The three-month nickel price on the London Metal Exchange was the standout metal at the close of trading on Monday April 20, while the rest of the base metals complex remained pinned down amid broad risk aversion. Nickel's outright price on the LME closed at $12,505 per tonne on Monday afternoon - its highest closing price since March 13 - with daily turnover notching a three-week high w...Read More
China's production of refined copper in March dropped marginally from a year ago while charges to turn concentrate into copper metal rebounded during the month. Home of half of the world's copper smelting capacity, China generated 771,000 tonnes of copper cathodes last month, representing a drop of 2.5% from a year ago, the country's statistics bureau said on Monday April 20. The largely stable op...Read More
The following profound and accurate comment was written by Rick Mills of the Aheadoftheherd.com site"Historically, and especially so today, for all the reasons to like gold, the greatest leverage to rising precious metals prices has been owning the shares of junior resource companies focused on acquiring, discovering and developing precious metals deposits.Importantly, juniors are a cost-effect...Read More
China's production of refined copper in March dropped marginally from a year ago while charges to turn concentrate into copper metal rebounded during the month. Home of half of the world's copper smelting capacity, China generated 771,000 tonnes of copper cathodes last month, representing a drop of 2.5% from a year ago, the country's statistics bureau said on Monday April 20. The largely stable op...Read More
The price on the futures contract for West Texas crude that is due to expire today fell to minus US$37.63 a barrel, Bloomberg reported, as storage space runs out with demand for fuel slashed by global COVID-19 travel restrictions.Airline Virgin Australia entered voluntary administration this morning, with founder Richard Branson saying it was not the end "but I believe a new beginning".US markets...Read More
Low-grade and high-grade seaborne manganese ore prices diverged in the latest assessments on Friday April 17 with the former continuing to move up amid lingering concerns over supply tightness while the latter corrected downward amid relatively abundant supply. Fastmarkets' manganese ore index 37% Mn, cif Tianjin rose by 1.8% or 9 cents per dry metric tonne unit (dmtu) to $5.14 per dmtu on Fr...Read More
Iron ore inventory in China, the world's largest consumer, has seen a steady gradual decline since the end of January. Seaborne stockpiles at 35 major domestic ports fell to 108.Read More
Chinese domestic portside manganese ore prices of both high and low grades registered significant increases in the latest assessments on Friday April 17, after the country's ore traders raised offer prices notably in response to a 14-day extension of the lockdown in South Africa. On April 9, South African President Cyril Ramaphosa announced he would extend the nationwide lockdown in place sin...Read More
Here are five Fastmarkets stories you might have missed on Monday April 20 that are worth another look.Last month, analysts started warning that oil prices could fall below zero. On Monday, they did.Iron ore fines output at Brazil-based miner Vale fell by 18.2% year on year in the first quarter of 2020, while the company has cut its guidance of iron ore and pellet production for 2020, the company...Read More
Key data from the pricing sessions in Europe, the United States and Asia for the week ended Friday April 17.United States Silicon prices hold week on week in the US, with a standoff reportedly in effect between sellers and buyers. Producers are not lowering their quotes because they do not trust any business to materialize. Ongoing automaker shutdowns during...Read More
By: Avi GilburtI know the title may sound unusual and almost unrealistic to those following the media cycle. With unemployment skyrocketing, GDP projections in the tank, bankruptcy expectations running sky high, and the average person on Main Street struggling terribly, how is this action even possible?So, before I outline my analysis, which is actually rather simple right now, I want to re-post...Read More
The news media and the pundits flailed around over the weekend trying to come up with reasons why the broad averages have rallied to within 10%-20% of record highs even though the global economy could be headed into a depression. ZeroHedge is usually able to provide plausible answers to such questions, but here's an attempt that fell short. It places commodity trading advisors at the center of...Read More
Today and tomorrow's close is the key to gold prices. If it falls till tomorrow then gold will move into a short term bearish phase. If not then gold prices will form a medium term bottom. Investment demand is there for gold. But investors will wait if gold prices fall today. Silver, copper and industrial metals will see higher demand from factories as more and more nations open up. World will o...Read More
Turkish steel producers exited the deep-sea scrap import market on Monday April 20, after booking seven cargoes last week, sources told Fastmarkets.The seven deep-sea scrap cargoes totalled almost 220,000 tonnes."I think Turkish steel producers have booked enough cargoes for now. This week will probably be slow for trading," a source in Turkey said.Another...Read More
Turkish domestic auto-bundle scrap prices increased over the past week due to rising imported ferrous scrap costs, sources said on Monday April 20.Deep-sea scrap import prices increased by more then $15 per tonne at the beginning of last week because of the limited supply coming from Europe and the United States, sources said.Following the upturn in the deep-sea scrap values, auto bundle scrap...Read More
The Indian Steel Association (ISA) has revised downward India's steel demand growth forecast for 2020 as a result of the Covid-19 pandemic in the country and the subsequent lockdown. The association, which represents some of the country's biggest steel companies, said predictions of steel demand growth of 5.1% this year - made in February - have now been revised down to -7.7%. The main downstream...Read More
Here are five Fastmarkets stories you might have missed on Monday April 20 that are worth another look.Last month, analysts started warning that oil prices could fall below zero. On Monday, they did.Iron ore fines output at Brazil-based miner Vale fell by 18.2% year on year in the first quarter of 2020, while the company has cut its guidance of iron ore and pellet production for 2020, the company...Read More
Last month, analysts started warning that oil prices could fall below zero. On Monday April 20, they did.The May futures contract for West Texas Intermediate (WTI) crude oil fell as low as minus $37.63 per barrel, the first time ever that the price of the commodity has entered negative territory. By contrast, the June WTI contract is trading at around $20 per barrel, marking the biggest perce...Read More
The base metals on the London Metal Exchange and on the Shanghai Futures Exchange were mainly firmer this morning, Monday April 20, but broader markets were mixed with equities braced for the release of corporate earnings. With some countries and regions looking to lift restrictions, while others are extending restrictions and with uncertainty about whether reopening will lead to second waves of t...Read More
There are lots of conspiracy theories surrounding COVID-19 out there:It's a human-engineered biological weapon...Disney released coronavirus so people would have to stay home and watch DisneyPlus...COVID-19 was released by hand sanitizer companies to generate more revenue...It was created by Netflix to tie into one of their new series...Bill Gates intends to use a coronavirus vaccine to track and...Read More