The seaborne coking coal spot market took a breather on Wednesday July 4 with buyers withdrawing to the sidelines in anticipation of prices to drop. "Coking coal prices are propped up due to speculation and rumors fueling supply concerns but the reason feels weak and unconvincing," a North Asian end-user source said. A South Asian end-user source concurred, saying "the market is definitely going s...Read More
China's ferrous futures picked up across the board during morning trading on Wednesday July 4.Futures closing prices - morning session Shanghai Futures Exchange October rebar: 3,812 yuan ($572) per tonne, up 47 yuan per tonne October hot-rolled coil: 3,917 yuan per tonne, up 51 yuan per tonne Dalian Commodity Exchange September iron ore: 464.50 yuan per tonne, up 3.50 yuan per tonne September coki...Read More
Iron ore export volumes from Brazil increased by 4.51% year on year in June, along with higher fob prices. The country exported 35.31 million tonnes of iron ore last month, compared with 33.79 million tonnes in June 2017 according to figures released by the country's foreign trade ministry, MDIC, on Tuesday July 3. Over the same...Read More
Technical action by S&P 500 stocks to 10:00: Quietly bullish. Three utility stocks broke out. None broke down. TSX Gold Index and its related ETF $XGD.CA moved above 193.52 and 194.28 extending an intermediate uptrend. Barrick Gold $ABX.CA $ABX, a TSX 60 stock moved above $17.68 Cdn. extending an intermediate uptrend. Wheaton Precious Metals $WPM $WPM.CA, a TSX 60 stock moved above $22.34 and...Read More
Worldwide Warehouse Solutions (WWS) has filed for bankruptcy under Chapter 7 at a court in the United States and has closed all its operations, Metal Bulletin learnt on Wednesday July 4.The claim was filed by WWS, with legal representation from Bryan Cave Leighton Paisner, on June 28 at the Missouri Eastern Bankruptcy Court in St Louis, according to the court filing. The case lists liabilities of...Read More
China's domestic prices for hot-rolled coil bounced back on Wednesday July 4 after trading activity increased, though export prices softened amid a weakening yuan.DomesticEastern China (Shanghai): 4,220-4,250 yuan ($633-638) per tonne, up 10-20 yuan per tonneNorthern China (Tianjin): 4,120-4,140 yuan per tonne, narrowing upward by 10 yuan per tonneDomestic prices posted some recovery with buyers s...Read More
China's domestic rebar prices experienced a mild recovery on Wednesday July 4 on higher sales following gains in the futures market. Domestic Eastern China (Shanghai): 3,950-4,000 yuan ($593-600) per tonne, widened upward by 10 yuan per tonne Northern China (Beijing): 3,880-3,920 yuan per tonne, up 20 yuan per tonne Rebar futures surged during the first hour of trading, which boosted buying intere...Read More
Arbitrage for copper, aluminium, zinc and nickel imported into China on Wednesday July 4*Copper -$86.07 (-569.63 yuan)Aluminium -$478.65 (-3,167.72 yuan) Zinc $30.42 (201.30 yuan) Nickel -$119.02 (-787.66 yuan) *Metal Bulletin calculates the physical arbitrage for import into China...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 Wednesday July 4:Antimony MB Chinese free market MMTA standard grade II, yuan/tonne: 50,500-51,500 yuan per tonne from 50,800-51,500 yuan Cobalt MB free market high grade, $/lb: $39.00-40.85 per lb from $39.70-41.00 Cobalt MB free...Read More
All MB non-ferrous UK scrap and foundry ingot prices were unchanged on Wednesday July 4.NB: prices expressed delivered consumer...Read More
GENEVA (Reuters) - Major U.S. trading partners including the European Union, China and Japan voiced deep concern at the World Trade Organization (WTO) on Tuesday about possible U.S. measures imposing additional duties on imported autos and parts.Japan, which along with Russia had initiated the discussion at the WTO Council on Trade in Goods, warned that such measures could trigger a spiral of coun...Read More
NEW YORK (Reuters) - The dollar fell on Tuesday in thin pre-holiday trading, as investors consolidated recent gains and focused less on trade tensions, raising the market’s risk appetite and prompting some flows into other currencies such as the euro and Australian dollar.Ahead of the U.S. Independence Day holiday on Wednesday, market sentiment also improved after the Chinese central bank mo...Read More
(Kitco News) - Gold has been held back by a stronger U.S. dollar but the yellow metal could get a boost if the Federal Reserve reigns in expected rate hikes, this according to Chris Mancini, research analyst at Gabelli Funds.Gold prices have been on a steady decline ever since the June 13 Fed meeting, with spot gold down nearly 5% since its June highs. The U.S. dollar index, DXY, has rallied 1...Read More
(Kitco News) - Gold and silver prices were moderately higher in early-afternoon U.S. trading Tuesday, on some short covering in the futures markets and perceived bargain-buying in the cash markets. Gold hit a 12-month low overnight and silver scored a seven-month low on Monday. The U.S. dollar index was also lower today, which favored the precious metals market bulls. August gold futures were last...Read More
(Kitco News) - Bargain hunting is helping to support platinum prices Tuesday after the market dropped to its lowest level in 14 years.Overnight platinum futures dropped to $800 an ounce, a price not seen since December 2008. However, prices have modestly recovered with October platinum futures last trading at $844.30 an ounce, up almost 4% on the day.Platinum prices have dropped more than 18% sinc...Read More
Newmont Mining Corp. (NYSE: NEM) says it has achieved commercial production at its Twin Creeks underground expansion project in Nevada. The Twin Creeks underground mine will add between 30,000 and 40,000 ounces of gold production per year at all-in sustaining costs of between $650 and $750 per ounce for its first five years of production, Newmont says. The new ore will also allow Newmont to p...Read More
Despite recent weakness, gold remains the favorite metal for Adrian Day, chairman and chief executive officer of Adrian Day Asset Management. Gold closed the second quarter around the low for the year as the widening tariff disputes boosted the dollar, Days says. However, in the longer term, a trade war could hurt the greenback, he says. “Short term, many factors are negative for gold: the s...Read More
The latest news and price moves to start the Asian day on Tuesday July 3.Nickel prices on the London Metal Exchange fell by more than 2% by the close of trading on Monday July 2, topping broad losses across the complex while escalating trade tensions and dwindling equity markets weighed on commodities. Read more in our live futures report.Here are how prices looked at the close of tradin...Read More
The latest news and price moves to start the Asian day on Tuesday July 3.Nickel prices on the London Metal Exchange fell by more than 2% by the close of trading on Monday July 2, topping broad losses across the complex while escalating trade tensions and dwindling equity markets weighed on commodities. Read more in our live futures report.Here are how prices looked at the close of tradin...Read More