Export prices for Chinese cold-rolled coil and hot-dipped galvanized coil dropped over the past week, largely due to limited buying interest arising from heightened trade tensions between China and the United States, market sources told Fastmarkets.The Chinese currency passed the 7-yuan per $1 threshold earlier this month after US president Donald Trump announced plans to impose 10% duties on...Read More

Concerns over the future availability of material added to the optimistic demand expectations that have allowed sellers to command higher cobalt hydroxide payables in the first half of August, Fastmarkets has learned.Fastmarkets' cobalt hydroxide payable indicator, min 30% Co, cif China, rose by 5.8% on Thursday August 15 to 62-65% of the low-end of the standard-grade cobalt metal price. This was...Read More

The three-month nickel price on the London Metal Exchange closed at its highest since December 2014 on Thursday August 15, climbing to $16,250 per tonne amid renewed buying momentum, while a steady incline in tin futures led to its highest close since August 1. Nickel began the day's trading below the nearby $16,000 per tonne resistance level, falling to an intraday low of $15,765 per tonne, befor...Read More

Chilean state-owned copper producer Codelco began operations at Chuquicamata's subterranean phase on Wednesday August 14, with an aim to increase mine life by 40 years and to improve the division's productivity, the company said.The new venture for the centennial open pit mine has 1.03 million tonnes of copper mineral reserves, at 0.82% content, the miner added. These volumes will result in 320,00...Read More

Turkish steel producers have remained quiet in the deep-sea scrap markets so far this week because of the religious holiday in the country, sources said on Thursday August 15.The Turkish market and those in other Middle Eastern territories were closed until August 15 for the Islamic Eid al-Adha celebrations.As a result...Read More

The gold price has retreated back down to ~$1,501/oz, after briefly hitting a new high of ~$1,534/oz earlier in the day.Gold and gold mining stocks have put in strong returns these past months, but may need a breather to digest some of the gains.So far in 2019, GDXJ is up 32.79% but it is still trailing GDX, which is up 35.04%.As we head into the fall season, there are a plethora of macro news eve...Read More

Here are five Fastmarkets MB stories you might have missed on Thursday August 15 that are worth another look.The world's biggest copper consumer could be getting ready to start spending, analysts told Fastmarkets. Analysts expect China's State Grid Corp of China, whose budget comprises 50% of the country's annual copper demand, to come good on promises to increase investment on the nation's electr...Read More

The dream of building a new world-class copper-gold mine in Pakistan in an area bordering Afghanistan and Iran has been dashed, for now at least. The saga of Tethyan Copper Co's (TCC) efforts to develop the Reko Diq mine found resolution last week with an International Centre for Settlement of Investment Disputes (ICSID) ruling in favor of TCC following a dispute that has rumbled on for years.TCC,...Read More

The United States Secretary of Commerce has joined the growing chorus of voices questioning the current method of setting the US Midwest aluminium premium. Wilbur Ross said the US Midwest aluminium premium is at inflated levels that do not justify the cost of transportation and logistical handling costs that it was originally designed to reflect.  His view is being echoed by a number of...Read More

The world's biggest copper consumer could be getting ready to start spending, analysts told Fastmarkets. Analysts expect China's State Grid Corp of China, whose budget comprises 50% of the country's annual copper demand, to come good on promises to increase investment on the nation's electronic grid by 5% this year. That amounts to 14 billion yuan ($2 billion) of extra spending, according to estim...Read More

A break outside of a multiyear range in June.The daily chart - bullish reversals have been good indicators.The weekly chart - an overbought condition, but open interest is rising.A semi-annual picture - new highs could be on the horizon.Gold equities support higher prices - UGLD on dips to turbocharge performance.Gold is shining as an asset these days since the luster returned in June. After tradi...Read More

The silver market is finally showing some signs of life...by Chris Marcus via Arcadia EconomicsAfter getting a thorough simulation of what it feels like to watch paint dry over the past eight years, the silver market is finally showing some signs of life.After rising almost $2.50 from the May 20 $14.41 lows (coincidentally also the same time the banks finished buying back their short position - as...Read More

"...it is quite possible that many COMEX paper longs just might take on the crooks by taking delivery."by Harvey Organ of Harvey Organ BlogAUGUST 14/GOLD UP $13.60 TO $1517.20//SILVER UP 27 CENTS TO $17.26 AFTER CONTINUAL FRUITLESS ATTACKS BY OUR BANKER FRIENDS// HUGE DATA DUMP BY THE CHINESE AND ALL RESULTS ARE VERY BAD INCLUDING A POOR FACTORY OUTPUT//PROTESTS CONTINUE IN HONG KONG BUT THE AIRPO...Read More

The three-month nickel price on the London Metal Exchange closed at its highest since December 2014 on Thursday August 15, climbing to $16,250 per tonne amid renewed buying momentum, while a steady incline in tin futures led to its highest close since August 1. Nickel began the day's trading below the nearby $16,000 per tonne resistance level, falling to an intraday low of $15,765 per tonne, befor...Read More

The seaborne coking coal market was steady on Thursday August 14, with market participants taking a wait-and-see approach amid this month's general decline in prices.A cargo of premium low-vol hard coking coal was heard offered at $168 per tonne cfr China while another shipment of similar materials was heard to have changed hands at around $169 per tonne cfr China.The transaction was not corrobora...Read More

China's hot-rolled coil prices retreated on Thursday August 15 after trading activity fell for a third day.DomesticEastern China (Shanghai): 3,710-3,720 yuan ($528-529) per tonne, down 10 yuan per tonneNorthern China (Tianjin): 3,720 yuan per tonne, narrowing downward by 10 yuan per tonneBuying slowed further during the day, with downstream buyers putting up resistance despite mills keeping their...Read More

The increasing consumption of scrap and a potential shift toward the electric-arc furnace (EAF) steelmaking route from the basic oxygen furnace (BOF) route in China are medium- to long-term threats to demand for steelmaking raw materials, while in the near team coking coal import volumes will continue to be affected by iron ore procurement strategies.This was the basis of Fastmarkets research team...Read More

The Turkish long steel export markets have been largely quiet over the past seven days, and were closed earlier this week for an Islamic religious holiday, sources said on Thursday August 15.The Turkish market and those in other Middle Eastern territories were closed until August 15 for the Eid al-Adha celebration.Turkish steel mills were heard offering rebar around $450-455 per tonne fob on an ac...Read More

The Turkish domestic long steel markets have been silent over the past week with trading limited by a religious holiday in the country, sources said on Thursday August 15.The Turkish market and those in other Middle Eastern territories were closed until August 15 for the...Read More

Here are five Fastmarkets MB stories you might have missed on Thursday August 15 that are worth another look.The world's biggest copper consumer could be getting ready to start spending, analysts told Fastmarkets. Analysts expect China's State Grid Corp of China, whose budget comprises 50% of the country's annual copper demand, to come good on promises to increase investment on the nation's electr...Read More