HONG KONG, Nov 2 (Reuters) - The posting of an ancient Chinese poem by Tesla (TSLA.O) CEO Elon Musk on social media on Tuesday has driven Chinese internet users to engage in a frenzied debate game over his meaning, with many also praising him for his knowledge of the text.Musk, who is known for his cryptic Twitter posts, wrote in English "Humankind" before posting an abbreviated version of the '...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 are modestly down in early U.S. dealings Tuesday, as the marketsare pausing ahead of the U.S. central bank's policy-setting meeting. Decembergold was last down $2.80 at $1,793.1...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) - Agnico Eagle Mines (NYSE:AEM) (TSX: AEM) today announced record exploration spending in 2021, targetinggrowth of the company's mineral reserves and mineral resources at year-end 2021from a record level...Read More
NEW YORK, Nov 2 (Reuters) - Global equity shares scaled a new peak on Tuesday, lifted by rising stocks on Wall Street, and the dollar strengthened as strong earnings drove sentiment while investors await details on the Federal Reserve's decision to taper its massive stimulus.The S&P 500 and Nasdaq stock indexes hit fresh record highs helped by a slew of robust earnings updates, while the STOXX 600...Read More
An overview of the chrome ore and alloy markets and their latest price moves in Asia, Europe and the United States on Tuesday November 2.China Alloy market sentiment strengthened after steel mill Tsingshan increased its November ferro-chrome tender prices by 500 yuan ($78) per tonne month on month. Prices of imported charge chrome rose, with some stainless steel mills needing to secure near-t...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 Mountain Mining (TSXV:GMTN)announced Tuesday that the Ministry of Energy, Mines & Low CarbonInnovation Communications Office hasawarded the company its M-199 Mining Permit for the Elk Gold proje...Read More
Operations at Antamina, Peru's biggest copper mine, have been suspended since last weekend because of a roadblock manned by community protestors, according to a company statement.The statement by Compania Minera Antamina, published on Sunday October 31, stressed its commitment to public safety and clear communication. It said that it feared the possibility of "intolerable criminal offenses" and "c...Read More
Here are five Fastmarkets stories you might have missed on Tuesday November 2 that are worth another look.Eurofer has welcomed the agreement between the European Union and the United States to replace Section 232 steel and aluminium tariffs against the bloc's 27 countries with tariff-rate quotas, the European steel association...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) - Harmony Gold Mining todayreported that an employee was fatally injured on Sunday afternoon, following ashaft-related incident, at its Doornkop mine, near Soweto in the Gautengprovince of South Africa."...Read More
WASHINGTON, Nov 2 (Reuters) - U.S. Treasury Secretary Janet Yellen will urge financial institutions to adopt a "greater sense of urgency" about investing in net-zero economy in meetings with the head of Bank of America and other finance CEOs on Tuesday, Treasury officials said.John Morton, a former private equity adviser and Treasury's first climate counselor, told reporters that Yellen would expl...Read More
The oversold bounce in the gold stocks has runinto initial resistance while Gold is trading around resistance around $1800.The question is if this rebound can extend ifit will pause or, will the sector start giving back some of the gains?First, let's look at recent price action andthe current setup.We plot Gold, GDX, HUI, and GDXJ along withtheir 200-day moving averages below.Since the start of th...Read More
(Reuters) - The S&P 500 and the Nasdaq indexes hit record highs on Tuesday, helped by a slew of strong earnings reports, although gains were limited as investors remained cautious ahead of the Federal Reserve's widely expected move to start tapering its monthly bond purchases.Shares of Under Armour Inc jumped 17.3% after the athletic apparel maker raised its annual revenue and profit forecasts.Sim...Read More
Turkish steel scrap import prices fell sharply on Tuesday November 2, in line with the the latest bookings and amid increasing freight costs and limited finished steel sales to Turkey's key export outlets, market participants told Fastmarkets. On Tuesday, a steel mill in the Marmara region booked a deep-sea cargo from Puerto Rico, comprising HMS 1&2 (80:20) at $494 per tonne and shredded scrap at...Read More
Nov 2 (Reuters) - A cryptocurrency named after the wildly popular Netflix drama "Squid Game" crashed to almost zero value on Tuesday after a dizzying rally pushed it to almost $2,800 last week.The so-called squid token's market value jumped to $2.4 billion at the peak of Monday's trading with a trading volume of $14 million over the last 24 hours, according to CoinMarketCap. The reason for squid's...Read More
(Updates prices)* Fed policy statement due Wednesday* Dollar steady against rivals* Silver and platinum fall over 1%Nov 2 (Reuters) - Gold prices were subdued on Tuesday ahead of a crucial U.S. Federal Reserve meeting that could offer cues on future interest rate hikes amid rising inflationary pressures.Spot gold dipped 0.1% to $1,790.55 per ounce by 1314 GMT. U.S. gold futures for December delive...Read More
NEW YORK, Nov 2 (Reuters) - Wall Street banks are intensifying preparations for the Federal Reserve’s withdrawal of pandemic stimulus to ensure they are able to handle spikes in market volatility, help clients manage their risks -- and score a profit.With the Fed expected to formally announce on Wednesday that it will begin tapering its monthly bond purchases, sales and trading teams are hea...Read More
Prices for steel scrap imported into China decreased sharply due to the continued drop in both spot and futures prices for finished steel products in the country on Tuesday November 2, sources told Fastmarkets.China import price tumbles amid bearish sentiment dominating the steel marketsChinese mills cut domestic scrap buy prices againTaiwan secures containerized scrap cargoes at $475 per tonne cf...Read More
(Reuters) - It is hardly a secret by now that the Federal Reserve is going to reduce its support for the U.S. economy soon: starting this month it will likely begin to pare its monthly asset purchases by $15 billion each month until ending them by mid-2022.That, at least, is the roadmap suggested by the Fed's post-meeting statements, minutes of its meetings, and remarks from Fed Chair Jerome Powel...Read More
* Graphic: World FX rates in 2021 tmsnrt.rs/2egbfVh* Graphic: Trade-weighted sterling since Brexit vote tmsnrt.rs/2hwV9HvLONDON, Nov 2 (Reuters) - The pound edged lower on Tuesday, hovering around a three-week low, pressured by uncertainty whether the Bank of England will raise interest rates this week.Sterling rose to a 20-month high versus the euro in late October amid expectations for a BoE i...Read More
Base metals prices on the London Metal Exchange and Shanghai Futures Exchange were mainly weaker on the morning of Tuesday November 2, with concerns about headwinds affecting the Chinese economy denting sentiment. A 9.9% price drop in the January iron ore futures contract on the Dalian Commodity Exchange is weighing on sentiment. Iron ore prices were recently at 567 yuan ($89) per tonne, down fro...Read More