Export prices for Chinese cold-rolled coil and hot-dipped galvanized coil firmed during the week to Tuesday November 5 as producers refused to lower their asking prices while they are able to obtain better prices domestically, sources told Fastmarkets.Market participants had expected export prices to fall further last month but such a decline failed to materialize due to the support from domestic...Read More
Seaborne coking coal prices remained steady on Tuesday November 5, with premium mid-vol cargoes fetching around $140-142 per tonne cfr China this week, largely in line with last week's levels.Fastmarkets indicesPremium hard coking coal, fob DBCT: $133.29 per tonne, down by $0.87 per tonnePremium hard coking coal, cfr Jingtang: $146.69 per tonne, up by $0.33 per tonneHard coking coal, fob...Read More
Seaborne iron ore prices were rangebound on Tuesday November 5, with market participants remaining jittery over high inventories and the upcoming demand lull over the winter season.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $83.30 per tonne, up $0.03 per tonne.62% Fe Pilbara Blend fines, cfr Qingdao: $83.12 per tonne, up $0.03 per tonne.62% Fe low-alumina fines, cfr Qingdao: $82.70 per...Read More
The 62% Fe iron ore market moved either side of the $90-per-tonne mark for most of October, with the average price falling by 3.5% month on month, while the average price for 65% Fe iron ore fell by 2.7%.Traded volumes for the Singapore Exchange's 65% Fe derivatives contract - which was launched in December 2018 and which is settled against Fastmarkets' daily index for iron ore, 65% Fe Brazil-orig...Read More
The London Metal Exchange's plans to launch a new trading platform in 2021 could bring a host of new functionality enhancements to its electronic and inter-office market, from variable tick sizes to additional order types and greater self-service user management.Yet with the LME also targeting the eventual decommissioning of its current LMEselect electronic trading system - which was first introdu...Read More
The three-month copper price on the London Metal Exchange was higher across morning trading on Tuesday November 5, with price action boosted by a softer dollar index and positive forward spreads. Copper's outright price was recently seen at $5,918 per tonne, with just under 2,500 lots exchanged as at 8.40am London time. Meanwhile, buying in LME copper remains supported by positive forward spreads,...Read More
Chinese rebar prices picked up on Tuesday November 5 despite a dip in trading activity caused by transport curbs put up in conjunction with the China International Import Expo in Shanghai amid gains in the futures market.Eastern China (Shanghai): 3,710-3,740 yuan ($529-533) per tonne, up 40 yuan per tonneNorthern China (Beijing): 3,630-3,660 yuan per tonne, up 10 yuan per tonnesTraffic movements i...Read More
The combination of some easing in Chinese lending rates and talk that United States officials may be prepared to drop some tariffs on China has led to more risk-on in broader markets.The three leading US indices, the Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite closed on record highs on Monday November 4 and US treasury yields are climbing, but the metals are looking quite mi...Read More
Copper prices on the Shanghai Futures Exchange edged up during the morning trading session on Tuesday November 5, supported by improved risk sentiment following positive trade developments.News that China is reviewing locations in the United States where Chinese President Xi Jinping would be willing to meet US counterpart Donald Trump to sign the first phase of a trade deal between the two nations...Read More
World manganese ore supply rose 5.4% year on year in September to 1.87 million tonnes of manganese units, according to the International Manganese Institute (IMnI). Over the first nine months of the year, world supply rose 8% year on year due to higher production in Africa and the Americas, which offset production cuts in the Asia and Oceania region and in Europe, according to the IMnI's latest re...Read More
Fastmarkets is proposing to reduce the frequency of publication of its European germanium metal and tellurium assessments and Chinese germanium dioxide assessment. Fastmarkets selects the frequency of publication of its price assessments after considering the number of data points (deals, bids, offers, deals heard and assessments) that it can reasonably expect to collect on a consistent basis in t...Read More
Finnish stainless steelmaker Outokumpu has reported a "challenging quarter" and a drop in earnings for the period July-September 2019, due to a weak market and a sharp increase in the price of nickel, the company said in its quarterly results statement.Earnings before interest, taxes, depreciation and amortization (Ebitda) were ?,?45 million ($50 million) in the third quarter of the year, down fro...Read More
Bob Moriarty ArchivesNov 6, 2019I know of no sector in the resource space as hard to get a handle on as that of the Rare Earths or REOs, AKA REEs. In the last twenty years I have only come across one investor who actually understood which companies had red meat and which were pushing tofu. Since 321gold is a tofu free zone, I’ve been hesitant to even start writing about the sector.Months ago...Read More
Keras' manganese project at Nayega in the west African country will start out shipping ore to smelter end users, but the company intends to produce manganese sulphate for the fertiliser and batteryRead More
It happens every year without fail.That moment when you wake up shivering one morning and it hits you that summer is gone and the cool days of autumn are quickly turning bitter cold.You get up, and for the first time in a long while, you click the switch on your thermostat and put the heat on.Most people trudge back under the covers without much thought.Yet for some reason, the first time I click...Read More
Dave KranzlerThe major stock indices - the Dow, SPX and Nasdaq - have wafted up to all-time highs on a cloud of Central Bank printed money. Interestingly, most of the stocks in all three indices are below to well below their all-time highs. Breadth of the move is shockingly thin. Very few stocks are responsible for pushing the indices higher. The Dow's move last Friday, for instance, was...Read More
- Craig Hemke Last week, we wrote about the pending price correction in COMEX gold and silver due to the extreme level of futures contracts issued by the market-making Banks. With price getting smashed thus far this week, it's time to explain again the dynamics of this tried-and-tested price manipulation technique.First of all, understand that the alchemy of " gold price exposure" was created...Read More
Stewart Thomson, Graceland Updates 1. Gold continues to consolidate with sideways price action after reaching the $1500-$1550 resistance zone.2. Please click here now. Double-click to enlarge. Investor patience is required when the price arrives at a major support or resistance zone like $1500-$1550.3. The good news is that for the current gold market reaction,...Read More
By: Ira EpsteinGold in somewhat of the sideways pattern, but the swingline has turned down now -- does the market have legs to it to the downside?Read More
Alasdair Macleod, with a background as a stockbroker, banker and economist, discusses the magnitude of a collapse of the dollar system and why it appears inevitable.Alasdair Macleod is head of research for GoldMoney. He also runs FinanceAndEconomics.org, a website dedicated to sound money and demystifying finance and economics. He has a background as a stockbroker, banker and economist. Read More