Base metals prices on both the London Metal Exchange and Shanghai Futures Exchange are firmer this morning, Thursday April 23, but the price pullbacks in recent days have questioned the robustness of the earlier rebounds. Oil futures’ dip into negative territory raised concerns, especially in financial markets, because it meant there was no longer a finite amount of risk in holding the commod...Read More
Prices for deep-sea bulk cargoes of ferrous scrap in Bangladesh have stayed largely flat over the past week amid a continued standoff between mills and suppliers, sources said on Thursday April 23.More stability in the Turkish import scrap market, a plunge in the price of crude oil and the continuation of Covid-19 pandemic lockdown restrictions in Bangladesh were three reasons highlighted by marke...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.The recent decline in Chinese scrap prices - to their lowest in a couple of years - even as demand rises, suggests that Chinese scrap supply is increasingly sufficient. In terms of scrap demand, the question is more about price attractiveness. Mini-mills were reducing demand in February, largely because steel margins on scra...Read More
Seaborne coking coal prices fell across the board on Thursday April 23, with steel mills outside of China grappling with poor downstream conditions and turning to metallurgical coal sellers as a result, sources said.Fastmarkets indicesPremium hard coking coal, fob DBCT: $120.36 per tonne, down $3.66 per tonnePremium hard coking coal, cfr Jingtang: $129.23 per tonne, down $6.47 per tonneHard coking...Read More
The price for high-grade seaborne iron ore from Brazil moved up on Thursday April 23, with market participants attributing the rise to persistently strong portside prices for such material, and improving but still constrained supply.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $84.46 per tonne, down by $0.58 per tonne.62% Fe low-alumina fines, cfr Qingdao: $86 per tonne, down by $0.66 pe...Read More
U.S. equity index futures were slightly higher this morning. S&P 500 futures were up 5points in pre-opening trade.Index futures were virtually unchanged following release of the Weekly Jobless Claims report at 8:30 AM EDT. Consensus was 4.300 million versus 5.245 million last week. Actual was 4.427 millionTarget (TGT $106.84) is expected to open higher after reporting higher than consensus sam...Read More
The three-month tin price on the London Metal Exchange was the standout performer during morning trading on Thursday March 23, clearing resistance at $15,100 per tonne, while steady buying in nickel futures over the morning also pushed its price higher. Tin's outright price on the LME was recently at $15,190 per tonne, an incline of more than 2% from Wednesday's closing price of $14,860 per tonne....Read More
Base metals prices on both the London Metal Exchange and Shanghai Futures Exchange are firmer this morning, Thursday April 23, but the price pullbacks in recent days have questioned the robustness of the earlier rebounds. Oil futures' dip into negative territory raised concerns, especially in financial markets, because it meant there was no longer a finite amount of risk in holding the commodity....Read More
United States Antimony Corp (USAC), a producer of antimony metal and antimony trioxide, has announced a net loss in 2019 of $3.6 million in an earnings call with investors to review its financial performance over the year.In brief USAC reported a net loss of $3.6 million in 2019, compared with net income of $873,225 in the 2018 financial year. The weak performance was attributed to a drop in sales...Read More
China's domestic and export prices for stainless steel moved up amid rising raw material costs.Rising nickel futures on the London Metal Exchange led to an increase in the prices for nickel pig iron, a major raw material for producing stainless steel in China, sources said. The three-month nickel contract on the London Metal Exchange ended the official trading session on Monday at $12,334 per tonn...Read More
China's Zhejiang Yongjin Metal Technology plans to build a stainless steel cold-rolling strip mill to supplement its production facilities, the company said earlier this week.Location: Lanxi city, Zhejiang provinceCapacity: 125,000...Read More
China's aluminium alloy ADC12 export price to Japan rebounded on Wednesday April 22 after six straight weeks of decline, with producers citing tightening scrap feedstock supply. Fastmarkets assessed the aluminium ingot ADC 12 spot (MJP), cfr Japan price at $1,390-1,400 per tonne on Wednesday, up from $1,370-1,380 per tonne a week earlier. The price had been steadily falling since mid-February...Read More
After three successful years at Canada House in London, England, this year's event from June 16 to June 18 will be digital - expanding its reach to mining executives and investors around the world.The virtual conference will feature Sean Boyd, president and CEO of Agnico Eagle Mines, Don Lindsay, CEO of Teck Resources, Randy Smallwood, president and CEO of Wheaton Precious Metals, Gord Stothart, p...Read More
CIBC is increasing its gold price forecast to US$1,725 per oz. in 2020 and US$1,800 per oz. in 2021, up from its previous estimates of US$1,600 per oz. for both years.The bank is also boosting its 2022 forecast to US$1,600 per oz. from US$1,500 per oz., but is leaving its long-term forecast for 2023 unchanged at US$1,400 per oz."If the 2008-2011 Global Financial Crisis is any indicator, the outloo...Read More
GoGold Resources (TSX: GGD; US-OTC: GLGDF) has reported assay results from 12 drill holes at its Los Ricos South project in the Mexican state of Jalisco, 100 km northwest of the state's capital, Guadalajara.The drill highlights include 11 metres of 625 grams silver-equivalent per tonne, consisting of 358 grams silver per tonne and 3.56 grams gold per tonne from hole 20-136. The hole was drilled in...Read More
Despite the challenges presented by the COVID-19 pandemic in forecasting silver market conditions over the rest of the year, extended physical demand could drive the metal's price higher in 2020, the Silver Institute suggested in its annual World Silver Survey.Last year, global silver demand edged 0.4% higher despite an ongoing global trade war affecting many industries, while silver mine supply d...Read More
Cardinal heading down familiar gold roadSPONSOREDcardinal resourcesSarama right in the middle of big exploration, corporate build-upSPONSOREDsarama resources Exore excels in Cote d'IvoireSPONSOREDexore resourcesHow mining companies can reduce equipment purchasing cost and improve qualitySPONSOREDtechnical auditLast week's ‘From the Capital' column described three scenarios for how the co...Read More
There is just one problem: there are simply not enough bonds available in the open market for the central bank to buy.Read full newsRead More
China boosted copper imports in March, but still faces challenges as key suppliers are cutting output.Read full newsRead More
Illegal gold mining led to deforestation of thousands of hectares of forests inside indigenous reserves in the Brazilian Amazon, according to new satellite image analysis by the Monitoring of the Andean Amazon Project (MAAP). Mongabay had exclusive access to the report prior to its release.Read full newsRead More