WASHINGTON (Reuters) - U.S. Trade Representative Robert Lighthizer said on Tuesday it was not his objective to change China’s economic system, but he would try to find ways to limit the damage it causes to the United States and open it further for U.S. companies.Speaking at the U.S. Chamber of Commerce ahead of his participation in a Trump administration trade delegation to China later this...Read More
BEVERLY HILLS, Calif (Reuters) - The following are highlights from this week’s Milken Institute Global Conference in Beverly Hills:CHRISTOPHER GIANCARLO, CHAIRMAN OF UNITED STATES COMMODITY FUTURES TRADING COMMISSION, ON BITCOIN:“We need to take a moment and respect this generation’s interest in this new instrument (bitcoin). Not with derision, but with a little bit of attention...Read More
(Kitco News) - Gold and silver prices are solidly down and have dropped to 4.5-month lows in early-afternoon U.S. trading Tuesday. Gold is struggling to hold above the very important $1,300.00 price level. The recent solid rally in the U.S. dollar index, which hit a four-month high today, continues to squelch buyer interest in the precious metals markets. Chart-based selling has also kicked in for...Read More
(Kitco News) - The amount of gold and silver transferred between accounts of London Bullion Market Association members fell during March, the organization reported Tuesday.The LBMA releases clearing statistics each month showing the net volume of gold and silver transferred between accounts of members, essentially providing a snapshot of the amount of trading activity.The volume of gold ounces tr...Read More
(Kitco News) - Goldman Sachs analysts do not look for silver to gain ground on gold in the coming months, even though they are bullish on gold itself. The investment bank Tuesday released a report maintaining its view that gold will climb toward $1,450 an ounce by the end of the year even if real interest rates rise. However, analysts called for the gold-silver ratio to remain stable, meaning that...Read More
(Kitco News) - Gold prices continue to hover near a four-month low even as momentum in the manufacturing sector continues to fade, according to the latest data from the Institute for Supply management (ISM)Tuesday, the ISM said its manufacturing index showed a reading of 57.3% for April, down from March's reading of 59.3%. The data was weaker than expected as consensus forecasts were calling for a...Read More
Editor's Note: Welcome to Kitco's new Bitcoin Daily Technical Alert. Every trading day veteran Kitco technical analyst Jim Wyckoff will provide you with a concise and easy-to-understand near-term technical brief on Bitcoin. Importantly, Jim will glean the short-term charts and technical studies, and then alert you to the signals he sees regarding upcoming potential bigger price moves or price tren...Read More
Centerra Gold Inc. (TSX: CG) reports net earnings of $9 million, or 3 cents per share, in the first quarter, down from $57 million, or 20 cents, in the same period a year ago. The January-March results include charges of $4.4 million for the acquisition of AuRico Metals Inc. Excluding this, adjusted earnings in the first quarter were $13.5 million, or a nickel. Revenue fell to $235 million from...Read More
Today is the first day of May and the new month is not helping the metals, which struggled through the month of April. Gold has lost about 4% from the highs in early April, with three consecutive ugly down weeks. The recent action brings a possible ugly run into the mix. Gold is now breaking down through major support and failure here brings the possibility of much lower prices. This week brings a...Read More
As gold’s slide continues, the 200-day moving average and psychologically important $1,300 level become a key support area for the precious metal, says MKS (Switzerland) S.A. As of 7:55 a.m. EDT, spot gold was $7.40 lower to $1,308.20 an ounce and bottomed at $1,307.70, its weakest level since March. ““Support-wise, we are nearing some key technical levels with the 200 DMA at $1,...Read More
Base metals on the London Metal Exchange were mostly lower at the close of trading on Tuesday May 1, coming under pressure from a stronger dollar index.Zinc was the largest faller of the day, down 2.5%. It bottomed out at $3,054 per tonne this afternoon, its lowest figure since December 2017. The metal's fundamental picture was rattled last week after more than 60,000 tonnes of zinc were delivered...Read More
Spot zinc concentrate treatment charges basis CIF to major East Asian ports remained flat while lead concentrate terms declined marginally in April.The market remains extremely tight for spot concentrates, with mine supply yet to translate into markedly higher terms paid for cargoes.In China, the domestic zinc market's delivered TCs fell further, while mines struggled to ramp up and feed demand fr...Read More
Spot treatment and refining charges (TC/RC) for copper concentrates firmed moderately in the last two weeks of April, with the market continuing to weigh strong, short-term market availability against potential major disruptions in the coming months.Metal Bulletin's copper concentrates TC/RC index ticked higher for the second consecutive fortnight to $68.10 per tonne/6.81 cents per lb on April 30,...Read More
Chinese ferro-vanadium exporters increased their offer prices in the week to Friday April 27 amid recovering prices in Europe, while US ferro-vanadium prices stagnated due to inactivity in the spot market. Chinese ferro-vanadium export prices tick up on the back of European recovery European market firm week on week on thinning spot inventories US ferro-vanadium price stagnates on mar...Read More
Manganese ore prices increased by as much as 70% between early December and late in March when they started to slide again.In March, Metal Bulletin's 37% fob index rose as high as $7.57 per dry metric tonne unit (dmtu) and the 44% cif index as high as $8.82 per dmtu. Metal Bulletin examines the effects of the recent manganese ore rally on miners, traders and consumers. Smaller...Read More
Spot zinc concentrate treatment charges basis CIF to major East Asian ports remained flat while lead concentrate terms declined marginally in April.The market remains extremely tight for spot concentrates, with mine supply yet to translate into markedly higher terms paid for cargoes.In China, the domestic zinc market's delivered TCs fell further, while mines struggled to ramp up and feed demand fr...Read More
Spot treatment and refining charges (TC/RC) for copper concentrates firmed moderately in the last two weeks of April, with the market continuing to weigh strong, short-term market availability against potential major disruptions in the coming months.Metal Bulletin's copper concentrates TC/RC index ticked higher for the second consecutive fortnight to $68.10 per tonne/6.81 cents per lb on April 30,...Read More
Metal Bulletin has reviewed its benchmark cobalt prices to ensure they are relevant and fit for application in a rapidly evolving market. Metal Bulletin is hosting a free web seminar on Tuesday May 8 at 9am London time to summarize the findings from its recent industry-wide consultation into its cobalt prices, and changes that will be implemented from January 2019. Date: Tuesday May 8, 2018 Time:...Read More
Manganese ore and alloy prices have continued to slide in China due to deteriorating downstream demand, while prices also weakened in Europe and held in the United States. Ore prices drop almost 5% in China Lower silico-manganese tenders squeeze smelter margins Indian alloy prices track ore lower European alloy prices weaken as prompt demand dries up US contract negotiation...Read More
Holidays in Turkey and across much of Europe for the traditional May 1 Labor Day meant that there was no change in prices for Turkish imports of deep-sea scrap from European and US suppliers, sources said on Tuesday May 1.Renewed business activity is expected later in the week when traders return to work, they added.Market sentiment is cautious about how much more prices may increase in the near t...Read More