Chinese metals production and processing group Daye Nonferrous will postpone the start of operations at its new double-flash copper smelter for six months because of a lack of essential buiding components that have been sourced from overseas, Fastmarkets has learnt.The 400,000 tonnes per year project in Huangshi, close to Wuhan, was scheduled to come online by the end of this year, but commissioni...Read More
By Alun John and Vidya RanganathanHONG KONG/SINGAPORE, Nov 17 (Reuters) - Bitcoin and ether, the world's two largest cryptocurrencies, stayed weak on Wednesday and near critical levels that analysts believe could spell further weakness if breached.Bitcoin last traded around $60,665, up 0.9% on the day. It was off the day's low of $58,400 but is down about 12% from the record high of $69,000 set 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) -Gold and silver prices are higher in early U.S. trading Wednesday. Bulls stepped into buy Tuesday's dips in the metals' prices, which is a sign of strong markets.Gold and silver as an inflation hedge re...Read More
The spot ferro-chrome market in China continued to weaken on Tuesday November 16 amid suppliers' efforts to destock, with prices now back to a level last seen in mid-July.Fastmarkets' weekly assessment of ferro-chrome spot 6-8% C, basis 50% Cr, ddp China was 9,600-10,200 yuan ($1,503-1,597) per tonne on Tuesday, down by 400-700 yuan per tonne from 10,300-10,600 yuan per tonne a week earlier. The l...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) - Silver is trading another 0.73% higher on Wednesday and it is clear from the 4-hour chart below that the market is on a good run. The price has been making higher highs and higher lows and has pushed a...Read More
By Jeffrey GoldfarbMELBOURNE, Nov 17 (Reuters Breakingviews) - The California Gold Rush had its hydropower phase, and cryptocurrency could be entering one too. Bitcoin miner Iris Energy (IREN.O) relies mainly on renewables, especially water, for its electricity-sucking operations. This somewhat novel twist might help underpin its initial public offering valuation, but the climate-saving hype feels...Read More
Here are five Fastmarkets stories you might have missed on Wednesday November 17 that are worth another look.Regional cooperation, public planning and funding capacity for new technologies will be key for the Latin American steel industry to deliver reduced greenhouse gas (GHG) emissions in the long term, top executives and experts...Read More
An overview of the specialty steel raw materials markets in Europe and their latest price moves.Alex Cook in...Read More
GOLD/ SILVERWitha series of hot inflation readings overnight from the UK and the Euro zone, thestrengthening dollar has not prevented gold and silver from tracking higher inthe early action. However, along with rising inflation signals are concerns ofinterest rate increases, with the Bank of England and Bank of Canada possiblycloser to hiking rates than many other central banks. Going forward, the...Read More
Here are five Fastmarkets stories you might have missed on Wednesday November 17 that are worth another look.Regional cooperation, public planning and funding capacity for new technologies will be key for the Latin American steel industry to deliver reduced greenhouse gas (GHG) emissions in the long term, top executives and experts...Read More
ReutersMUMBAI, Nov 17 (Reuters) - India is likely to bar the use of cryptocurrencies for transactions or making payments, but allow them to be held as assets like gold, shares or bonds, the Economic Times reported on Wednesday.Citing sources familiar with the government's thinking, the newspaper said this approach would avoid implementing a complete ban, though the government was keen to stop cryp...Read More
"We've all been moved by incredible acts of kindness and generosity as residents of Wheatley support their friends and neighbours," said Doug Ford, Premier of Ontario. "I want Wheatley's residents to know that they can count on our government's support too. We will keep going until we've determined the cause of the gas leak, and in the meantime, we are providing this additional funding to help all...Read More
Fastmarkets' Ferrous Analytics report helps subscribers keep track of hot metal costs and steel production spreads in China, along with key pricing components of the steelmaking raw materials supply chain in Asia.Read More
Key data from Fastmarkets' pricing session in Europe on Wednesday November 17.Key drivers European ferro-titanium spot prices were unchanged for the fifth week in a row after a tender for annual delivery in 2022 from Korean steel major Posco was settled in the current spot price range, according to sources. There were no reported spot trades over the week to Wednesday November 17. Ferro-titanium s...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) - Karen Jones FSTA and the technical team at Commerzbank have been keeping a close eye on the gold market of late. In the latest report, Commerzbank said "Gold has rallied higher to take out key resistan...Read More
Share this article VANCOUVER - Teck Resources Ltd. (TECK.B-TSX, TECK.A-TSX, TECK-NYSE) said its logistics chain between west coast terminals and operations in British Columbia has been temporarily disrupted due to heavy rain, flooding and mudslides.The Vancouver-based mining giant said it has implemented measures to mitigate the effect of the disruption, diverting some trains to Ridley Terminals...Read More
* Gold faces strong resistance around $1,870s - analysts* UK inflation leaps to 10-year highNov 17 (Reuters) - Gold prices gained on Wednesday as inflation worries boosted demand for the safe-haven metal, even as the U.S. dollar held near multi-month highs on rising bets of an early hike in interest rates in the United States.Spot gold rose 0.7% to $1,862.56 per ounce by 1316 GMT. U.S. gold future...Read More
LONDON, Nov 17 (Reuters) - The U.S. dollar held comfortablyat 4-1/2 year highs versus the yen and tested the $1.12 levelsagainst the euro on Wednesday after robust U.S. data and hawkishcomments from Fed policymakers boosted expectations of a ratehike as early as mid-2022."The strong retail sales number yesterday did exactly whatit was meant to do and broke the U.S. dollar into fresh upsidegro...Read More
LONDON, Nov 17 (Reuters) - British inflation has hit a 10-year high as household energy bills rocket, bolstering expectations the Bank of England will raise interest rates in December just weeks after it rocked markets by keeping borrowing costs on hold.Consumer prices rose by 4.2% in annual terms in October, leaping from a 3.1% increase in September, the Office for National Statistics said on Wed...Read More
OTTAWA, Nov 17 (Reuters) - Canada's annual inflation rate accelerated to 4.7% in October, the highest since February 2003, and up from a year-over-year pace of 4.4% in September, Statistics Canada said on Wednesday.Analysts polled by Reuters had expected the annual rate to rise to 4.7%. October marked the seventh consecutive month in which headline inflation topped the Bank of Canada's 1-3% target...Read More