By: Ira EpsteinGold's 18-DMA now above $1,440+ Read More
An overview of the minor metals markets and the reasons for any price moves.Read More
We have long held the view that there is a race against time between the trade disputes tipping the global economy toward recession and a trade deal spurring growth while businesses restock as their confidence recovers. For now, the slip toward recession seems to be winning. Equities in Asia were mixed on Wednesday August 7 after a mixed performance in western markets on Tuesday, but more central...Read More
Cobalt market participants expect a further uptick in cobalt hydroxide payables, following the news that Glencore intends to temporarily shut down its Mutanda project in Democratic Republic of Congo (DRC), Fastmarkets learned at Antaike's Battery Materials Conference in Guiyang, southwest China, being held August 7-8.But the slow response of the downstream battery sector may hinder any immediate s...Read More
Cobalt prices in the Chinese market, including cobalt metal and sulfate, rose quickly on Wednesday August 7, with sentiment strengthening after concerns of near-term supply surplus eased to a large extent.Earlier in the day on August 7, Glencore announced it will shut its Mutanda copper-cobalt mine in the Democratic Republic of the Congo (DRC) by the end of 2019 for care and maintenance, mainly as...Read More
Do you know Tobey Gus?You might.Everyone knows an investor like Tobey.He may not have a Wall Street level of investment acumen at his disposal, but he knows enough to invest for his family's financial future.But Tobey has one fatal flaw when it comes to investing...He panics.Whether or not he realizes it, he's an emotional investor. One day his long-term confidence is unwavering; the next day his...Read More
Glencore will shut its Mutanda copper-cobalt mine in the Democratic Republic of the Congo (DRC) by the end of 2019 due to slumping cobalt prices, the trader-miner announced on Wednesday August 7.The asset will be placed on care and maintenance in a decision the company said "reflects its reduced viability in the current market environment, primarily in response to low cobalt prices." Glencore...Read More
Aug 07, 2019 Guest(s): E.B. Tucker Director, Metalla Royalty & Streaming E.B. Tucker, director of Metalla Royalty & Streaming, is sticking to his $1,500 an ounce gold call. "Gold is a commodity, so you see these cycles that run in the commodity business. They go to highs, they go to lows, and everybody gets scared of the lows, and they get euphoric at the highs. We're definitely at a low, an...Read More
Domestic market activity for hot-rolled coil (HRC) in the EU has remained slow over the past week, with no change in prices, sources told Fastmarkets on Wednesday August 7.Demand was expected to be almost nil in August due to the seasonal slowdown.Fastmarkets' weekly price assessment for steel HRC, domestic, exw Northern Europe, was stable at...Read More
A slight increase in trading activity in northern China led to prices for hot-rolled coil edging up on Wednesday August 7, while those in the eastern region were supported by a trading spurt in the latter half of the day.DomesticEastern China (Shanghai): 3,690-3,700 yuan ($524-525) per tonne, unchangedNorthern China (Tangshan): 3,740 yuan per tonne, up 10 yuan per tonneA Shanghai-based trader said...Read More
Export prices for Chinese plate dipped in the past week on thin end-user demand and a depreciating yuan.Fastmarkets' price assessment for September/October shipments of steel heavy plate export, fob China main port was $505-510 per tonne fob for the week ended Tuesday August 6, down $10 per tonne from a week earlier.Market sources said demand was very thin in the wake of an escalating of tensions...Read More
The Wednesday Market Minute Global stocks weaken as China fixes yuan just inside the $7 mark and Germany posts the steepest year-on-year slump in industrial production since 2009.Asia stocks slide for the eighth consecutive session, while gold hits a fresh six-year peak and Treasury bonds rally, as investors reprice risk in the face of weakening economic growth.U.S. 10-year Treasury yields fall...Read More
In our latest edition of Canadian Insider Insights, we suggest that if crude oil can hang in there despite the trade war heating up, Canadian stocks would likely benefit from inflationary forces, driven by a rush of global central bank easing. Our broadcast of the week focuses on the latest trade war tariff twist while the insider of the week is from our top ranked stock in this month's INK Edge...Read More
Domestic prices for hollow steel sections in both Northern and Southern Europe were flat this week with market activity paused for the summer, sources told Fastmarkets on Wednesday August 7.Fastmarkets' price assessment for steel sections (medium), domestic, delivered Northern Europe, was ?,?615-630 ($689-706) per tonne on Wednesday, flat week on week.Market participants reported very low levels o...Read More
The price of rebar produced and delivered in Northern Europe has remained stable over the past seven days because of limited summertime demand, sources said on Wednesday August 7.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic, delivered Northern Europe, was ?,?500-520 ($560-583) per tonne on Wednesday, unchanged since July 10.The market was very slow because of ho...Read More
The prices for domestic mesh-quality wire rod in both Northern Europe and Southern Europe were unchanged over the past week due to the summer slowdown, sources told Fastmarkets on Wednesday August 7.Fastmarkets' weekly price assessment for steel wire rod (mesh-quality), domestic, delivered Northern Europe, was ?,?495-500 ($555-560) per tonne on Wednesday, unchanged week on week.Many market partici...Read More
Two former employees of Gerald Group have filed a lawsuit in the United States alleging wrongdoing and misconduct by the commodity trading company's senior management - accusations that Gerald denies.Guoliang Zhao and Fabio Calia allege in the lawsuit that a share-dilution scheme was created that allowed senior management to misappropriate almost $300 million in shareholder value from Metals Tradi...Read More
Cargill has closed its base metals risk management business with the departure of staff across the United States, including Minneapolis-based Federico Stiegwardt, global head of the unit. Other departures include Cesar Canali and Justin King in New York, Cart Bechtel in Chicago, and associated support teams, people familiar with the matter told Fastmarkets. David Arteaga had already indicated to C...Read More
Seaborne iron ore prices continued to fall on Wednesday August 7 amid very limited buying interest among steel mills.Fastmarkets' index for iron ore 62% Fe fines, cfr Qingdao: $93.31 per tonne, down $4.24 per tonne.Fastmarkets' index for iron ore 62% Fe Pilbara Blend Fines, cfr Qingdao: $91.81 per tonne, down $4.24 per tonne.Fastmarkets' index for iron ore 62% Fe low alumina fines, cfr Qingdao: $9...Read More
Dear Friend of GATA and Gold:Over a weekend in April six years ago, without any corresponding news, the gold price was smashed out of the blue for nearly $200. For months before the smash analysts often said that China had put a floor under the gold price, buying whatever it could to hedge its U.S. dollar exposure without pushing gold's price up too much.That analysis made sense, since, with its...Read More