Iron ore exports from Western Australia's Port of Port Hedland recorded a 2% year-on-year increase in May to their second highest level on record amid better prices.The port shipped 44.97 million tonnes of the steelmaking raw material last month, up from 44.08 million tonnes a year earlier, according to data released by the Pilbara Ports Authority on Monday June 11.The volume is also...Read More
Weak consumer demand continued to push antimony prices down in both the European and Chinese markets last week.Prices for antimony with bismuth content below 100ppm or trioxide-grade in-warehouse Rotterdam edged down to $8,200-8,450 per tonne on Friday June 11 from the mid-week assessment of $8,200-8,500 per tonne, when prices had kept stable with the May 25 assessment.The MMTA standard grade II a...Read More
Chinese silicon export price kept trending lower due to limited buying appetites and ahead of production ramp-up at refineries in southern China; meanwhile, European prices held steady after drops seen one week earlier. The Chinese grade 553 silicon export price dropped to $1,780-1,870 per tonne on Friday June 8, down from $1,810-1,900 per tonne one week ago. Despite delayed operations resuming at...Read More
Physical cobalt prices fell again on Friday June 8, faced with cheaper metal supplies, seasonally weaker spot demand and poor sentiment, market sources told Metal Bulletin. High-grade and low-grade cobalt prices were assessed at $41.65-42.95 per lb, in-warehouse, on Friday June 8, down 0.5% from the previous assessment of $42-43 per lb. Metal has become more cheaply and readily available, as...Read More
Seaborne coking coal prices rose to their highest in over two months last week - on Monday June 11, Metal Bulletin's fob Australia Premium Hard Coking Coal Index was 35% higher than where it was a year earlier - with supply concerns emerging as a key factor affecting the outlook for the market.Changes made by Queensland's rail freight operator Aurizon to its operational and maintenance practices h...Read More
Brazilian slab export prices remained unchanged last week, as buyers were hesitant about placing bids after recent developments related to Donald Trump's Section 232 investigation in the United States.Metal Bulletin's weekly price assessment for slab exports from Brazil was $580-590 per tonne fob on Friday June 8, stable from the previous week.The market was momentarily halted...Read More
Today marks the first day of a weeklong timeline that will include a series of events that will profoundly impact the financial markets and the geopolitical fabric for years to come. Today the Group of Seven began its meeting in Qu?(C)bec. Although President Trump will only be in attendance for a single day, his words and actions have the potential to create a deeper chasm between the United State...Read More
(Reuters) - U.S. stock indexes edged higher on Friday as investors placed bets ahead of a busy week of central bank meetings and some traders cited a shift out of emerging markets most exposed to higher oil prices and global trade tensions.Major indexes fell sharply earlier in the day, as shares of Apple Inc (AAPL.O) and its suppliers were down following a report that the iPhone maker was planning...Read More
(Kitco News) - Silver is likely to reach $18.50 an ounce in third quarter of 2018, and maybe even hit 2016 highs of $21.50 an ounce by the four quarter, based on a combination of technical, sentiment, seasonal, and fundamental factors. The white metal is undervalued at current price levels and is expected to become one of the best performing assets, making it an ideal contrarian investment, accord...Read More
(Kitco News) - As this newsletter is being written, the Group of Seven summit is about to begin in my home province of Quebec. And it looks like this G7 gathering might be one of the most bitter in years; with the world on the brink of a trade war, the stakes are high.Before arriving in Canada, President Trump noted he may leave early in preparation for his upcoming Singapore summit with North Kor...Read More
(Kitco News) -Gold’s near-term outlook is once again in the hands of central bankers as two much anticipated monetary policy meetings will be held next week.Many analysts have noted that gold has followed a well-established pattern: selling off before an expected rate hike to then rise once the dust has settled. The question on many investor’s minds is whether or not this pattern will...Read More
(Kitco News) - Wall Street and Main Street alike look for gold prices to rise next week even though the Federal Open Market Committee is widely expected to hike U.S. interest rates again, based on the Kitco News weekly survey.But then, some observers pointed out: traders have already factored higher U.S. rates into markets.Investors have many major news events to monitor next week, with perhaps th...Read More
These are the words of Rick Rule, who is one of the most successful resource stock speculators of our time. Mr. Rule’s famous quote is being put to the test while we approach yet another gold sensitive Federal Reserve Open Market Committee (FOMC) meeting next week. The markets reaction to the statement, which will be given by Fed Chairman Jerome Powell at the conclusion of the meeting on Jun...Read More
The next seven days can be huge for equities, metals and commodities. It all starts with the G-7, followed by the North Korean summit on Tuesday, the Fed on Wednesday and the grand finale -- Super Mario and the ECB -- on Thursday. Any one of these events could have a dramatic effect on all markets, especially the metals. The equities have already broken out to the upside, especially the Russell an...Read More
Standard Chartered looks for gold weakness into next week’s meeting of the U.S. Federal Open Market Committee but also forecasts that any cycle lows in the price that will present a buying opportunity. Analysts note that gold regained $1,300 an ounce recently but has not been able to generate further upside momentum. “Investors appear to lack conviction in gold ahead of the June FOMC a...Read More
(Kitco News) - Gold and silver prices are trading near unchanged levels in early U.S. trading Friday. Selling interest in the safe-haven metals will be limited today, heading into the weekend and pending major geopolitical developments. August Comex gold futures were last up $0.30 an ounce at $1,303.50. July Comex silver was last up $0.015 at $16.83 an ounce. There is some uncertainty and even som...Read More
SHANGHAI, Jun 8 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar index extended its decline overnight and closed at 93.44.LME aluminium dropped close to 2% while lead, nickel and tin rose some 1%. LME copper inched up and hit a fresh high in four and a half years as the worries lingered over supply from the Chile Escondida l...Read More
SHANGHAI, Jun 8 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar index extended its decline overnight and closed at 93.44.LME aluminium dropped close to 2% while lead, nickel and tin rose some 1%. LME copper inched up and hit a fresh high in four and a half years as the worries lingered over supply from the Chile Escondida l...Read More
SHANGHAI, Jun 8 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar index extended its decline overnight and closed at 93.44.LME aluminium dropped close to 2% while lead, nickel and tin rose some 1%. LME copper inched up and hit a fresh high in four and a half years as the worries lingered over supply from the Chile Escondida l...Read More
The latest news and price moves to start the Asian day on Friday June 8.Copper prices on the London Metal Exchange continued to drive higher at the close of trading on Thursday June 7, climbing by 1.5% to finish the day above $7,300 per tonne for the first time since January 2014. Read more in our live futures report. Here are how prices looked at the close of trading:The European Commission&...Read More