(Kitco News) - Gold prices are modestly lower and trading near the levels seen just before the release of the U.S. employment report for December. That report was on the weaker side of expectations and gave gold prices a brief pop. However, gold prices have faded again as the U.S. dollar has regained the advances it briefly lost after the jobs report. February gold was last down $3.90 an ounce at...Read More
(Kitco News) - The gold market has pushed higher following a drop in momentum in the labor market in the final month of 2017.Friday, The Bureau of Labor Statistics said 148,000 jobs were created in December. Economists were expecting to see job gains of 190,000.At the same time, the unemployment rate held steady at 4.1%, which was in line with expectations.Not only was the headline data disappoint...Read More
Something tells me there are some underlying problems in the equity markets based on the way that gold is trading. Gold and silver, which had major breakdowns three weeks ago, have gone up almost every day since. We had turned short-term bearish while maintaining our long-term bullish posture. That positioning has not worked out well and has been rather painful, with gold rallying about $90 from t...Read More
The latest news and price moves to start the Asian day on Friday January 5.Base metals prices on the London Metal Exchange ended mostly higher on Thursday January 4, with only tin bucking the overall trend as of the 5pm close in London. Read more in our live futures report. However, lead joined the descent later in the evening.Here are how prices looked at the end of the day on Thursday.The c...Read More
The latest news and price moves to start the Asian day on Friday January 5.Base metals prices on the London Metal Exchange ended mostly higher on Thursday January 4, with only tin bucking the overall trend as of the 5pm close in London. Read more in our live futures report. However, lead joined the descent later in the evening.Here are how prices looked at the end of the day on Thursday.The c...Read More
Base metals prices on the London Metal Exchange closed mostly lower on Friday January 5 although tin bucked the trend.The three-month copper price ended $67.50 lower back below $7,200 per tonne at a one-week low. "The complex may have reached slightly overbought levels, however, and most of the positive catalysts may have been priced in," Metal Bulletin analyst Andy Farida said. "It would not surp...Read More
Comex copper prices once again traded in negative territory with technical selling and weak US employment data weighing on the complex.Copper for March settlement on the Comex division of the New York Mercantile Exchange declined 3.85 cents or 1.2% to $3.2245 per lb. Earlier, the price touched $3.2225, its lowest since December 22."The complex may have reached slightly overbought levels, however,....Read More
KGHM, Europe's third largest copper cathode producer, will suspend one of its two production lines at the Glog??w copper smelter and refinery facility in Poland from April to June, the company told Metal Bulletin.KGHM, Europe's third largest copper cathode producer, will suspend one of its two production lines at the Glog??w copper smelter and refinery facility from April to June, the company told...Read More
Scarce supply in global scrap markets pushed up import prices to both India and Taiwan in the working week from Monday January 1 to Friday January 5, while market activity has remained low in the bellwether Turkish market.Turkey importsNo deals were concluded by Turkish mills for imported bulk scrap cargoes during the week, with many suppliers still on holiday until next week.Turkish steel mills w...Read More
Prices for shredded and HMS grades of steel scrap imported in containers into India soared upward this week, with the country's domestic finished steel markets enjoying a strong start to the year.Metal Bulletin's index for Indian imported shredded scrap rose to $374.09 per tonne cfr Nhava Sheva on Friday January 5, up by $22.61 per tonne from the $351.48 per tonne cfr recorded on December 22.The l...Read More
The UK inter-merchant price range for austenitic alloy steel scrap rose by ?50-60 per tonne this week on higher nickel prices when the market returned from seasonal holidays, sources said on Friday January 5.Metal Bulletin's weekly price assessment for inter-merchant 18/8 scrap solids in the UK was ?950-980 ($1,286-1,326) per tonne delivered on Friday, compared with ?900-920 per tonne on Decemb...Read More
Comex copper prices once again traded in negative territory with technical selling and weak US employment data weighing on the complex.Copper for March settlement on the Comex division of the New York Mercantile Exchange declined 3.85 cents or 1.2% to $3.2245 per lb. Earlier, the price touched $3.2225, its lowest since December 22."The complex may have reached slightly overbought levels, however,....Read More
Base metals prices trading on the London Metal Exchange are generally higher this morning, Friday January 5, with copper and aluminium both up by 0.1% at $7,193 per tonne and $2,248 per tonne, respectively, and the rest up by between 0.2% and 0.4%. The exception is nickel, which is down by 0.9% at $12,530 per tonne.Volume has been average, with 6,133 lots traded as of 06:43am London time. This fol...Read More
Domestic flat steel prices in Argentina increased for the second consecutive month in January.Metal Bulletin's monthly price assessment of Argentina's domestic hot-rolled coil (HRC) reached $720-735 per tonne ex-works on Friday January 5, compared with $705-725 per tonne ex-works in the previous month.Prices for cold-rolled coil (CRC) rose to $840-845, from $825-835, and hot-dipped galvanized coil...Read More
Metal Bulletin reviews the major stories that have affected the steel market over the past week.Iron ore prices started 2018 on a rise, gaining further ground on Friday January 5 to $76.80 per tonne cfr Qingdao despite the Chinese steel market retreating again.There was barely any movement in the seaborne coking coal market amid a lack of indicative and firm bids, with buyers still trying to figur...Read More
The prices for coated flat steel products showed small changes in Turkey's markets this week, although demand was not very strong in the local or export markets, sources told Metal Bulletin on Friday January 5.Domestic pricesIn Northern Turkey, 0.5mm gauge hot-dipped galvanized coil (HDG) was on offer at $790 per tonne ex-works from one producer, with buyers bidding $785 per tonne ex-works.Souther...Read More
Proposed UK trade laws to replace EU legislation after the country leaves the union ("Brexit") could "water down [UK] anti-dumping and anti-subsidy measures," according to a briefing note published by trade body UK Steel on Friday January 5.The country's parliament will debate two proposed pieces of legislation - the Trade Bill and the Taxation (Cross Border Trade) Bill - on January 8 and 9.The Tr...Read More
Metal Bulletin reviews the major stories that have affected the steel market over the past week.Iron ore prices started 2018 on a rise, gaining further ground on Friday January 5 to $76.80 per tonne cfr Qingdao despite the Chinese steel market retreating again.There was barely any movement in the seaborne coking coal market amid a lack of indicative and firm bids, with buyers still trying to figur...Read More
On Thursday January 4, Metal Bulletin amended its Brazilian domestic steel prices to reflect standard market practices, making changes to the calculation of its monthly assessments.Previously, all Brazilian domestic flat steel prices - Brazil domestic cold-rolled coil (CRC), ex-works, Reais per tonne, monthly; Brazil domestic hot-dipped galvanized coil (HDG), ex-works, Reais per tonne, monthly; an...Read More
Scarce supply in global scrap markets pushed up import prices to both India and Taiwan in the working week from Monday January 1 to Friday January 5, while market activity has remained low in the bellwether Turkish market.Turkey importsNo deals were concluded by Turkish mills for imported bulk scrap cargoes during the week, with many suppliers still on holiday until next week.Turkish steel mills w...Read More