(Kitco News) - Gold prices are seeing a very limited reaction to disappointing U.S. gross domestic product data that showed weaker than expected growth in Q1, according to the U.S. Commerce Department. The final estimate of the first-quarter gross domestic product showed the U.S. economy growing at an annual rate of 2% versus the expected 2.2%. This is the third GDP reading. The very first estimat...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
Trading Places was the hit movie in the 1980s, with a scene in which Winthorp and Valentine were in the frozen-orange-juice pit watching the market going straight up. Valentine, getting nervous, says to Winthorp, “Louie, is it time?” The answer was simple -- not now. They watched the rally continue, waiting patiently for their opportunity. The gold market is becoming very similar to th...Read More
The latest news and price moves to start the Asian day on Thursday June 28.Base metals prices on the London Metal Exchange ended mostly lower at the close of trading on Wednesday June 27, with tin leading the charge with a more than 2% decline. Read more in our live futures report.Here are how prices looked at the close of trading:Comex copper prices were once again facing a bout of selling,...Read More
The latest news and price moves to start the Asian day on Thursday June 28.Base metals prices on the London Metal Exchange ended mostly lower at the close of trading on Wednesday June 27, with tin leading the charge with a more than 2% decline. Read more in our live futures report.Here are how prices looked at the close of trading:Comex copper prices were once again facing a bout of selling,...Read More
Base metals prices on the London Metal Exchange closed mostly in negative territory on Thursday June 28, with lead edging 1.5% lower amid broad downward trends in tin and copper. Although lead had previous shown some resilience to the recent slowdown across the complex, prices dropped below $2,400 per tonne for the first time since May 18. Broad strength in the dollar continues to weigh on th...Read More
European alloy steel surcharges for July deliveries of grade-304 cold-rolled (CR) stainless steel sheet have risen for the sixth consecutive month on an increase in nickel costs to reach their highest level since June 2011. The July alloy surcharge for 2mm grade-304 CR stainless steel sheet - based on data published by Outokumpu, Acerinox and Aperam - is ?,?1,624-1,648 ($1,886-1,914) per tonne. Th...Read More
Oil and gas conglomerate BP plc is to buy Chargemaster, the UK's largest electric vehicles (EVs) charging company, and plans to deploy the network across its forecourts in the country over the next 12 months. The charging company, to be rebranded BP Chargemaster, has over 6,500 charging points across the UK through its Polar network. The company also designs, builds, sells and maintains EV chargin...Read More
Oil and gas conglomerate BP plc is to buy Chargemaster, the UK's largest electric vehicles (EVs) charging company, and plans to deploy the network across its forecourts in the country over the next 12 months. The charging company, to be rebranded BP Chargemaster, has over 6,500 charging points across the UK through its Polar network. The company also designs, builds, sells and maintains EV chargin...Read More
Bauxite exports from Emirates Global Aluminium's (EGA) Guinea Alumina Corp subsidiary will begin in the second half of 2019, while integrated aluminium companies are seeking to secure upstream supply to shield themselves from volatile alumina prices. Construction at the project has reached 50% completion, EGA said on Wednesday June 27. At full capacity, Guinea Alumina will produce 12 million tonne...Read More
China's 10 largest copper smelters have assessed current treatment charges (TCs) at above $90 per tonne at a meeting on Thursday June 28 without officially disclosing its base level for the third-quarter procurement, Metal Bulletin has learned. The China Smelters Purchase Team (CSPT) agreed during a meeting in Manzhouli, Inner Mongolia, to discuss the minimum levels for TCs from July to September,...Read More
Oil and gas conglomerate BP plc is to buy Chargemaster, the UK's largest electric vehicles (EVs) charging company, and plans to deploy the network across its forecourts in the country over the next 12 months. The charging company, to be rebranded BP Chargemaster, has over 6,500 charging points across the UK through its Polar network. The company also designs, builds, sells and maintains EV chargin...Read More
Turkish steel producers continued their deep-sea scrap purchases for August deliveries on Thursday June 28.A steel mill in northern Turkey booked a Canadian cargo, comprising 30,000 tonnes of shredded and 20,000 tonnes of HMS 1&2 (90:10) at an average price of $368 per tonne cfr.And a steel mill...Read More
Comex copper prices tumbled to the lowest price since August 2017 this morning in the US, with bearish investors capturing the market due to threats of an impending trade war.Copper for September settlement on the Comex division of the New York Mercantile Exchange crashed 4.45 cents or 1.5% to $2.9400 per lb. The contract is now trading at the lowest point since mid-August and has fallen in 10 of...Read More
Three-month base metals prices on the London Metal Exchange were marginally higher during morning trading on Thursday June 28, with the complex up by an average of 0.2%. Nickel led the gains with a 0.7% increase to hover near $15,000 per tonne, followed by aluminium that was up by 0.3%, while lead and tin edged up by 0.1% and copper and zinc were little changed.Volume has been quite light with 3,7...Read More
Oil and gas conglomerate BP plc is to buy Chargemaster, the UK's largest electric vehicles (EVs) charging company, and plans to deploy the network across its forecourts in the country over the next 12 months. The charging company, to be rebranded BP Chargemaster, has over 6,500 charging points across the UK through its Polar network. The company also designs, builds, sells and maintains EV chargin...Read More
Both Chinese cobalt metal and salts prices trended lower at the midweek pricing session due to weak demand and an urgency among sellers to square books at the half-year end. Metal Bulletin's Chinese cobalt metal price narrowed to 540,000-550,000 yuan per tonne (approximately $31.99-32.59 per lb, China VAT-free) on Wednesday June 27 from 540,000-560,000 yuan per tonne on June 22. The Jinchuan...Read More
The Italian steel distribution network faces a shake-up from ArcelorMittal's efforts to meet its anti-trust obligations to acquire steelmaker Ilva.The European Commission (EC) EC has requested the "sale availability" of four ArcelorMittal CLN Distribuzione Italia (AM CLN) steel service centers (SSCs), Cesare Vigan??, the managing director of ArcelorMittal CLN Distribuzione Italia (AM CLN), said."T...Read More
Steelmakers around the world can improve their plant performance, safety and product quality by further digitizing their processes, delegates at the Asian Stainless Steel Forum 2018 heard on Thursday June 28.Mills could automate their electric-arc furnaces (EAFs) and converters, deploying smart sensors and collecting big data to improve processes, Zhai Yuyou, director of sales at technology provid...Read More
European steelmakers increased their hot-dipped galvanized coil (HDG) offers by ?,?20 ($23) per tonne this week, despite limited market activity, sources told Metal Bulletin.The price rise is expected to be supported by combination of effects from upcoming decision in an EC safeguarding case and the fact that steelmakers currently have good order books.The European Commission opened an invest...Read More