Base metals prices on the London Metal Exchange were trading higher across the board on Friday January 19, supported by fresh cancellations of LME stocks and the weakening dollar.The three-month zinc price set a ten-year high this morning of $3,438 per tonne. 24,175 tonnes of metal was freshly cancelled today from LME-listed warehouses in New Orleans.On-warrant stock levels of zinc in the US port...Read More
China domestic rebar prices strengthened again on Friday January 19 on gains in the futures and billet markets. Domestic Eastern China (Shanghai): 3,800-3,850 yuan ($591-599) per tonne, up 20-40 yuan per tonne Northern China (Beijing): 3,820-3,850 yuan per tonne, up 20-30 yuan per tonne Rebar futures as well as billet prices rose during the day, which pushed up spot prices for the long steel produ...Read More
Sherritt International has proposed a $115 million offering of shares and share purchase warrants tied to the price assessments of the physical, spot cobalt market published by Metal Bulletin. Each unit in the offering comprises one common share and one half of a common share purchase warrant tied to an "applicable cobalt reference price," the Canada-based cobalt and nickel producer said this week...Read More
An overview of the minor metals markets and the reasons for any price moves.Read More
The following Metal Bulletin minor metals prices changed on Friday January 19:Bismuth MB China domestic, yuan/tonne: 69,000-71,000 yuan per tonne from 69,000-70,500 yuan Chromium MB free market alumino-thermic, $/tonne: $8,050-8,350 per tonne from $8,000-8,300 Cobalt MB free market high grade, $/lb: $37.00-38.05 per lb from $37.00-38.00 Cobalt MB free market low grade, $/lb: $36.75-37.40 per...Read More
An overview of China's minor metals markets in the week of January 15-19 and the reasons for any price moves.Read More
Base metals prices on the London Metal Exchange are stronger across the board this morning, Friday January 19, with the complex up by an average of 0.6%. Aluminium prices ($2,262 per tonne) saw the biggest increases with a 0.8% gain and lead is the laggard with a 0.4% gain ($2,616 per tonne), while copper prices, at $7,125 per tonne, are up 0.7%. Volume has been high with 11,182 lots traded as of...Read More
International metals group Liberty House is to make an "unconditional and comprehensive offer" for French speciality steelmaker Asco Industries (Ascometal) ahead of the cutoff time on Friday January 19 that was set by a court in eastern France, it said on deadline day.Liberty House declined to disclose the value of its bid, but noted its intention to invest "?,?300 [$366.62 million] over five year...Read More
China's domestic stainless steel prices continued to trend downward over the past week amid high selling interest coupled with soft demand. Metal Bulletin's assessment of prices for benchmark 304 stainless cold-rolled coil in the major market of Wuxi was 14,500-15,200 yuan ($2,256-2,365) per tonne including VAT for the week ended Thursday January 18, down 200 yuan per tonne a week earlier. Steel.....Read More
Import prices for containerized heavy melting scrap (HMS) in Taiwan showed some signs of softening this week on increased supply.Metal Bulletin's price assessment for imports of United States-origin HMS 1&2 (80:20) into Taiwan was $348-360 per tonne cfr for the week ended Friday January 19, widening downward by $2 per tonne from a week earlier.Sellers continued to offer cargoes at $360 per tonne c...Read More
An alleviation of supply concerns in the seaborne coking coal market has led to prices for the steelmaking raw material starting to retreat this month, but just how low they fall will be determined by how quickly demand rises over the next few weeks when Chinese buyers make an expected return.Fixed-price spot transactions in the seaborne premium hard coking coal market have been scarce in recent w...Read More
Candlestick patterns create models which are a visual representation of market sentiment as well as a forward forecasting tool. This technical approach looks at past market moves in an attempt to identify patterns that occur with regularity that can be found during various market scenarios. Continuation PatternsIn one of the pattern types identified, there are two basic classes. The first class of...Read More
(Kitco News) - Commodity exchange-traded funds (ETFs) inflows point to an excitement in the gold market, according to Bloomberg Intelligence commodity strategist Mike McGlone.“Dominated by precious metals, inflows indicate a gold market that continues to gain favor despite rapidly increasing financial assets,” McGlone said in a note published on Thursday. Growing demand for divers...Read More
(Kitco News) - Gold and silver prices were ending the U.S. day session lower Thursday, on some normal profit-taking pressure after both markets earlier this week hit multi-month highs. February Comex gold was last down $10.10 an ounce at $1,329.10. March Comex silver was last down $0.171 at $16.995 an ounce.The precious metals did not show much reaction to growing concerns in the marketplace regar...Read More
(Kitco News) - After recovering in 2017, gold prices are in for further gains this year, with the potential to hit $1,440 an ounce, said MKS PAMP in its annual outlook.“As the demand is set to improve, the supply side will remain under pressure. This combined with ongoing geopolitical tensions and the official sector expected to be a net buyer prompts us to set the yearly average at 1365.00...Read More
(Kitco News) - The risks of a government shutdown continue to rise as Congress’ deadline quickly approaches; however, gold bulls might be disappointed if they are expecting to see higher prices as a result of ongoing political turmoil on Capitol Hill.Washington has until Friday to come up with an agreement to fund the government. But, with a growing number of politicians are pushing back aga...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 latest news and price moves to start the Asian day on Thursday January 18.Base metals prices on the London Metal Exchange were mostly lower for the second day in a row at the close on Wednesday January 17, retreating further from earlier highs. Read more here in our live futures report.Here are how prices looked at the end of the day on Wednesday.Three trading companies have accepted Nornickel...Read More
The latest news and price moves to start the Asian day on Thursday January 18.Base metals prices on the London Metal Exchange were mostly lower for the second day in a row at the close on Wednesday January 17, retreating further from earlier highs. Read more here in our live futures report.Here are how prices looked at the end of the day on Wednesday.Three trading companies have accepted Nornickel...Read More
Base metals prices on the London Metal Exchange were mostly higher at the close on Thursday January 18, with only tin bucking the higher trend. Aluminium prices closed over 2% higher than Wednesday's close price supported by stronger-than-expected Chinese data and the dollar weakening once more. "Judging by its current technical configuration, LME aluminium continues to consolidate from recent gai...Read More