Comex copper prices rebounded in the midweek session on March 27 morning in the United States, despite disappointing US and Chinese data and with the market experiencing a bout of technical buying.The copper price for May settlement on the Comex division of the New York Mercantile Exchange gained 1.05 cents to $2.8645 per lb. The contract has hovered around $2.90 per lb over the last several weeks...Read More
Copper premiums in the United States have risen to their highest since January 2014 due to expectations of higher demand prompting gains, while the Asian and European markets dip. US premiums at five-year high Shanghai premiums drop while expected demand influx fails to materialize Supply uptick in Europe means premiums dip in ItalyUS premium hits five-year highThe US copper cathode premium has lo...Read More
Base metals prices on the London Metal Exchange consolidated during morning trading on Wednesday March 27, with price action broadly rangebound due to continued concerns over global economic growth. Weaker-than-expected manufacturing data from the United States, China and Europe in March has continued to limit commodity investment, while the Industrial & Commercial Bank of China (ICBC) has in...Read More
China's hot-rolled coil prices dipped on Wednesday March 27 amid subdued sentiment, with market participants expecting supply to pick up with the lifting of winter production restrictions in April.DomesticEastern China (Shanghai): 3,850-3,860 yuan ($573-575) per tonne, narrowing downward 10 yuan per tonneNorthern China (Tianjin): 3,790-3,800 yuan per tonne, down 10 yuan per tonneTrading activity w...Read More
The following Fastmarkets minor metals prices changed on Wednesday March 27:Minor metalsAntimony MB free market regulus, $/tonne: $7,300-7,600 per tonne from $7,400-7,700Antimony MMTA standard grade II, $/tonne: $7,250-7,550 per tonne from $7,300-7,600Antimony MB Chinese free market MMTA standard grade II, yuan/tonne: 44,000-45,000...Read More
Key data from the Wednesday March 27 pricing session in Europe.Key drivers The European ferro-titanium market has been steady over the past week, consolidating earlier gains after hitting a five-month high a week ago. There was persistent consumer demand for prompt shipment, and buying inquiries for second-quarter deliveries. Some sources reckoned that the price of prompt ferro-titanium may reach...Read More
China's new energy vehicle (NEV) subsidies in 2019 will only be payable for electric vehicles with higher driving range and energy density, while the value of the subsidy will be reduced by 50% to a maximum of 25,000 yuan ($3,725) per vehicle produced. China's Ministry of Industry and Information Technology (MIIT) released the new subsidy policy for 2019 on Tuesday March 26, which shows another re...Read More
Import prices for stainless steel in East Asia remained steady over the past week amid a lack of trading activity, with sellers maintaining their offer levels despite buying interest being weak due to nickel's downtrend.Fastmarkets' weekly import price assessment for benchmark 304 stainless 2mm trimmed cold-rolled coil in East Asia was unchanged at $2,040-2,130 per tonne cif on Wednesday Marc...Read More
Chinese industrial profits were down by 14% in January-February compared with a year ago, marking the biggest fall since 2011. The data paints a worrying picture while the negative economic impact from China's deleveraging activities in 2018, as well the bitter US-China trade war, continue to take a heavy toll on major industrial sectors.The overnight release of this data put base metals prices un...Read More
China's intention to cut the rate of value-added tax to 13% has already been credited for an increase in imported ore prices and having a bearish effect on alloys, Fastmarkets heard on Wednesday March 27.The rate of VAT in the east Asian country applicable to manufacturers will be lowered from April 1 by 3 percentage points, to 13%, with the intention of stimulating China's slowing economy.The tax...Read More
The European Commission has started an in-depth investigation into Novelis' proposed acquisition of Aleris over concerns that the deal may reduce competition in the semi-finished aluminium market and lead to rising prices.US-based Novelis, a subsidiary of India's Hindalco, and Aleris are both global downstream aluminium product producers. In Europe, the two companies have operations in Belgium, Ge...Read More
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Please click here now. Double-click to enlarge this long-term gold chart. Fundamental and technical analysis are both strongly supporting gold's rally towards the key $1400 area.Having said that, COMEX price action mainly reflects action in the physical market and this is the weak season for gold.Investors need patience. News in the West that "should" push gold $100/ounce higher is in play...Read More
Wheaton Precious Metals Corp (TSX:WPM) shares have been on a tear. Since November, the company’s stock has been on a consistent incline, climbing from roughly $20 per share to more than $33.This impressive streak comes at a time when other resource stocks are stuck near all-time lows. Why is Wheaton Precious Metals stock breaking out?Wheaton has a clever business modelAs a metals streaming...Read More
Growing concern of a looming U.S. recession, weaker economic growth in China and a declining outlook for the European Union have all worked to bolster gold in recent months, seeing it rally to over US$1,343 an ounce before pulling back to just under US$1,295 per ounce. This has been a boon for gold miners, causing the VanEck Vectors Gold Miners ETF to gain 8% since the start of 2019.Combined with...Read More
Please click here now. Double-click to enlarge this long-term gold chart. Fundamental and technical analysis are both strongly supporting gold's rally towards the key $1400 area.Having said that, COMEX price action mainly reflects action in the physical market and this is the weak season for gold.Investors need patience. News in the West that "should" push gold $100/ounce higher is in play...Read More
Gold was smacked $22 from top to bottom overnight and this morning. It was a classic paper derivative raid on the gold price, which was implemented after the large physical gold buyers in the eastern hemisphere had closed shop for the day. This is what it looks like visually:As you can see, as each key physical gold trading/delivery market closes, the price of gold is taken lower. The coup de...Read More
The syndicate of underwriters, led by Haywood Securities, have agreed to buy shares at 36c each, with a 15% overallotment option.Read More
Drilling at the Sikasso property in southern Mali, West Africa. Source: Compass Gold Corp.Compass Gold Corp. [CVB-TSXV; COGDD-OTC] shares skyrocketed Thursday March 28 after the company said drilling on the company's Sikasso property in southern Mali, West Africa, has intersected high-grade gold mineralization.Investors reacted by sending Compass shares up 500% or 57.5 cents, to 69 cents on active...Read More