After a year focused on re-establishing stability, the London Metal Exchange has started 2018 with its attention on driving more liquidity to the bourse by launching the Introducing Broker membership category and broadening its contract portfolio, says senior metals market consultant Martin Hayes. Twelve months ago, it was fair to say that the LME was facing a period of uncertainty - it had lost i...Read More
After a year focused on re-establishing stability, the London Metal Exchange has started 2018 with its attention on driving more liquidity to the bourse by launching the Introducing Broker membership category and broadening its contract portfolio, says senior metals market consultant Martin Hayes. Twelve months ago, it was fair to say that the LME was facing a period of uncertainty - it had lost i...Read More
The fact that gold pricing is trading under pressure is not a big surprise, and actually can be viewed as a well-needed pause in the rally currently underway. After trading to $1238 per ounce in mid-December of last year, gold prices have gained almost $90 before hitting resistance at $1327 late last week.Historically speaking, rallies in the precious yellow metal will move pricing roughly $100 du...Read More
(Kitco News) - The countdown begins - in one month athletes from around the world will converge in Pyeongchang, South Korea to compete for their country’s honor and the coveted Olympic medals.In total, only about 50 ounces of gold was used to create all the gold medals that will be handed out.On its website, the International Olympic Committee said that the South Korean medals were designed...Read More
(Kitco News) - Gold and silver prices were ending the U.S. day session weaker Tuesday. A solid bounce in the U.S. dollar index early this week is putting price pressure on the gold and silver markets. Some normal profit-taking and chart consolidation is also featured after gold prices hit a 3.5-month high last week. February Comex gold was last down $7.30 an ounce at $1,313.10. March Comex silver...Read More
(Kitco News) - Bart Melek, head of commodities strategy at TD Securities, was the winner of the London Bullion Market Association's gold-forecasting contest for 2017, while ICBC Standard Bank analyst Tom Kendall was first in silver. Both analysts are frequently quoted by Kitco News. At the start of last year, Melek forecast gold would average $1,256 an ounce. That was only slightly off of the actu...Read More
(Kitco News) - Gold prices are solidly lower and trading near the daily low in mid-morning action Tuesday. Early losses were extended when the U.S. stock market opened at new record highs, to continue to keep investor interest less keen on the safe have gold and silver markets. Also, the U.S. dollar index is rallying early this week, which is another negative outside-market element working against...Read More
(Kitco News) - Gold and silver, after a few attempts, were both unable to break up through their respective resistance levels of $1,322 and $17.22. The break-down of the euro/dollar trade through the 1.20 level initiated some profit taking in both metals yesterday. The 30-year U.S. bond broke above the 2% level yesterday, adding further pressure to the metals complex. The metals have remained resi...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
(Kitco News) - Gold held by global exchange-traded funds increased by 197.5 tonnes in 2017, a gain of 8.4%, said the World Gold Council in its monthly report on Tuesday.The rise last year was largely driven by European ETFs, which represented 75% of all total inflows by adding 148.6 tonnes of gold ($5.8 billion) to their holdings.In turn, the European market was dominated by Germany. “German...Read More
The metals are in the middle of a major bull-bear debate, as witnessed by the last few trading days. After breaking out on Jan. 2 and making recent highs on Jan. 4, metals have started to move sideways to lower. The pattern is typical of a market topping, and this should be the top in gold and silver for now. Volume also peaked on Jan. 4, giving all the indications that the metals were ready to t...Read More
The latest news and price moves to start the Asian day on Tuesday January 9.Aluminium was the only metal to end lower at the end of trading on the London Metal Exchange on Monday January 8. Read more in our live futures report.Here are how prices looked at the end of the day on Monday.NFEx Markets' chief operating officer and its most senior director, Mark Bradley, has resigned from the...Read More
The latest news and price moves to start the Asian day on Tuesday January 9.Aluminium was the only metal to end lower at the end of trading on the London Metal Exchange on Monday January 8. Read more in our live futures report.Here are how prices looked at the end of the day on Monday.NFEx Markets' chief operating officer and its most senior director, Mark Bradley, has resigned from the...Read More
INTL FCStone has merged its London Metal Exchange and precious metals departments, with the new unit headed by Barry Canham, the company said. In an email to the company's global metals team and seen by Metal Bulletin, INTL chief executive officer (CEO) for EMEA and Asia Philip Smith said that the move was made following the decision by Malcolm Leonard to retire after 46 years working in LME metal...Read More
Base metals prices on the London Metal Exchange were mostly lower at the close on Tuesday January 9, with only nickel trading in positive territory. The three-month nickel price climbed $160 per tonne higher while the cash/January-2018 nearby spread moved into a $3 per tonne backwardation. "The LME nickel market has tightened slightly since the start of the year, judging by the contraction in the...Read More
High zinc prices could eventually lead to an irreversible dent in consumption of the metal, specifically in the form of zinc alloys in electric vehicles, market participants told Metal Bulletin.Substitution out of zinc is likeliest in the alloys sector, a zinc producer told Metal Bulletin, estimating that up to 3-5% of usage of metal at current levels could be at risk - albeit over a matter of yea...Read More
Chinese ferro-silicon prices continued to soften over the past week amid operational restarts in the country's Ningxia province, while the European market reached new highs on tightened supply. Chinese domestic prices edge lower amid production restarts Chinese exporters drop offers amid lack of buying interest European market realizes new highs on thin supplyUS spot market falls dormant, prices o...Read More
Vanadium pentoxide (V2O5) and ferro-vanadium prices had a strong start to 2018 last week, with supply concerns in focus as the markets came back from the Christmas break. Chinese V2O5 prices soar with upstream constraints in focusFerro-vanadium leads the way in Europe US ferro-vanadium prices higher but spot activity 'just getting started'Vanadium prices in China jumped last week amid limited sup...Read More
Benchmark alumina prices fell on Tuesday January 9, with limited buying interest seen for spot cargoes in the Pacific market, despite a recovery in smelter margins.Metal Bulletin's daily fob Australia alumina index was calculated at $390.43 per tonne on Tuesday, down from $393.36 per tonne the previous day.Market participants foresaw a price floor for the raw material last week, citing stronger al...Read More
Chinese ferro-silicon prices continued to soften over the past week amid operational restarts in the country's Ningxia province, while the European market reached new highs on tightened supply. Chinese domestic prices edge lower amid production restarts Chinese exporters drop offers amid lack of buying interest European market realizes new highs on thin supplyUS spot market falls dormant, prices o...Read More