By: Ira EpsteinGold 1796 area is a swing point, if taken out, then the market will head towards its 18-dma support around 1786 area. Doesn't mean the party is over:Read More
The fall in silver and gold is just profit taking and should be used to go long or invest. Crude oil should crash (on demand fundamentals) but is not even correcting. New investors of precious metals and industrial metals are waiting for correction to invest. Pension's funds have to give pensions to pensioners. They have increased their portfolio allocation to gold. Silver price will break past...Read More
Here are five Fastmarkets stories you might have missed on Tuesday July 14 that are worth another look.Sims Metal Management, the world's top metal and electronics recycler, is to lay off up to one-fifth of its UK workforce, Fastmarkets understands.Commercial vehicles led China's annual automotive output and sales in June, the China Association of Automobile Manufacturers (CAAM) said on July 10, e...Read More
The United States Court of International Trade (CIT) has ruled that President Donald Trump did not have the power to double the Section 232 tariff on steel imports from Turkey.The increase in the tariff - to 50% from 25% - was a violation of statutory procedures and of equal protection guarantees, the CIT stated in a 22-page ruling on Tuesday July 14. The ruling follows a complaint filed by US ste...Read More
Aluminium premiums were stable in most regions on Tuesday July 14, but premiums rose in Brazil with some market participants in the country noting signs of demand recovery, while others suggested the increase could be short-lived. Brazil premiums up on stronger spot interestRotterdam premiums hold in quiet conditionsUnited States premium steady, while uncertainty stifles tradingSpot inactivity kee...Read More
A summary of base metals premiums from across the globe for the week to Tuesday July 14.Please click...Read More
Here are five Fastmarkets stories you might have missed on Tuesday July 14 that are worth another look.Sims Metal Management, the world's top metal and electronics recycler, is to lay off up to one-fifth of its UK workforce, Fastmarkets understands.Commercial vehicles led China's annual automotive output and sales in June, the China Association of Automobile Manufacturers (CAAM) said on July 10, e...Read More
Bulk alloys markets in Europe and India look set to trade under persistent pressure from a lack of demand in the near term, with weekly price falls raising the prospect of production cuts, according to industry sources.In Europe, the ferro-silicon market fell to a near three-and-a-half-year low in the week to July 10 after briefly stabilizing the previous week. Sustained weakness in steel, pa...Read More
Robust demand for aluminium in China has supported the Shanghai Futures Exchange aluminium price into July and analysts expect it to maintain strength at least until the end of August. The SHFE front month aluminium contract soared to a three-and-a-half-year high of 15,185 yuan ($2,169) per tonne on Monday July 13, up 370 yuan per tonne from Friday's close at 14,815 yuan per tonne. The price...Read More
China's ferro-chrome market has been rising, with incremental increases in its annual output since 2015, and that momentum has extended despite the market being faced with a series of challenges in the first half of the year.This includes a wave of Covid-19-related production cuts and the supply disruptions to South Africa's chrome ore and while the market approaches the second half of 2020, the m...Read More
London Metal Exchange three-month base metals prices all closed down on Tuesday July 14 after a sell-off across US equities and weaker than expected Chinese data put a block on any upward price momentum. China trade balance data released earlier today was 329 billion for June against a forecast of 410 billion for the period and down from 443 billion in May.And US-China sentiment has become ev...Read More
Robust demand for aluminium in China has supported the Shanghai Futures Exchange aluminium price into July and analysts expect it to maintain strength at least until the end of August. The SHFE front month aluminium contract soared to a three-and-a-half-year high of 15,185 yuan ($2,169) per tonne on Monday July 13, up 370 yuan per tonne from Friday's close at 14,815 yuan per tonne. The price...Read More
The $21 level is much more important than the $18.50 level. When silver finally BREAKS the $21 level, it can move up to $27.50 very quickly... by Steve St Angelo of SRSrocco ReportNow that the silver price has broken through the important $18.50 level, will it reach $21 during this current rally? Silver was up 70 cents for the day (Monday). However, after Dallas, Fed President Kaplan anno...Read More
Seaborne premium hard coking coal prices declined on Tuesday July 14 after several transactions were concluded at lower prices, with sources reporting a burst in trading over the day following inactivity last week. Fastmarkets indicesPremium hard coking coal, fob DBCT: $111.11 per tonne, down $1.38 per tonne Premium hard coking coal, cfr Jingtang: $121.57 per tonne, down $1.54 per tonneHard coking...Read More
Silver breaks through the 19 dollar barrier, and gold is also strong...by Harvey Organ of Harvey Organ BlogJULY 13//SILVER BREAKS THROUGH THE 19 DOLLAR BARRIER TO $19.36//GOLD ALSO STRONG: UP $12.50 TO $1811.30//GOLD TONNAGE STANDING AT THE COMEX: 21.816 TONNES//SILVER COMEX FUTURE/SPOT (CASH) = 43 CENTS PER OZ//CHINA VS USA RHETORIC ESCALATES// LOOKS LIKE THE FBI HAS A FEW WUHAN LAB WORKERS WHO D...Read More
Most steel scrap prices in Mexico fell during the week ended Friday July 10 amid slow demand, with the market affected by pessimism stemming from the monthly settlement in the United States.At least one scrap buyer has applied price cuts totaling 500 pesos ($22) per tonne since the end of June, while others have reduced prices by 300 pesos per tonne.Of the 10 grades of ferrous scrap tracked b...Read More
London Metal Exchange three-month base metals prices all closed down on Tuesday July 14 after a sell-off across US equities and weaker than expected Chinese data put a block on any upward price momentum. China trade balance data released earlier today was 329 billion for June against a forecast of 410 billion for the period and down from 443 billion in May.And US-China sentiment has become ev...Read More
RAPAPORT... Israeli finance company Peninsula has agreed to buy Union Bank's diamond business, pledging to continue offering loans amid a shortage of credit in the domestic industry.Peninsula will pay between 55% and 70% of the loan portfolio's value and will take over Union Bank's premises inside the Israel Diamond Exchange (IDE) in Ramat Gan. The final price will depend on the loans' total...Read More
RAPAPORT... A Colombian emerald and diamond ring was the top seller at Phillips in Hong Kong, leading the $6.1 million auction.The piece, which features a step-cut, 21.52-carat emerald flanked by two half-moon diamonds, fetched $1.2 million against a presale estimate of $960,000 to $1.2 million at last week's Hong Kong Jewels and Jadeite sale. The total achieved is a 54% increase over the sam...Read More
RAPAPORT... Mountain Province has obtained a waiver for its revolving-loan agreement as it struggles with challenges in the diamond market amid the coronavirus pandemic.The Bank of Nova Scotia and Nedbank, which hold the loan, have agreed to exempt the Canadian miner from complying with the terms of the credit agreement, including maintaining a minimum cash balance, Mountain Province said Tue...Read More