Turkish domestic auto bundle and shipbreaking scrap prices remained stable over the past week due to the majority of market players keeping their buying prices flat, sources said on Monday June 18.Long steel producer Ege ??elik reduced its buy price for auto bundle scrap by TRY100 ($21) per tonne to TRY1,440 per tonne last week. While ID?? increased its buy price by TRY70 per tonne to TRY1,470 per...Read More
Gold is trading under major pressure today, with August futures currently down $25.90, and is fixed at $1282.30. This sharp decline coincides with a major selloff of many commodities. Sharp declines in oil, grains, and other commodities defined trading activity in the futures markets today. Read More
WASHINGTON (Reuters) - U.S. President Donald Trump on Friday said he wished people would “sit up at attention” for him like North Koreans do for their leader Kim Jong Un, a quip that sparked instant outrage on social media and cable news.It was the latest example of a Trump remark about strongmen leaders - delivered in a deadpan style - to fall flat and fuel perceptions among his criti...Read More
BEIJING (Reuters) - China will impose an additional 25 percent tariff on 659 U.S. goods worth $50 billion, the official Xinhua news agency reported on Saturday, citing the Tariff Commission of the State Council.Tariffs on $34 billion of U.S. goods including agricultural products, autos and aquatic goods will take effect from July 6, Xinhua reported, citing the commission.Tariffs on other U.S. good...Read More
(Kitco News) - Last Friday we told our loyal and wonderful readers to buckle up and expect quite the ride this week - and boy was that the case. The G7, the Federal Open Market Committee, ECB, Singapore, the World Cup....(in no particular order) all delivering significant punches and fireworks. From singer Robbie Williams flashing his middle finger on the global stage during the World C...Read More
(Kitco News) - Gold prices are seeing sharp selling pressure ahead of the weekend, weighted down by surging momentum in the U.S. dollar as monetary policy between the U.S. and Europe continue to diverge.Gold futures are preparing to end the week with heavy losses with August gold last traded at critical support at $1,280.40 an ounce, down 1.71% from last week. The lost comes a day after gold price...Read More
In Wednesday’s highly anticipated FOMC meeting speech, the Federal Reserve took a slightly more hawkish policy tone in signaling two more rate hikes by year-end. However, the gold complex chose to focus on the Fed’s rather tepid view of inflation as Fed Chair Jerome Powell pledged to keep rates low enough to bolster the economy for “some time” and signaled it would tolerate...Read More
(Kitco News) - Wall Street and Main Street both look for gold prices to rise in the next week, based on the Kitco News weekly survey.The metal was range-bound for much of this week before tumbling with other commodities on Friday amid U.S. dollar strength as U.S.-China trade-war worries intensified again. Other significant news events this week were a North Korea-U.S. summit, 25-basis-point intere...Read More
(Kitco News) - Gold prices are sharply down and have sunk to a nearly six-month low in late-morning action Friday. A slumping raw commodity sector in the face of a potential worldwide trade war among major global economies has hit raw commodity prices hard today. The Trump administration has today slapped new import tariffs on Chinese goods coming into the U.S. The gold market on this day has deci...Read More
(Kitco News) - The gold market is seeing renewed selling pressure Friday morning even as equity markets open sharply down. The Dow Jones Industrial Average opened the session down more than 100 points or 0.5% on the day, last trading at 25,013 points. At the same time, the S&P 500 Index opened the day down 11 points or 0.4%, last trading at 2,771 points. According to George Gero, managing...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
After the ECB left rates unchanged on Thursday, gold took off to the upside, trading as high as $1,313 before giving back half of its gains. This morning gold is under a little pressure, which is probably a buying opportunity considering it has been trending higher since the blow-off bottom on May 14. Commodities got hammered on Thursday, especially the grains, which are getting pounded again this...Read More
The latest news and price moves to start the Asian day on Friday June 15.Nickel prices on the London Metal Exchange recorded the largest losses of the day at the close of trading on Thursday June 14, leading the complex lower amid sharp drops in lead, copper and zinc prices. Read more in our live futures report.Here are how prices looked at the close of trading:A gap between three-month zinc...Read More
The latest news and price moves to start the Asian day on Friday June 15.Nickel prices on the London Metal Exchange recorded the largest losses of the day at the close of trading on Thursday June 14, leading the complex lower amid sharp drops in lead, copper and zinc prices. Read more in our live futures report.Here are how prices looked at the close of trading:A gap between three-month zinc...Read More
The latest news and price moves to start the Asian day on Friday June 15.Nickel prices on the London Metal Exchange recorded the largest losses of the day at the close of trading on Thursday June 14, leading the complex lower amid sharp drops in lead, copper and zinc prices. Read more in our live futures report.Here are how prices looked at the close of trading:A gap between three-month zinc...Read More
The US billet upcharge hit another all-time high this week, fueled mostly by issues with suppliers getting material to buyers on time, combined with the continued absence of UC Rusal from the US spot market. Other premiums throughout the globe remained generally steady.US billet premium rises on lessened 6063 availabilityThe US spot extrusion billet upcharge rose to a record high of 17-19 cents pe...Read More
China's metal processing and mining equipment sectors will be counting the cost of new tariffs announced on Friday June 15 by United States Trade Representative (USTR) Robert Lighthizer.They involve $50 billion worth of Chinese exports being hit by 25% duties, additional to duties already applied. They will cover China-made exports of a wide range of metal-making and mining machinery, and a s...Read More
The latest metal news and price moves to start the North American day on Friday June 15.Base metals prices on the London Metal Exchange were mostly lower again during morning trading despite nickel recouping some of its losses.Here's how three-month LME base metals prices...Read More
Key data from the pricing session in the week ending Friday June 15.China Chinese domestic ferro-chrome market strengthens further owing to tightened supply following a new round of environmental inspections in 2018. Higher prices reported for imported charge chrome this week, buoyed by fuel costs increase in winter of South Africa and supply disruptions during maintenance period...Read More
China's domestic spot battery-grade lithium carbonate prices fell further in thin buying this week but lithium hydroxide prices held steady.Asian seaborne battery-grade lithium carbonate prices also edged down, reflecting the continued fall in Chinese prices.A further fall in battery-grade lithium carbonate prices in China weighs on seaborne cif China, Japan and Korea market pricesDownstream consu...Read More