Metals trader Trafigura has refuted claims from Iceberg Research, the analytics outfit that launched an explosive campaign against Noble Group, that it has overvalued "hundreds of millions [of dollars] in debt securities issued by an associate."Iceberg's claims - made in a report published on Wednesday June 19 - center on Trafigura's valuation of debt securities linked to its Porto Sudeste asset,...Read More
Steel producers in Turkey passed the day without any deep-sea bookings while they digested falling prices, sources said on Thursday June 20.After booking a US cargo at lower prices on Wednesday June 19, the mills went quiet in the deep-sea markets.A steel mill in the Iskenderun region had booked the US cargo comprising 18,000 tonnes of HMS 1&2 (80:20) at $278.50 per tonne and 7,000 tonnes...Read More
Seaborne iron ore prices surged further toward $120 per tonne cfr on Thursday June 20 after two of the major global miners updated shipment expectations.MB 62% Fe Iron Ore Index: $117.25 per tonne cfr Qingdao, up $3.17 per tonne. MB 62% Fe Pilbara Blend Fines Index: $116.05 per tonne cfr Qingdao, up $3.17 per tonne. MB 62% Fe Iron Ore Index-Low Alumina: $118.79 per tonne cfr Qingdao, up $2.98 per...Read More
The latest bids, offers and deals in the global markets for iron ore, pig iron, direct-reduced iron and other steelmaking raw materials....Read More
Prices for seaborne coking coal cargoes bound for China fell further on Thursday June 20.A shipment of a top Australian brand, scheduled for loading over July 22-31, was sold to an international trader at $203.08 per tonne cfr China, various sources told Fastmarkets.This is $2.18 per tonne lower than a transaction involving the same brand that was concluded just a week earlier.A July-loading cargo...Read More
United States-based iron ore producer Cleveland-Cliffs is prepared to export part of its iron ore output in the event that more furnaces are shut down in the country, its chairman and chief executive officer Louren??o Gon??alves said on Wednesday June 19.It has yet to experience any effects of steel production cuts, however, because they did not involve any of its clients, he said during the Steel...Read More
Domestic stainless steel prices in China continued to trend upward over the past week, tracking the strength exhibited by nickel prices in the futures market. The Fastmarkets MB domestic price assessment for benchmark 304 stainless cold-rolled coil in the major market of Wuxi was 14,000-14,350 yuan ($2,027-2,078) per tonne including value-added tax for the week ended Wednesday June 19, up by 50-10...Read More
Import prices for stainless steel in East Asia were largely stable this past week despite poor demand in downstream markets amid uncertainty caused by trade tensions between China and the United States.Despite weak demand, suppliers are unlikely to reduce their asking prices in the near term, but that could change if the price of nickel continues its downtrend, a trader in East China said.The thre...Read More
Amigos, en esta din??mica Kim Shantal y Alex Flores compiten para ver qui?(C)n de los dos me conoce mejor. Si te gust?? este video no olvides suscribirte. #KevinAchutegui #KimShantal #AlexFloresKEVIN ACHUTEGUIInstagram: https://www.instagram.com/KevinAchute...Facebook: https://www.facebook.com/KevinAchuteg...Youtube: https://www.youtube.com/KevinAchuteguiALEX FLORESInstagram: https://www.instagram...Read More
With gold finally showing signs of going on a rally, speculation over the effect this could have on junior gold stocks dominated the mining news this week. In an interview with Kitco News, Randy Smallwood, CEO of Wheaton Precious Metals (TSX: WPM), said the latest move to over $1,400 an ounce could spark further investment in gold exploration and mining if it is sustained. B...Read More
Gold has finally broken out to the upside.In Asia trading on Thursday, Gold exploded through the $1360 to $1370 resistance zone and was able to hold the gains throughout the day, closing above $1395/oz.As we pen this article, Gold has to chance to break $1400/oz by the weekend. The close of the month (and quarter) next week will provide an additional clue as to the sustainability of this strength....Read More
Gold has finally broken out to the upside.In Asia trading on Thursday, Gold exploded through the $1360 to $1370 resistance zone and was able to hold the gains throughout the day, closing above $1395/oz.As we pen this article, Gold has to chance to break $1400/oz by the weekend. The close of the month (and quarter) next week will provide an additional clue as to the sustainability of this strength....Read More
Peninsula Energy Ltd (ASX:PEN) could benefit from President Trump's steps to protect domestic production of uranium following the US Department of Commerce's finding that the nation's reliance on imports was a national security risk.The company holds the largest defined uranium resource of any currently producing project in the US at its Lance Uranium Projects in Wyoming, US.Peninsula has a produc...Read More
Oil prices dashed higher yesterday following reports of a U.S. spy drone shot down by Iran.President Trump responded to the strike in a tweet with a single sentence, saying, "Iran made a very big mistake!" Later reports said President Trump approved a military response but then abruptly called it off for reasons that are still unknown.WTI crude for August delivery was last seen trading at $57.60 p...Read More
Gold COT Report - Futures Large SpeculatorsCommercialTotal LongShortSpreadingLongShortLongShort 274,63370,31056,655141,993365,848473,281492,813 Change from Prior Reporting Period 24,5194,434-3,1804,27426,10225,61327,356 Traders 20669685559290170 Small Speculators LongShortOpen Interest 52,35532,823525,636 3,3601,61728,973 non reportable positionsCha...Read More
- Richard (Rick) MillsThe US Federal Reserve, the country's central bank, did what many expected on Wednesday, and held interest rates steady, while signaling that a rate cut is on its way. Despite pressure from President Trump to lower interest rates, the Federal Open Market Committee (FOMC) concluded after a two-day meeting that it will stay pat for now, meaning no change to the 2.25% to 2....Read More
Gold finally surged to new bull-market highs this week! Several years after its last bull high, gold punched through vexing resistance after the Fed continued capitulating on ever normalizing. This huge milestone changes everything for gold and its miners' stocks, unleashing new-high psychology fueling self-feeding buying. With speculators not yet all-in and investors wildly underdeploye...Read More
Summary: Gold closed at $1348 today according to Stockcharts but is now much higher at $1365 as I write this update. My two longer-term weekly charts on GLD show the potential for a massive upside breakout where price could really run hard & fast. My first chart is a 6 Year weekly showing a massive inverse Head & shoulders pattern that is ready to bust out to the upside of the inverse neckl...Read More
By: Ira EpsteinDrone Thursday - 100% July Cut in Rates Priced in - Gold Market is responding to falling dollar, rates, FOMC, drones, safe haven buying roaring into the market.Gold roars higher:Read More