Bob Moriarty ArchivesOct 19, 2020Twenty years from now there are going to be more books that will have been written about the year 2020 than are in print about the Kennedy assassination. Just when you think it would not be possible to get any more nuts, it gets more nuts. The latest news from the monkey jungle we call Washington DC is that Joe Biden was getting payoffs from China. Not that the ave...Read More
Further measures to increase transparency and investments for metal producers were required to expand the sustainable metal market, participants said on a sustainability panel during the London Metal Exchange's online LME Week seminars on Monday October 19.Harald Friedl, sector lead at Climate Champions, said that the issue of sustainable metals supply chains has continued to gain traction among t...Read More
The three-month price of zinc on the London Metal Exchange was the standout performer at the close of trading on Monday October 19, rallying by more than 2.5% against positive forward spreads and robust demand.Meanwhile, a firm contango for LME tin resulted in high trading volumes pushing the metal's outright price to a 14-month high.Zinc's outright price on the LME closed at $2,491 per tonne on M...Read More
Jack ChanPosted Oct 19, 2020Gold sector as represented by $HUI is on a long-term BUY signal.Long-term signals can last for months and are more suitable for investors.Short-term is on BUY signal. Short-term signals can last for days and weeks and are more suitable for traders. COT data is supportive for overall higher gold prices.COT data is supportive for overall higher silver prices.Our ratio is...Read More
Canada-based Lundin Mining Corp is to suspend operations at its Candelaria copper mine in Chile after mediation talks with a second union at the site failed to result in an agreement .Around 550 workers represented by the Candelaria AOS Union can now legally strike from October 20. They will join around 350 members of the Mine Workers Union who began industrial action at Candelaria on Oc...Read More
Seaborne prices for both low- and high-grade manganese ore in China continued to move downward in the week to Friday October 16, with producers lowering their offer prices for 37% material and sentiment weakening for 44% ore, market participants told Fastmarkets.Increasing stock levels and falling portside ore prices also weighed on demand, they added.Fastmarkets' manganese ore index, 37% Mn, cif...Read More
Max Layton, head of EMEA commodities research at Citi, said copper had been the "flavour of the day" in his recent client conversations.Read More
The latest data for the global manganese ore market for the week ended October 19, 2020.Read More
Spot demand for cobalt metal has remained at minimal levels in recent weeks, leading market participants to question the level of discount that would be achievable in the forthcoming "mating season."Sellers confirmed on Monday October 19 that consumers continued to take any additional requirements of metal from long-term contracts, enjoying discounted prices arranged last year.This has left only t...Read More
Here are five Fastmarkets stories you might have missed on Monday October 19 that are worth another look....Read More
Recycled copper and aluminium that meet China's standards for renewable metals instead of solid waste can be freely imported into the country starting from November 1, according to the Chinese Ministry of Ecology and Environment. The customs commodity codes of recycled copper raw materials and recycled cast aluminium alloy raw materials are 7404000030 and 7602000020 respectively, the ministry said...Read More
Domestic prices for ferrous scrap in Italy have been fairly stable over the month to the middle of October, market sources told Fastmarkets.Fastmarkets' monthly price assessment for steel scrap, No E3 (old thick scrap), domestic, delivered mill, Italy, was unchanged over the month at ?,?220-240 ($258-281) per tonne on Friday October 16. The assessment was based on transactions heard in the market....Read More
Canada-based Lundin Mining Corp is to suspend operations at its Candelaria copper mine in Chile after mediation talks with a second union at the site failed to result in an agreement .Around 550 workers represented by the Candelaria AOS Union can now legally strike from October 20. They will join around 350 members of the Mine Workers Union who began industrial action at Candelaria on Oc...Read More
Base metals prices on the London Metal Exchange and Shanghai Futures Exchange were mainly firmer this morning, Monday October 19, supported by economic data out of China, especially the 6.9% rise in industrial production, but gross domestic production (GDP) data came in lower than expected.China's GDP climbed by 4.9% in the third quarter, this after a 3.2% rise in the second quarter, it had been e...Read More
Share this article Kirkland Lake Gold Ltd. [KL-TSX, NYSE] has released new drill results from 135 holes (47,683 metres) of underground exploration drilling from the Macassa Mine in Kirkland Lake, Ontario. Holes in the program were completed from platforms located on the 5300, 5600 and 5700 levels and designed mainly to confirm and extend resources within the SMC, LSMC and Amalgamated zones. Reso...Read More
Gold and silver prices opened slightly higher this week on the back of a weaker U.S. dollar and what seems like confirmation that there won't be another stimulus package until after the election.Gold for December delivery was up about $10 to $1,916 an ounce in early morning trading. Meanwhile, silver rose to about $25 per ounce.Yesterday House Speaker Nancy Pelosi gave the White House an ultimatum...Read More
Here are five Fastmarkets stories you might have missed on Monday October 19 that are worth another look....Read More
Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. Last week, the Index slipped 10.78 points, or 1%, to 1096.90.MACD fell 7.59 points to 0.73 and remains on a buy signal. RSI dropped 5.71 points from 64.95 to 59.21.Support is now at 1080 (long-lived resistance has recently become support) and 1075. Resistance is at 1100 and 1107.As far as...Read More
Hot-rolled coil prices in the United States have continued to move higher, supported by tightening supply brought on by rising demand in face of still-constrained domestic production.Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $33.39 per hundredweight ($667.80 per short ton) on Monday October 19, up by 0.7% from $33.17 per cwt on Friday October 16 and 3.2% higher...Read More
Domestic prices for steel hot-rolled coil across Europe inched upward over the week to Friday October 16, with buyers expecting prices to rise further.Buyers expected that the mills would soon announce the next round of increases in offer prices.Fastmarkets calculated its daily steel hot-rolled coil index, domestic, exw Northern Europe, at ?,?495.83 ($580.74) per tonne on October 16, up by ?,?2.33...Read More