Here are five Fastmarkets stories you might have missed on Thursday November 4 that are worth another look.The agreement reached between the United States and the European Union regarding the replacement of Section 232 tariffs will support domestic prices for flat steel in Europe but...Read More
WASHINGTON (Reuters) - President Joe Biden's $1.75 trillion social-policy and climate-change legislation would raise less than $1.5 trillion in revenue, nonpartisan tax experts said on Thursday, but Democrats argued that the bill they aim to pass by Thanksgiving is paid for.The official U.S. Joint Committee on Taxation issued a report scoring the "Build Back Better" legislation's revenue provision...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) - Barrick Gold reiterated its outlook that it will hit thetop-end of its 2021 guidance forecast as the company reported solid earningsfor the third quarter.Thursday, ahead of the North American equity op...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) - Bitcoin-U.S. dollar are weakerin early U.S. trading Thursday. Bulls are keeping alive a price uptrend on thedaily bar chart. The recent sideways and choppy trading is not bearish. TheBitcoin bulls have...Read More
Peru's copper output increased 17.9% in September compared with the same month in 2020, but other metals, such as zinc and lead, declined compared with 2020 levels, according to the Ministry of Energy & Mines (Minem).Higher production from Antamina, Freeport-McMoRan's Cerro Verde and the Southern Per?? Copper Corp (owned by Minera Mexico), all contributed to the increased output of 202,681 tonnes...Read More
Sumitomo's investment at $1 per share gives it a 10.1% stake in Kenorland, which has a series of deals with mining majors.The pair also entered an investor rights agreement, including Sumitomo's right to appoint a director.The junior said 80% of the funds would be used for exploration and 20% for general and administrative purposes."Sumitomo's investment is a significant milestone for us and repre...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) - IAMGOLD (TSX: IMG) (NYSE:IAG) yesterday reported Q3 2021 net loss of $75.3 million or $0.16 per shareand adjusted net loss of $20.1 million or $0.04 per share attributable toequity holdersAdditionally,...Read More
Lucara lifted the bottom end of guidance for full year diamond revenue to US$195-210 million, from earlier guidance of US$180-210. Revenue in the September quarter was U$S72.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) - Looking at the silver chart (daily) post FOMC, the market seems tohave defended the $23.00/oz level quite firmly. This does not mean that it isnot under threat but an inverse head and shoulders formati...Read More
Nov 4 (Reuters) - The S&P 500 and the Nasdaq hit record highs on Thursday on stellar earnings reports, with investors looking past the Federal Reserve's asset tapering plan as borrowing costs remain low.The Dow slipped from an all-time closing high hit on Wednesday, dragged down by big banks JPMorgan Chase & Co (JPM.N) and Goldman Sachs Group (GS.N) which slipped 1.7% and 2.6% despite steepeni...Read More
Major companies in logistics and heavy industry have come together as part of an initiative launched by the World Economic Forum at the the 2021 United Nations Climate Change Conference - COP26 - in Glasgow to create a critical mass of demand for low carbon technologies aimed at decarbonising heavily polluting sectors.The First Movers Coalition, announced on November 4, is a partnership between th...Read More
WASHINGTON (Reuters) - U.S. Treasury Secretary Janet Yellen said on Thursday that investments and revenue provisions of President Joe Biden's social policy and climate change package would raise more than $2 trillion in offsets.That would make the entire package paid for over 10 years and reduce deficits over the long term, Yellen said in a statement.Reporting by Chris Gallagher Disclaimer: The v...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) - Yesterday, OceanaGold (TSX:OGC) announced the commencement of processing at the Didipio gold-copper minein the Philippines.The Didipio process plant isexpected to ramp up to its throughput rate of 3.5...Read More
The price of manganese flake has reached all-time highs in China and Europe, with most producers remaining bullish on the medium-and long-term outlook due to supply tightness. However, risk aversion continues in Europe; some cheaper offers are casting doubts about the immediate price direction of the metal, Fastmarkets heard.The manganese flake price has been on the rise in China since May, peakin...Read More
(Updates throughout, recasts)LONDON, Nov 4 (Reuters) - Aluminium prices fell sharply on Thursday as the biggest producer China said its coal output had shot up and would continue to rise, helping to ease a power crisis that has forced smelters to produce less metal.Benchmark aluminium on the LME was down 3.3% at $2,568.50 a tonne at 1604 GMT after touching $2,552, its lowest since Aug. 20.Prices h...Read More
Turkish steel mills have continued their deep-sea scrap imports with recovering prices on Thursday November 4, market participants told Fastmarkets.A steel mill in the Marmara region booked a US cargo comprising 20,000 tonnes of HMS 1&2 (80:20) at $500 per tonne, 7,000 tonnes of shredded and 3,000 tonnes of bonus at $520 per tonne cfr. Another steel mill in the same region booked a cargo from 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) - Minera Alamos (TSX VENTURE: MAI)announced Thursday that it has made an initial delivery of gold dor?(C) from itsSantana gold project in Sonora, Mexico. The gold was recovered fromearly material stack...Read More
WASHINGTON/LONDON (Reuters) -Stocks climbed globally to new records on Thursday after the U.S. Federal Reserve decision to start scaling back its bond-buying program this month and the Bank of England's plan to keep interest rates on hold, dashing investors' expectations for a hike.European stocks held their own highs [.EU] while the pound tumbled nearly 1% after the hotly anticipated decision by...Read More
Wednesday was FED Day or themeeting of the three blind mice. Either way, they once again showed howclueless they are. The FED has changed their transitory call on inflation to:it will be transitory. Inflation is not transitory, and it is hotter than theywill admitBefore Wednesday's FED Decision,gold, silver and platinum were getting clobbered before a late-day rally cutlosses in gold and platinum....Read More
OTTAWA, Nov 4 (Reuters) - Canada's exports fell in September as a semi-conductor chip shortage weighed on motor vehicle and parts production, though that decline was partially offset by record high crude oil exports, Statistics Canada data showed on Thursday.Imports were down 3.0%, also hit hard by the worsening supply chain issues for motor vehicle and parts. Canada's trade surplus with the world...Read More