Weekly Reports |May 12 2020After an historic monthly price rise in April, May opened with the spot uranium market calming down.-Calm descends on uranium market-Virus hitting global energy demand-US production crashesBy Greg PeelIn the month of April, the spot uranium price rose almost 24% to mark the largest monthly increase in almost thirty years. In six weeks, the spot price rose 41%, being the...Read More
Teck Resources is starting to increase the number of workers active at its Quebrada Blanca Phase 2 (QB2) project in northern Chile but is still uncertain when it will be able to resume normal activities at the site. Around 1,100 employees are now active at the project, according to Don Lindsay, chief executive officer of the Canada-based company, noting that employment at the site had dropped...Read More
Stewart Thomsonemail: stewart@gracelandupdates.comemail: stewart@gracelandjuniors.comemail:admin@guswinger.comMay 12, 2020 It’s the soft demand season for gold (April-Sept), and that means upside and downside breakouts can become “wet noodle” affairs. Bulls and bears who aren’t prepared for this type of sideways price action may get frustrated. Pleaseclick here now. Double...Read More
Jack ChanPosted May 12, 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.Speculation falling while prices are rallying.Prices are bouncing on lower speculation.Our ratio remains on BUY signal.GLD h...Read More
Here are five Fastmarkets stories you might have missed on Tuesday May 12 that are worth another look.Workers at ArcelorMittal Spain are preparing a series of token strikes in response to the company's decision to apply a new plan for temporary layoffs (known as ERTE), sources told Fastmarkets on May 12.Troubled oil trader ZenRock owes at least $615 million to banks, suppliers and customers, it sa...Read More
Advanced Metallurgical Group (AMG) has reported a 56% decrease in earnings before interest, taxes, depreciation and amortization (Ebitda) for the first quarter of 2020 amid a decline in metal prices across its entire portfolio and depressed market conditions resulting from the Covid-19 pandemic.The Amsterdam-listed group generated Ebitda of $22.3 million in January-March, a drop from $50.4 million...Read More
Shipments to long-term customer Indian Potash Limited would support the important role potash played in India's food production, while Canpotex would continue initiatives to educate farmers regarding the potential value of the crop nutrient in the expanding and important market, said CEO Gordon McKenzie.Canpotex has also agreed to contracts with its traditional customers in China for potash shipme...Read More
Teck Resources is starting to increase the number of workers active at its Quebrada Blanca Phase 2 (QB2) project in northern Chile but is still uncertain when it will be able to resume normal activities at the site. Around 1,100 employees are now active at the project, according to Don Lindsay, chief executive officer of the Canada-based company, noting that employment at the site had dropped...Read More
Vancouver, BC - Venzee Technologies Inc. (TSX-V: VENZ) (the "Corporation" or "Venzee") is pleased to announce it has received an additional 92 revenue-generating channel connection requests (work orders) from its channel partners and brands.Now with a total of 451 channel requests, the Company continues to satisfy this first wave of activation requests from leading brands and manufacturers using t...Read More
The Blind River refinery produces uranium trioxide which feeds into the hexafluoride conversion plant.Cameco said the "appropriate conditions" were currently in place to resume normal operations."The provinces and communities where we operate are certainly not out of the woods when it comes to this global pandemic, and we must remain vigilant in how we manage our activities during these challengin...Read More
Halifax, Nova Scotia-(Newsfile Corp. - May 12, 2020) - Sona Nanotech Inc. (CSE: SONA), (OTCQB: SNANF) (the "Company") is pleased to provide the following update on the development of its rapid-response, COVID-19 antigen test. The Company received confirmation from an independent laboratory that its test achieved a positive response to a recombinant whole spike protein control reagent specific to S...Read More
The recovery of zinc metal prices is set to continue with stronger Asian demand outpacing supply cuts, and there are no expectations for a review of annual zinc treatment charges (TCs) due to the Covid-19 pandemic, Nexa Resources chief executive officer Tito Martins said on Tuesday May 12."We are seeing a market adjustment in Asia," Martins told analysts and investors in the company's first-quarte...Read More
Zambia has temporarily closed its border crossing with Tanzania at Nakonde to all but essential goods in an effort to curb an increase in Covid-19 cases in the area, according to a notice from the Zambia Revenue Authority.The crossing forms part of a key trucking route for copper and cobalt being shipped out of Dar es Salaam in Tanzania, much more so recently since the lockdown in South Afric...Read More
Here are five Fastmarkets stories you might have missed on Tuesday May 12 that are worth another look.Workers at ArcelorMittal Spain are preparing a series of token strikes in response to the company's decision to apply a new plan for temporary layoffs (known as ERTE), sources told Fastmarkets on May 12.Troubled oil trader ZenRock owes at least $615 million to banks, suppliers and customers, it sa...Read More
Low inventories should help limit stock builds in copper, zinc and nickel that may materialize due to the decline in demand resulting from the Covid-19 pandemic, according to the chief executive officer of Glencore. The company estimates that 4% of global copper supply for this year forecast prior to the virus has been lost due to shutdowns and cuts created by the virus, excluding smelting/refinin...Read More
Most domestic ferrous scrap prices in the Mexican steelmaking regions of Monterrey and Baj?-o increased week on week after reduced availability of material led some mills to accept higher offers in order to secure supply.Low scrap availability led one mill in Mexico's Bajio manufacturing hub to announce a price increase of around 100-200 pesos last week. Other scrap buyers avoided announcing...Read More
Turkish steel producers have continued to book deep-sea market scrap for late-June shipments at steady prices, sources said on Tuesday May 12.A steel mill in the Marmara region booked a Baltic Sea cargo, comprising 15,000 tonnes of HMS 1&2 (80:20) at $251 per tonne, 6,000 tonnes of shredded at $256 per tonne and 6,000 tonnes of bonus at $261 per tonne cfr. ...Read More
Canada-based ferro-titanium producer Metalliage has restarted ferro-titanium production at its Quebec-based plant, almost seven weeks after it shut operations due to the Covid-19 pandemic. The company is reopening after local authorities in the Canadian province on April 5 extended its original shutdown of all non-essential businesses to May 4. The plant has been shut since the provincial governme...Read More
Broader markets were generally weaker this morning, Tuesday May 12, amid concerns about clusters of new Covid-19 infections in the Chinese city of Wuhan and in South Korea, while China's consumer price index (CPI) and producer price index (PPI) data releases were weaker than expected. Asian-Pacific and pre-market major western equity indices were mainly weaker this morning. Base metals Three-month...Read More
Zambia has temporarily closed its border crossing with Tanzania at Nakonde to all but essential goods in an effort to curb an increase in Covid-19 cases in the area, according to a notice from the Zambia Revenue Authority.The crossing forms part of a key trucking route for copper and cobalt being shipped out of Dar es Salaam in Tanzania, much more so recently since the lockdown in South Afric...Read More