U.S. equity index futures were lower this morning. S&P 500 futures were down 10 points in pre-opening trade. Traders are responding to President Trump's approval of $50 billion in tariffs on Chinese goodsToday is Quadruple Witching Day on U.S. markets, the last trade date for June index and equity futures and options.Index futures were virtually unchanged following release of the June Empire S...Read More
Three-month base metals prices on the London Metal Exchange were for the most part lower on the morning of Friday June 15, led by a 0.6% fall in zinc prices to $3,161 per tonne.While nickel gained 0.3%, the rest are off between 0.1% and 0.2%. Copper prices were recently quoted at $7,153 per tonne.Volumes have been average with 5,356 lots traded as of 0707 London time. This follows a day of we...Read More
China's domestic hot-rolled coil prices were largely flat on Friday June 15, with traders and buyers in wait-and-see mode before the country's upcoming three-day public holiday.DomesticEastern China (Shanghai): 4,310-4,320 yuan ($674-675) per tonne, narrowed by 10 yuan per tonne at both ends of the range.Northern China (Tianjin): 4,240-4,250 yuan per tonne, narrowed down by 10 yuan per t...Read More
Base metals prices on the London Metal Exchange were mostly lower again during morning trading on Friday June 15, despite nickel recouping some of its losses.Base metals prices on the London Metal Exchange were mostly lower again during morning trading on Friday June 15, despite nickel recouping some of its losses.After falling over $300 per tonne on Thursday, nickel is the only base metal to be t...Read More
Base metals prices on the Shanghai Futures Exchange were broadly lower during Asian morning trading on Friday June 15, pressured by a strengthening US dollar.The US dollar index stood at 94.95 on Thursday' close, up 0.13% from Wednesday's close, supported by the US Federal Open Market Committee announcement of a 25-basis-point-rise in interest rates at its meeting on Wednesday and hintin...Read More
China's ferrous futures were mixed in the morning trading session on Friday June 15, with coke futures up, HRC futures down, and those of rebar, iron ore and coking coal largely flat. Futures closing prices - morning session Shanghai Futures Exchange October rebar: 3,877 yuan ($606) per tonne, down 2 yuan per tonne October hot-rolled coil: 3,954 yuan per tonne, down 13 yuan per tonne Dalian Commod...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 Friday June 15:Minor metals Antimony MB free market regulus, $/tonne: $8,050-8,300 per tonne from $8,150-8,400 Antimony MMTA standard grade II, $/tonne: $8,000-8,250 per tonne from $8,100-8,350 Cobalt MB free market high grade, $/lb: $40.60-41.75 per lb from $41.00-42.15 Cobalt MB free market low...Read More
European base prices for flat and long stainless steel products were unchanged this week amid generally balanced and stable market conditions, sources told Metal Bulletin on Friday June 15.Demand is healthy, both domestically and for export, with one distributor noting particularly high interest from the UK and Eastern Europe, although buying from Turkey has slowed, possibly as a result of the wea...Read More
China's domestic stainless steel prices moved down over the past week on decreased demand.Metal Bulletin's assessment of prices for benchmark 304 stainless cold-rolled coil in the major market of Wuxi was 15,500-15,900 yuan ($2,422-2,485) per tonne including VAT for the week ended Thursday June 14, down 200-300 yuan per tonne from a week earlier. Environmental inspections resulted in the supp...Read More
All MB non-ferrous European scrap prices were unchanged on Friday June 15.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
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
In light of in incredibly strong U.S. dollar or, more appropriately, a dramatically lower Eurodollar, gold has managed to hold onto gains. As of 4:00 PM Eastern standard time, gold futures are currently trading up $5.20 at $1,306.50, a net gain of 0.40%.The Eurodollar is currently down almost 1.8% on the day at 1.158. This weakness is a direct result of last night’s announcement by the Europ...Read More
WASHINGTON, June 14 (Reuters) - The U.S. Federal Reserve on Thursday said it would finalize a rule introduced following the 2007-09 global financial crisis limiting the amount of credit exposure a big bank can have to a single counterparty.The rule, which applies to domestic and foreign banks of more than $250 billion in assets, aims to prevent the contagion risks that saw many big banks wobble du...Read More
Lindsay DunsmuirWASHINGTON (Reuters) - The International Monetary Fund warned on Thursday that U.S. President Donald Trump’s new import tariffs threaten to undermine the global trading system, prompt retaliation by other countries and damage the U.S. economy.“Let us not understate the macroeconomic impact,” IMF Director Christine Lagarde said, saying the tariffs will have a large...Read More
(Kitco News) - Gold and silver prices are higher in early-afternoon U.S. trading Thursday, but down from their daily highs. Still, both metals are showing surprising and impressive resilience in the face of a strong surge in the U.S. dollar index today. Gold prices hit a four-week high and silver hit a seven-week high today. August Comex gold futures were last up $5.80 an ounce at $1,307.10. July...Read More
BRUSSELS (Reuters) - European Union countries on Thursday unanimously backed a plan to impose import duties on 2.8 billion euros ($3.3 billion) worth of U.S. products after Washington hit EU steel and aluminum with tariffs at the start of June, EU sources said.The measures still need to be adopted by the European Commission, whose next scheduled meeting is June 20. They should be in place by late...Read More
(Kitco News) - Gold is poised to climb in the months ahead despite another U.S. interest-rate hike on Wednesday and prospects for further monetary tightening, said two banks in research notes Thursday. “Following the seventh U.S. rate hike this cycle and with the promise of two more before year-end, I see the potential for the gold focus turning more supportive,” said Ole Hansen, head...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