the Antofagasta Environmental Court's order, issued late last year, and it also ordered...Read More
Rio Tinto (ASX, LON: RIO), the world's second largest miner, is recommending shareholders to vote against a resolution requiring the company to release its direct emissions details and strategies on how its greenhouse gas emissions and those of its customers can be cut.In a letter from chairman Simon Thompson, Rio urged investors to vote against the proposed rule change that would have the miner t...Read More
The CIS export billet market remained at a standstill on Monday March 18 due to the absence of trading activity in most of the commodity's usual outlet regions, Fastmarkets heard on Monday March 18.Mills were indicating offers within the range of $460-465 per tonne fob Black Sea.But customers in most outlet regions could not afford such high prices because they would not be able to pass on these h...Read More
Here are five Fastmarkets MB stories you might have missed on Monday March 18 that are worth another look.Bulk alloy suppliers are reporting increased prompt demand from British consumers amid concerns about potential supply disruptions when the United Kingdom leaves the European Union. A preliminary decision from a court in Brazil's Itabira city, in the country's southeastern Minas Gerais st...Read More
Aluminium on the London Metal Exchange was higher at the close of trading on Monday March 18, having peaked at its highest since February 6.The three-month aluminium price ended at $1,920.50 per tonne, up $23.50 from the pre-weekend close.For much of March, the three-month price held below resistance at $1,900 per tonne. It hit a two-month low of $1,845 per tonne on March 11. Around 45% of LME alu...Read More
Treatment and refining charges (TC/RCs) for spot copper concentrates dropped sharply in early March with Chinese smelters entering the market in earnest for units, while a lack of supply from blockaded Las Bambas mine has also prompted spot buying. The Fastmarkets TC/RC index for spot copper concentrates dropped by $5.3 per tonne / 0.53 cents per lb on March 15 to $69/6.9 cents, the lowest si...Read More
Revenue garnered from the United States' Section 232 tariffs - in place for almost a year - stood at $4.3 billion for steel and $1.4 billion for aluminium as of Thursday February 21, 2019, according to data from US Customs and Border Protection.While the blanket 25% steel tariffs imposed by US President Donald Trump's administration has helped US steel mills to reap record profits, restart id...Read More
The Comex copper price ticked higher in morning trading on Monday March 18 with markets awaiting a resolution to the US-China trade negotiations that have dictated investor sentiment for months. The copper price for May settlement on the Comex division of the New York Mercantile Exchange gained 1.65 cents to $2.9225 per lb. "Ongoing US/China trade talks remain under way... as the two sides continu...Read More
Growing fears of a bauxite supply disruption are putting alumina traders on alert for a potential price increase, sources have told Fastmarkets. The concern originates form Brazil, where mainly Minera????o Rio do Norte (MRN), Minera????o Paragominas, Alcoa and Companhia Brasileira de Alum?-nio (CBA) produce bauxite, the raw material for alumina. A new resolution issued by the Brazilian mining agen...Read More