In a recent survey of gold mining stocks, The MoneyLetter featured the world's largest producer and three juniors-all favored by the analysts that follow them.Haywood Securities analysts Kenny Smith and Danny Ochoa believe the recent price breakout has started a new bull market in gold and renewed interest in Barrick Gold Corp. (TSX-ABX; NYSE-GOLD) and the gold sector overall. The analysts maintai...Read More
The three-month copper price on the London Metal Exchange was lower at the close of trading on Wednesday October 9, remaining below the $5,700 per tonne resistance level amid thin volumes, while forward spreads in nickel tightened over the afternoon.Copper's outright price closed at $5,684 per tonne in the afternoon, keeping below nearby resistance while volumes traded were moderately low at just...Read More
Weekly Reports |Oct 08 2019Going nowhere. Uranium prices continue to rise and fall but it remains a case of failure to launch.-Anticipated demand still absent-Spot prices remain range-bound-Australia ponders nuclear energyBy Greg PeelExpectations that sustained uranium demand from utilities and producers would materialise in 2019 are yet to be proven accurate, with several potential buyers pre-occ...Read More
The alumina index on a fob Australia basis is down by 3.4% week on week and below $280 per tonne for the first time since May 2017. Fastmarkets' daily alumina index, fob Australia fell to $279.29 per tonne on Wednesday October 9, from $280.64 per tonne the previous day and from $289.53 per tonne on October 2. The index is now down 29.5% from the start of the 2019. Key drivers: The...Read More
The US tin premium experienced an uptick for the first time in six weeks on Tuesday October 8, while Europe and China premiums remained stable. Falling supply prompts US premium uptick European market eyes long-term contract negotiations China's absence for National Day holiday limits Asian tin premiumsUS tin premium tick up The tin premium ticked up in the United States. This reflected reduced do...Read More
Here are five Fastmarkets MB stories you might have missed on Wednesday October 9 that are worth another look.China, the world's biggest steelmaker, is considering importing hot-rolled coil on possible arbitrage opportunities with Russia and Iran, Fastmarkets understands. The alumina index on a fob Australia basis fell by 3.4% week on week, moving below $280 per tonne for the first time...Read More
Key European and US indices closed higher yesterday while Asian markets were mixed.China was still open to reaching a partial trade deal with the US, an official with direct knowledge of the talks told Bloomberg.Meanwhile tensions are mounting in the Middle East, where the US is withdrawing its troops and Turkey has launched an incursion into Syria.Vizsla Resources (TSXV: VZLA) made a stellar retu...Read More
The alumina index on a fob Australia basis is down by 3.4% week on week and below $280 per tonne for the first time since May 2017. Fastmarkets' daily alumina index, fob Australia fell to $279.29 per tonne on Wednesday October 9, from $280.64 per tonne the previous day and from $289.53 per tonne on October 2. The index is now down 29.5% from the start of the 2019. Key drivers: The...Read More
The IPC announced on Friday the Bloomfield Group's Rix's Creek mine had approval to continue operating until 2040 - hours before the public comment period was due to close.The IPC then said "the purported determination was not valid" and extended the public comment deadline to midday on October 11."It just beggars belief that the IPC could issue an approval for a major project involving 300 jobs a...Read More
Tharisa slightly increased its chrome concentrate production in the three months to September 30, the South African chrome and platinum group metals (PGM) miner said on Wednesday October 9. Total chrome concentrate production of 341,900 tonnes in the three-month period, Tharisa's financial fourth quarter of 2019, was up by 2.4% from the previous three months and flat against the corresponding quar...Read More
An overview of the minor metals markets and their latest price moves.Read More
By: Ira EpsteinGold lower highs with lower lows, can gold get above $1525.8? Who is controlling the markets?Read More
High chances that there will not be a trade deal between USA-China will result in gold and silver trading with a bullish bias. Trade war between USA-China and USA-Rest of the world, will only rise if there is no trade deal this week. Gold and silver will zoom to $1600 and $1900 as a result. Keep a close watch on Syria. Turkey is trying to take over the Kurdish region of Iraq and Syria. Russia is...Read More
Fastmarkets is initiating a consultation on a proposed increase in the frequency of its benchmark prices for cobalt standard grade and cobalt alloy grade, in whs Rotterdam, to daily. Fastmarkets currently assesses both prices on Wednesday and Friday each week.Initial feedback suggests that daily pricing would be more responsive to price moves in the cobalt market, notably during times of volatilit...Read More
Turkish steel producers resumed booking deep-sea scrap for November shipment after a short break, sources said on Wednesday October 9, although prices have now increased compared with previous bookings due to a lack of supply.One Turkish steel producer booked a scrap cargo from the United States, comprising 23,000 tonnes of HMS 1&2 (80:20) at $233 per tonne and 17,000 tonnes of shredded at $2...Read More
Markets are treading water this morning, Wednesday October 9, ahead of the United States-China trade talks that are being held on Thursday and Friday. Ahead of the negotiations, optimism for a trade deal between the two is fading while rhetoric rises, but that may just be gamesmanship.The International Monetary Fund (IMF) is expected to downwardly revise its growth projections for this year and th...Read More
Ontario's government is investing in a conference centre, creating five full-time jobs and 10 seasonal jobs.Today, Parliamentary Assistant Dave Smith, on behalf of Greg Rickford, Minister of Energy, Northern Development and Mines, announced Killarney Mountain Lodge received $400,000 for the construction of the Canada House conference centre. The conference centre, built with locally sourced logs a...Read More
Fastmarkets is initiating a consultation on a proposed increase in the frequency of its benchmark prices for cobalt standard grade and cobalt alloy grade, in whs Rotterdam, to daily. Fastmarkets currently assesses both prices on Wednesday and Friday each week.Initial feedback suggests that daily pricing would be more responsive to price moves in the cobalt market, notably during times of volatilit...Read More
Few markets have been hit harder over the last couple years than cobalt.The meteoric rise in cobalt prices that took place between 2016 and 2018 was followed by an incredible price collapse that cut 70% off its value.It wasn't hard to see why prices had skyrocketed suddenly...Investors quickly caught on to how critical blue gold will be for us going forward - regardless of whether we live in a hig...Read More
Domestic prices for cold-rolled coil (CRC) in the EU have been under pressure from limited market activity, sources told Fastmarkets on Wednesday October 9.Demand from end-users has been low, according to market participants. In addition, buyers believed that prices would go down and therefore they preferred to hold back from purchases until prices reached a market bottom.Domestic prices for hot-r...Read More