(Reuters) - Federal Reserve Governor Randal Quarles, until recently the U.S. central bank's top financial regulator, on Wednesday said he does not understand the arguments in favor of issuing a central bank digital currency."Until somebody answers me the question why, I don't understand why we would devote the enormous amount of resources and the technological risk and the significant disruption t...Read More
Turkish steelmakers continued to pay higher prices for deep-sea ferrous scrap cargoes scheduled for shipment in December, market sources told Fastmarkets on Wednesday October 20.A steel mill in the Iskenderun region booked a Baltic Sea cargo, comprising 32,000 tonnes of an 80:20 mix of No1 and No2 heavy melting scrap at $502 per tonne and 3,000 tonnes of bonus-grade scrap at $522 per tonne cfr.Pre...Read More
WASHINGTON (Reuters) -U.S. President Joe Biden heads on Wednesday to his birthplace of Scranton, Pennsylvania as an agreement among Democrats on the scope of his social spending package appeared within reach.Biden will deliver remarks at the Electric City Trolley Museum in Scranton, Pennsylvania, an election swing state, and talk about how his infrastructure plan will benefit the working class in...Read More
Taiwan's import prices for containers of steel scrap were expected to continue to rise because of a huge premium for bulk import prices over material arriving in containers, market sources told Fastmarkets on Wednesday October 20.?EUR?Taiwanese buyers continue to book containerized cargoes?EUR?Chinese market muted by wide bid-offer gaps?EUR?China's ferrous scrap import volumes down by 49% month on...Read More
Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here! (Kitco News) - Santacruz Silver Mining(TSX.V:SCZ) announced today that the company produced 316,024 ounces of silverin Mexico in Q3 2021, an increase of 4% compared to Q3 2020 (304,123 ounces).In addition, the compan...Read More
Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here! (Kitco News) - Tanzanian Gold (TSX:TNX)(NYSE:TRX) announced Wednesday the commencement of the commissioning phase ofthe new expanded processing plant at its Buckreef gold project in Tanzania by360 tonnes per day. Dur...Read More
Base metals prices were down across the board on both the London Metal Exchange and Shanghai Futures Exchange this morning, Wednesday October 20, with relatively high volume being seen on the LME.After the upward spikes in LME cash prices, ahead of the October prime data, it is perhaps not surprising a reality check is underway......but once again let us see how far the pullback goes.Broader marke...Read More
Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here! (Kitco News) - Anglo American announcedtoday that the value of rough diamond sales (Global Sightholder Sales andAuctions) for De Beers' eighth sales cycle of 2021 (period from 4 October to 19October) was $490 million...Read More
Oct 20 (Reuters) - The S&P 500 and the Dow inched closer to record highs on Wednesday after strong forecasts from healthcare companies Anthem and Abbott, while the Nasdaq lagged as technology stocks took a breather.The Dow Jones Industrials Average (.DJI) was just short of all-time highs reached in mid-August, while the benchmark S&P 500 index (.SPX) traded 0.2% below its early September recor...Read More
Australia-based global miner BHP has raised its offer in a bidding war to acquire prospective Canadian nickel producer Noront Resources.The Toronto-based junior miner recommended to its shareholders in July that they accept BHP's offer, worth at that time C$325 million ($263 million), instead of a competing offer from another Australian miner, Wyloo Metals.Wyloo counteroffered, and BHP raised its...Read More
Share this article VANCOUVER - Valore Metals Corp. [VO-TSXV; KVLQF-OTC] provided an update on 2021 drilling from the Santo Amaro target at the 100%-owned Pedra Branca platinum group element project in northeastern Brazil."Two thousand twenty-one drilling at Santo Amaro has greatly advanced the interpreted geological model for the resource-associated ultramafic package, allowing for more targeted...Read More
Fastmarkets sees upside risk to Chinese graphite prices in the fourth quarter of 2021, largely reflecting rising electricity costs and reduced power supply, as well as insufficient inventories and inadequate availability of feedstock for spherical graphite processing.High power costs and limits on energy consumption in China may make it increasingly difficult for graphite producers to stockpile ma...Read More
WASHINGTON (Reuters) - Europe should not see an inflation spiral as a spike in energy prices is expected to fade next year and there is slack in the continent's labor market, the IMF European department chief said on Wednesday."We don't at this stage, expect any inflation spiral in Europe," IMF European Department Director Alfred Kammer told a news briefing. "The high inflation which we are seeing...Read More
Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here! (Kitco News) - Today, Rio Tinto unveiled anew target to reduce its Scope 1 & 2 carbon emissions by 50 per cent by2030, more than tripling its previous target. A 15 per cent reduction inemissions is now targeted for 2...Read More
Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here! (Kitco News) - Chile-focused copper miningcompany Antofagasta (ANTO:LSE) reported today that the group's copperproduction for the first nine months of the year (9M 2021) was 542,600 tonnes,0.2% higher than in the sam...Read More
Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here! (Kitco News) - Russia's Nornickel, theworld's largest producer of palladium and high-grade nickel and a majorproducer of platinum and copper, announced today that in 9M 2021, its totalnickel output decreased 23% y-o-...Read More
NEW YORK, Oct 20 (Reuters) - Oil prices edged higher on Wednesday, rebounding from early losses after U.S. crude stockpiles unexpectedly fell and inventories at the nation's largest storage site hit their lowest level in three years.Brent crude futures rose 26 cents, or 0.3%, to $85.35 a barrel as of 10:48 a.m. EDT (1448 GMT), lingering close to multi-year highs.November U.S. West Texas Intermedia...Read More
Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here! (Kitco News) - Gold and silver prices higherand near their daily highs in early U.S. trading Wednesday. Worries about risinginflation are prompting buying interest in the hard asset metals. Also, thetechnical postu...Read More
Share this article VANCOUVER - Erdene Resource Development Corp. [ERD-TSX; ERDCF-OTC; Mongolia] reported assay results from four holes in the South Ulaan gold discovery expansion drill program in Mongolia. Today's results confirm thick sequences of high-grade gold mineralization continue west of the initial discovery.Drilling expands mineralization at South Ulaan to the west, with multiple thick...Read More
Here are five Fastmarkets stories you might have missed on Wednesday October 20 that are worth another look.Workers at steelmaker ArcelorMittal's plant in Ghent, Belgium, might go on strike from Thursday next week in a dispute over salaries, Fastmarkets heard on October 20.Trafigura has been drawing...Read More