Antimony found support again in Europe over the week ended Friday October 4, with some traders reportedly achieving higher prices in Rotterdam.Fastmarkets assessed the price of antimony, MMTA standard grade II, in-warehouse Rotterdam, at $6,000-6,300 per tonne on Friday, up by 1.8% per tonne from the previous assessment. Despite the absence of Chinese market participants during the week-long...Read More
Chinese cobalt producer GEM Co Ltd has signed a cobalt supply contract with Switzerland-based miner-trader Glencore, locking in cobalt hydroxide supply for the next five years, the companies announced on October 7. Glencore will supply GEM, including four of its wholly-owned subsidiaries, with at least 61,200 tonnes of cobalt hydroxide between 2020 and 2024. According to the agreement, GEM will pu...Read More
Turkish domestic scrap prices were largely stable over the past week, in line with steady imported scrap values, sources said on Monday October 7.Fastmarkets' weekly price assessment for steel scrap, auto bundle scrap, domestic, delivered Turkey, was TRY1,300-1,430 ($229-252) per tonne on Monday, unchanged week-on-week. Almost all steel mills have kept their buy prices flat for the...Read More
Turkish steel mills were silent on the first working day of the week with no deep-sea purchases taking place and prices remaining stable, sources said on Monday October 7. Two cargoes were booked at the end of last week. One Turkish steel mill in the Marmara region booked a UK cargo at $223.50 per tonne cfr for HMS 1&2 (80:20) and another steel mill in the Izmir region booked a US cargo at $228.50...Read More
China is still on holiday this morning, Monday October 7, and quiet trading has resulted in fairly mixed prices across the metals and broader markets. We expect activity to pick up when China's markets reopen on Tuesday, but with United States-China trade talks scheduled for Thursday and Friday, trading is likely to be nervous. Markets quiet with China on holiday for Golden Week until Tuesday...Read More
Chinese cobalt producer GEM Co Ltd has signed a cobalt supply contract with Switzerland-based miner-trader Glencore, locking in cobalt hydroxide supply for the next five years, the companies announced on October 7. Glencore will supply GEM, including four of its wholly-owned subsidiaries, with at least 61,200 tonnes of cobalt hydroxide between 2020 and 2024. According to the agreement, GEM will pu...Read More
On Friday the Trump administration formally announced it will permit the leasing of over 700,000 acres of federal land in central California for new oil and gas development, ending a five-year prohibition on fracking in the state.The Bureau of Land Management has not leased any federal land for oil and gas exploration in California since 2013. That was when a federal judge ruled the agency violate...Read More
Import prices for rebar into Singapore were unchanged over the past week due to limited spot activity during the National Day holiday in China.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar) import, cfr Singapore - which mainly looks at cargoes sold into Singapore on a theoretical-weight basis - was $430-435 per tonne for the week to Monday October...Read More
Here is what's new today on INK Ultra Money.1. There is always a bigger fish: a repo primer and overview of the premium Jeff Snider interview - Real Vision (free content)A quick take on repos madness and on Jeff Snider's premium interview, "The Monetary System is Broken" which is listed below. Looking at the recently roiling repo market, AK asks what it means for the economy at large. Snider: Th...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 INK CIN slipped heavily falling 33.8 points or 3% to 1093.35.MACD plunged 6.8 points to -8.8. RSI fell 18.3 points or 34% to 35.3.Support is at 1090.36 (lower Bollinger band) and 1080 (which the Index hit and rebounded from). Resistance is now at 1100 and 1120.The INK Canad...Read More
Turkish domestic scrap prices were largely stable over the past week, in line with steady imported scrap values, sources said on Monday October 7.Fastmarkets' weekly price assessment for steel scrap, auto bundle scrap, domestic, delivered Turkey, was TRY1,300-1,430 ($229-252) per tonne on Monday, unchanged week-on-week. Almost all steel mills have kept their buy prices flat for the...Read More
Turkish steel mills were silent on the first working day of the week with no deep-sea purchases taking place and prices remaining stable, sources said on Monday October 7. Two cargoes were booked at the end of last week. One Turkish steel mill in the Marmara region booked a UK cargo at $223.50 per tonne cfr for HMS 1&2 (80:20) and another steel mill in the Izmir region booked a US cargo at $228.50...Read More
Workable prices for pig iron buyers in the United States have declined after first scrap deals were concluded at lower prices, but no reduced offers have been heard, market sources told Fastmarkets on Friday October 4. Fastmarkets' price assessment for pig iron, import, cfr Gulf of Mexico, US, was $290-300 per tonne on October 4, down from $300-315 per tonne the previous week. "I would b...Read More
The CIS export billet market became firmer early in the week following a stabilization of prices in the scrap market as well as fresh billet bookings agreed at higher prices, Fastmarkets heard on Monday October 7.Fastmarkets' daily steel billet index, export, fob Black Sea, CIS, was $352 per tonne on October 7, up by $1 per tonne from Friday.A 50,000-tonnes cargo of Ukraine-origin billet was repor...Read More
"It came with a speed and ferocity that left men dazed. The bottom, simply fell out of the market... The streets were crammed with a mixed crowd agonized little speculators, sold-out traders... inquisitive individuals and tourists seeking ... a closer view of the national catastrophe...Where was it going to end?" account of stock market crash in the New York Times, October 1929 "In this age...Read More
Dave KranzlerOn October 4th, as I expected would happen, the Fed announced that it was extending its overnight and term repo operations out to November 26th (the November 12th two-week term repo matures on the 26th).The Fed added 7 more 2-week "term repos, " plus a 6-day "term repo," with the next three operations upped to $45 billion. It extended the overnight repos until at least November...Read More
StrengthsThe best performing metal this week was gold, up 0.51 percent. Gold traders and investors are positive on future gold prices in this weeks' Bloomberg survey. For the first time in a month the gold bulls outnumbered the combined bearish and neutral responses. ETFs added 39,919 troy ounces of gold to their holdings on Thursday, marking the 14th straight day of inflows, according to Bloomb...Read More
COLORADO SPRINGS, CO, Oct. 07, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE - Gold Resource Corporation (NYSE American: GORO) (the "Company") today announced its Isabella Pearl gold mine, located in Mineral County, Nevada, has reached commercial production levels. This commercial production announcement is based on mining rates, ore placement on the heap leach pad, mining and process costs, p...Read More
By: Andy HechtStarting and June and through the beginning of September, gold and silver prices were back in bullish mode. Gold rose to its highest price since 2013 and silver to its peak since 2016. The nearby gold futures contract traded up to a high at just under $1560 per ounce. Silver peaked at just under $19.54. Markets rarely move in a straight line, and corrections can be healthy for bul...Read More
Import prices for steel slab in Southeast Asia and East Asia were stable over the past week due to sluggish trading activity amid a week-long holiday in China to mark the country's 70th anniversary.Market participants are waiting to see how Chinese steel prices will change when its markets re-open on October 8, a trader in Taiwan said. Prices in Asia's downstream hot-rolled coil market fell amid C...Read More