By: Ira EpsteinGold being weighed on by the general markets. The 100-d.ma. at $1,400 area, $1,445 Bollinger band support area -- oversold market with supports a bit below. Gold is a whipsaw market..Read More
If gold and silver fall today, they will crash. Inverse correlation between gold and crude oil will be there. I will prefer to call the current softer prices in gold and silver as just a correction and not even a short term bearish trend. Trend on or after second week of December will be the key not just for bullion but for currencies as well. Central banks from Europe have started increasing th...Read More
India's Supreme Court has approved ArcelorMittal's acquisition of Essar Steel, ending years of legal wrangles. "ArcelorMittal India Private Limited's (AMIPL) resolution plan for Essar Steel India Limited (ESIL) has been unconditionally approved by the Indian Supreme Court and is the final procedural step in ESIL's corporate insolvency process," the company said on November 18.Completion of the tra...Read More
The European Union has launched a complaint to the World Trade Organization (WTO) against Indonesian export restrictions on raw materials used in the production of stainless steel, the European Commission (EC) said on November 22.The EC claims that the restrictions unfairly limit European stainless steel producers' access to raw materials, including nickel as well as scrap, coal and coke, iron ore...Read More
Domestic prices for steel reinforcing bar in the United Arab Emirates increased over the past week due to strong demand, market sources said on Tuesday November 26.Further increases are expected due to global gains in production costs, market participants in the UAE said, adding that low stock levels in the country will spur more buying.Billet importsBillet was booked from Oman at about....Read More
A summary of base metals premiums from across the globe for the week to Tuesday November 26.Please click...Read More
Domestic prices for hot-rolled coil have been recovering more slowly in Northern Europe than in the south of the region, sources told Fastmarkets on Tuesday November 26.Although some mills in the north of Europe have been offering material at relatively low prices of about ?,?415-425 per tonne ex-works, market sources believe that such prices will soon no longer be available.This is largely in lin...Read More
Here are five Fastmarkets MB stories you might have missed on Tuesday November 26 that are worth another look.The European Commission (EC) has started an investigation into hot-dipped galvanized (HDG) flat steel from China concerning a possible circumvention of anti-dumping measures, and will make such imports subject to registration.The word "weak" was one commonly used by attendees of last week'...Read More
Christopher Lewis8 hours ago (Nov 26, 2019 4:36 PM GMT)Gold markets pulled back a bit during the trading session on Tuesday, reaching towards $1450 level, an area that was previous resistance. At this point, that previous resistance at the top of the ascending triangle has held the market up, which is basically what needs to happen in order for gold to continue going higher. There is the possibili...Read More
A summary of base metals premiums from across the globe for the week to Tuesday November 26.Please click...Read More
The three-month copper price on the London Metal Exchange moved higher at the close of trading on Tuesday November 26, breaching nearby resistance against modest turnover, while zinc futures failed to test the $2,300-per-tonne resistance level despite a 1.2% afternoon surge.Copper's underlying price closed at $5,924 per tonne in the afternoon, climbing by slightly more than 1% and i...Read More
Seaborne coking coal prices continue to trade in a range-bound manner, with participants keeping a close eye on the impact of the recent supply disruptions on market direction but not seeing them as major price drivers yet.Fastmarkets indicesPremium hard coking coal, fob DBCT: $132.70 per tonne, down $1.96 per tonnePremium hard coking coal, cfr Jingtang: $145.39 per tonne, unchangedHard...Read More
The three-month copper price on the London Metal Exchange moved higher at the close of trading on Tuesday November 26, breaching nearby resistance against modest turnover, while zinc futures failed to test the $2,300-per-tonne resistance level despite a 1.2% afternoon surge.Copper's underlying price closed at $5,924 per tonne in the afternoon, climbing by slightly more than 1% and i...Read More
European ferro-vanadium prices continued to edge higher on improved sentiment last week, while activity in the Chinese market quietened down. Meanwhile, increased spot liquidity in the vanadium pentoxide market in Europe drove prices down.The prevailing uptrend in China's export price for ferro-vanadium was no longer apparent in the week to Thursday November 21, closely following the sta...Read More
Here are five Fastmarkets MB stories you might have missed on Tuesday November 26 that are worth another look.The European Commission (EC) has started an investigation into hot-dipped galvanized (HDG) flat steel from China concerning a possible circumvention of anti-dumping measures, and will make such imports subject to registration.The word "weak" was one commonly used by attendees of last week'...Read More
The European Union has launched a complaint to the World Trade Organization (WTO) against Indonesian export restrictions on raw materials used in the production of stainless steel, the European Commission (EC) said on November 22.The EC claims that the restrictions unfairly limit European stainless steel producers' access to raw materials, including nickel as well as scrap, coal and coke, iron ore...Read More
Base metals prices on the London Metal Exchange were mostly lower during morning trading on Tuesday November 26, with lead topping losses and closing in on nearby support levels. Lead's outright price was recently seen at $1,950 per tonne this morning, with just over 1,100 lots exchanged as of 9:05am London time. The metal's underlying price climbed higher during October, reaching a high of $2,262...Read More
While Wall Street climbs to record highs on optimism for a United States-China trade deal and on merger and acquisition developments, the metals at best tread water, while some head lower.Asian equities mainly stronger led by a 0.83% rise in the Australian ASX 200 index.Gold and yen trending lower, but US government bond yields are weaker - so a mixed picture for the havens. Base metalsThree-month...Read More
The word "weak" was one commonly used by attendees of last week's Cesco Asia Copper Week in Shanghai when describing their expectations for demand growth in China's downstream copper markets next year. "The automobile market is weakening - not only in China, but globally, the home appliance market is slowing and the refrigerator sector is also poor due to high inventories," one attendee from the C...Read More
Base metals prices on the Shanghai Futures Exchange consolidated lower during the morning trading session on Tuesday November 26 while market participants await more clarity on a phase one trade agreement between China and the United States.The weaker performance by the SHFE base metals relative to Monday morning comes despite the Chinese Commerce Ministry saying earlier today that top Chinese and...Read More