NEW YORK (Reuters) - The dollar fell on Tuesday in thin pre-holiday trading, as investors consolidated recent gains and focused less on trade tensions, raising the market’s risk appetite and prompting some flows into other currencies such as the euro and Australian dollar.Ahead of the U.S. Independence Day holiday on Wednesday, market sentiment also improved after the Chinese central bank mo...Read More
(Kitco News) - Gold has been held back by a stronger U.S. dollar but the yellow metal could get a boost if the Federal Reserve reigns in expected rate hikes, this according to Chris Mancini, research analyst at Gabelli Funds.Gold prices have been on a steady decline ever since the June 13 Fed meeting, with spot gold down nearly 5% since its June highs. The U.S. dollar index, DXY, has rallied 1...Read More
(Kitco News) - Gold and silver prices were moderately higher in early-afternoon U.S. trading Tuesday, on some short covering in the futures markets and perceived bargain-buying in the cash markets. Gold hit a 12-month low overnight and silver scored a seven-month low on Monday. The U.S. dollar index was also lower today, which favored the precious metals market bulls. August gold futures were last...Read More
(Kitco News) - Bargain hunting is helping to support platinum prices Tuesday after the market dropped to its lowest level in 14 years.Overnight platinum futures dropped to $800 an ounce, a price not seen since December 2008. However, prices have modestly recovered with October platinum futures last trading at $844.30 an ounce, up almost 4% on the day.Platinum prices have dropped more than 18% sinc...Read More
Newmont Mining Corp. (NYSE: NEM) says it has achieved commercial production at its Twin Creeks underground expansion project in Nevada. The Twin Creeks underground mine will add between 30,000 and 40,000 ounces of gold production per year at all-in sustaining costs of between $650 and $750 per ounce for its first five years of production, Newmont says. The new ore will also allow Newmont to p...Read More
Despite recent weakness, gold remains the favorite metal for Adrian Day, chairman and chief executive officer of Adrian Day Asset Management. Gold closed the second quarter around the low for the year as the widening tariff disputes boosted the dollar, Days says. However, in the longer term, a trade war could hurt the greenback, he says. “Short term, many factors are negative for gold: the s...Read More
The latest news and price moves to start the Asian day on Tuesday July 3.Nickel prices on the London Metal Exchange fell by more than 2% by the close of trading on Monday July 2, topping broad losses across the complex while escalating trade tensions and dwindling equity markets weighed on commodities. Read more in our live futures report.Here are how prices looked at the close of tradin...Read More
The latest news and price moves to start the Asian day on Tuesday July 3.Nickel prices on the London Metal Exchange fell by more than 2% by the close of trading on Monday July 2, topping broad losses across the complex while escalating trade tensions and dwindling equity markets weighed on commodities. Read more in our live futures report.Here are how prices looked at the close of tradin...Read More
Zinc prices on the London Metal Exchange struggled at the close of trading on Tuesday July 3, falling 1.1% over the afternoon and dipping below $2,800 per tonne for the first time since August 2017 amid broadly bearish trading conditions. "The base metals complex this morning remains uninspiring, with most metal prices struggling to attract dip-buying interest. The LME zinc price is still trading...Read More
Comex copper prices were slightly lower on Tuesday July 3 morning in the US, with trade shallow ahead of the Fourth of July holliday.Copper for September settlement on the Comex division of the New York Mercantile Exchange inched down 0.10 cents or 0.1% to $2.9430 per lb. The contract now sits at its lowest point since August 2017.Base metals have...Read More
Base metals on the London Metal Exchange edged higher during morning trading on Tuesday July 3, supported by a downtick in the dollar index while turbulent trade relations between the United States and major economies continue to destabilize commodities. "London has seen a re-emergence of the systematic sell programs after the poor closes last night, where most [base metals] settled on the session...Read More
Norwegian ferro-silicon producer Finnfjord Smelteverk will cut about 3,500 tonnes of production between July and August of this year because of planned maintenance to one of its furnaces, according to an industry source. The company, which has its plant in the north of the country, operates three furnaces, one with capacity for 20,000 tonnes per year and two with capacities for 40,000 tpy. Mainten...Read More
Following extensive market engagement, Metal Bulletin has decided to extend the consultation period for the proposed launch of a battery-grade lithium ex-works China index to provide additional time for market participants to submit feedback. Metal Bulletin is committed to providing transparent pricing for the lithium sector and is therefore extending the timeframe to collect further feedback on t...Read More
Domestic Chinese ferro-chrome prices have risen in line with July tender prices from leading stainless steel mills. Spot domestic ferro-chrome prices rise in China Chrome ore, charge chrome import prices slideJapanese alloy prices edge upFerro-chrome prices rise in Europe Alloy markets flat in South Korea, United StatesChinese spot domestic ferro-chrome prices rose 4% in the week to Friday June 29...Read More
Vanadium prices resumed their rally in earnest last week after buyers paid higher prices to secure scarce units, with no signs of change to the persistent tight supply situation. Chinese export prices jump with spot units in limited supply amid persistent foreign inquiries European ferro-vanadium prices surge in the second half of the week after sellers hold firm with their offers Thin spot supply...Read More
Turkish steel mills have remained quiet in the deep-sea scrap markets, waiting for lower prices from suppliers due to falling values for finished steel and billet, sources said on Tuesday July 3.The mills in the country booked a number of deep-sea cargoes from the United States last week but fell quiet later in the week. The material in the cargoes was priced around $354 per tonne cfr for HMS 1&2...Read More
Comex copper prices were slightly lower on Tuesday July 3 morning in the US, with trade shallow ahead of the Fourth of July holliday.Copper for September settlement on the Comex division of the New York Mercantile Exchange inched down 0.10 cents or 0.1% to $2.9430 per lb. The contract now sits at its lowest point since August 2017.Base metals have...Read More
Three-month base metals prices on the London Metal Exchange were split into two camps on the morning of Tuesday July 3, with aluminium and tin prices both off by 0.3%, while the rest of the complex was up by between 0.1% and 0.6%. Zinc led the rebound, while copper was the laggard at $6,578 per tonne.Volume has been above average with 8,372 lots traded as at 7:13am London time.Precious metals were...Read More
Following extensive market engagement, Metal Bulletin has decided to extend the consultation period for the proposed launch of a battery-grade lithium ex-works China index to provide additional time for market participants to submit feedback. Metal Bulletin is committed to providing transparent pricing for the lithium sector and is therefore extending the timeframe to collect further feedback on t...Read More
Flat steel import prices in the United Arab Emirates and Saudi Arabia either held steady or decreased this week because of lower offer prices, sources told Metal Bulletin on Tuesday July 3.Construction activity is very low in the region because of seasonal summer effects, market participants said, with demand unlikely to improve before August.UAEMetal Bulletin's weekly price assessment for UAE imp...Read More