Freeport-McMoRan Inc. (NYSE: FCX) reports first-quarter net income rose to $692 million, or 47 cents per share, from $228 million, or 16 cents, in the same period a year ago. After adjusting for net gains of $13 million, the adjusted profit was $679 million, or 46 cents. Freeport is the world’s largest publicly traded copper company but is also a major gold producer. First-quarter copper sal...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
The price of gold has bounced but the metal “still has a lot of work to do to recoup yesterday's sharp decline,” says INTL FCStone. As of 8:44 a.m. EDT, Comex June gold was $1.70 higher to $1,325.70 an ounce, while May silver had not moved much, easing just 2.2 cents to $16.565. “The stronger dollar is keeping the upside potential somewhat in check and the fact that U.S. 10-year...Read More
Gold was under siege on Monday along with silver. The big difference between the two patterns is gold failed to hold support and silver sold off to support. The trade being short gold and long silver remains intact, with the ratio 79-1. We look at metals in two time frames -- one being long-term investing and two the short-term trading view. Long term, as investors, we are long and like both gold...Read More
SHANGHAI, Apr 24 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar index rose for five consecutive days to a seven-week high and towards 91 overnight as the US 10-year treasury yield inched closer to 3% and as the market raised their anticipation of four interest rates hikes this year. A cooler US-China trade tension also hel...Read More
SHANGHAI, Apr 24 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar index rose for five consecutive days to a seven-week high and towards 91 overnight as the US 10-year treasury yield inched closer to 3% and as the market raised their anticipation of four interest rates hikes this year. A cooler US-China trade tension also hel...Read More
SHANGHAI, Apr 24 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar index rose for five consecutive days to a seven-week high and towards 91 overnight as the US 10-year treasury yield inched closer to 3% and as the market raised their anticipation of four interest rates hikes this year. A cooler US-China trade tension also hel...Read More
The latest news and price moves to start the Asian day on Tuesday April 24. Base metals prices on the London Metal Exchange ended lower at the close of trading on Monday April 23, with aluminium falling 7.5% after the United States announced it wouldn't impose secondary sanctions against Rusal. Read more in our live futures report. Here are how prices looked at Monday's close:The US Treasury Depar...Read More
The latest news and price moves to start the Asian day on Tuesday April 24. Base metals prices on the London Metal Exchange ended lower at the close of trading on Monday April 23, with aluminium falling 7.5% after the United States announced it wouldn't impose secondary sanctions against Rusal. Read more in our live futures report. Here are how prices looked at Monday's close:The US Treasury Depar...Read More
Base metals on the London Metal Exchange were broadly lower at the close of trading on Tuesday April 24, with aluminium and nickel continuing to drop. The three-month nickel price dropped below $14,000 per tonne for the first time since April 13, with volumes traded at their lowest since April 6."Trade tensions dragged nickel into the spotlight, but fundamentals have come back in to play," Geordie...Read More
Alumina prices set a fresh multi-year high on Tuesday April 24, consolidating above $700 per tonne with no immediate respite in supply restrictions on the cards. Metal Bulletin's benchmark daily fob Australia alumina index set a fresh high on Tuesday, calculated at $707.75 per tonne, up from $703.75 per tonne the previous day. The index had dipped to $661.32 per tonne late last week after a c...Read More
Emirates Global Aluminium has completed construction of the calcination process facility at its Al Taweelah alumina refinery in Abu Dhabi. The Al Taweelah refinery is expected to produce its first alumina in the first half of 2019. At full capacity, it will produce 2 million tonnes of alumina per year, meeting 40% of EGA's alumina requirements. After the completion of the calcination process facil...Read More
A new permitting issue has emerged at copper producer Freeport-McMoRan's unit in Indonesia following the introduction of new environmental requirements in April, the United States-based firm said on Tuesday April 24.[Adds details about tailings management, comments from Freeport chief executive officer.]A new permitting issue has emerged at copper producer Freeport-McMoRan's unit in Indonesia foll...Read More
Alumina prices set a fresh multi-year high on Tuesday April 24, consolidating above $700 per tonne with no immediate respite in supply restrictions on the cards. Metal Bulletin's benchmark daily fob Australia alumina index set a fresh high on Tuesday, calculated at $707.75 per tonne, up from $703.75 per tonne the previous day. The index had dipped to $661.32 per tonne late last week after a c...Read More
Emirates Global Aluminium has completed construction of the calcination process facility at its Al Taweelah alumina refinery in Abu Dhabi. The Al Taweelah refinery is expected to produce its first alumina in the first half of 2019. At full capacity, it will produce 2 million tonnes of alumina per year, meeting 40% of EGA's alumina requirements. After the completion of the calcination process facil...Read More
Australian miner New Century Resources signed a second offtake deal in a week after agreeing to supply trader Concord Resources with 5% of annual output from its Century Mine tailings reprocessing project.The north-west Queensland project, which has a targeted output of up to 507,000 tonnes per year of 51-54.5% zinc content concentrates over an initial 6.3-year mine...Read More
In light of feedback received as part of the consultation on its international cobalt price specifications, Metal Bulletin is seeking additional input from those active in the cobalt market. Have your say by taking part in the review by Friday April 27. Initial feedback was sought between Monday November 27, 2017, and Friday January 12, 2018. Full details of the November 2017 cobalt pricing consul...Read More
Here are 10 key takeaways from Metal Bulletin's and Industrial Minerals' first Battery Materials conference in Shanghai on April 18-19. Bringing online new lithium supply remains a painful process: Bringing new capacity on stream is not easy and it is still difficult to bring new lithium projects online due technical and weather-related issues, as well as lack of investment and know-how, according...Read More
Turkish domestic prices for ferrous scrap from shipbreaking went up slightly during the week that ended on April 23, while domestic auto bundle scrap prices were largely stable, sources said on Tuesday April 24.Metal Bulletin's weekly price assessment for melting scrap from shipbreaking in the Turkish domestic market was $348-355 per tonne delivered, up from last week's $341-352...Read More
A new permitting issue has emerged at copper producer Freeport-McMoRan's unit in Indonesia following the introduction of new environmental requirements in April, the United States-based firm said on Tuesday April 24.[Adds details about tailings management, comments from Freeport chief executive officer.]A new permitting issue has emerged at copper producer Freeport-McMoRan's unit in Indonesia foll...Read More