(Kitco News) - The dollar is emerging as the dominant driver of gold prices, according to the World Gold Council. In the short and medium term, gold’s prices can be explained by both the U.S. dollar and interest rates, but according to a recent report by the WCG, the dollar will overtake rates to explain the direction of the yellow metal. “The correlation between gold and US rates is w...Read More
(Kitco News) - Gold and silver prices were solidly lower in early-afternoon U.S. trading Monday. The metals sold off in the face of an appreciating U.S. dollar on the world foreign exchange market. The U.S. dollar index hit a more-than-three-month high today. There is also little risk aversion in the marketplace at present, which is another bearish element for the precious metals markets. June Com...Read More
(Kitco News) - Fundamentals are in place for precious metals, especially silver, to significantly break out of current trading ranges, according to a report from Bloomberg Intelligence.The report said that silver has a history of lagging its industrial metals companions and can rally as much as 50% by simply “catching up.”“Essentially unchanged from June 2016, silver has plenty o...Read More
(Kitco News) - Large speculators slightly increased their net-bullish positioning in gold futures, while slashing their net-bearish stance in silver, during the most recent reporting week for data compiled by the U.S. Commodity Futures Trading Commission.However, analysts pointed out, the next report - due out Friday - will likely show that the bullish posture in gold has since fallen, as prices h...Read More
(Kitco News) - Investors appear to be shunning gold once again as the geopolitical tension continue to ease but one international bank says that investors should at least keep one eye on the yellow metal as prices look to increase through the rest of the year.In a research report published Monday, Barnabas Gan, commodity economist at OCBC Bank, said that he was raising his gold forecast, reversin...Read More
(Kitco News) - The gold market continues to struggle to maintain momentum as its quiet summer period quickly approaches, but one research firm is expecting that prices will break out of their current trading channel by the end of the year and be solidly above $1,400 an ounce in 2019. Following a positive first quarter for gold, the research team at Murenbeeld & Co. increased its price forecast...Read More
(Kitco News) - On holiday last week, I am missing the nuance of the past few trading days. We suggested that the technical picture was looking positive with the caveat that $1,355 on a close basis was necessary to create further upside momentum. Looking at last week's charts, traders were unable to push gold through this level. The weakness overnight was generated from two factors. The first was N...Read More
SHANGHAI, Apr 23 (SMM) – This is a roundup of global macroeconomic news last weekend and what is expected today.Last weekendAs the US treasury yield surged, the US dollar index closed at 90.33 last Friday night, up 0.58% over the week. It recorded a two-week high of 90.48 at one point.Base metals performed relatively wealyk with mixed trading. SHFE nickel continued to weaken over 1%, alumini...Read More
SHANGHAI, Apr 23 (SMM) – This is a roundup of global macroeconomic news last weekend and what is expected today.Last weekendAs the US treasury yield surged, the US dollar index closed at 90.33 last Friday night, up 0.58% over the week. It recorded a two-week high of 90.48 at one point.Base metals performed relatively wealyk with mixed trading. SHFE nickel continued to weaken over 1%, alumini...Read More
SHANGHAI, Apr 23 (SMM) – This is a roundup of global macroeconomic news last weekend and what is expected today.Last weekendAs the US treasury yield surged, the US dollar index closed at 90.33 last Friday night, up 0.58% over the week. It recorded a two-week high of 90.48 at one point.Base metals performed relatively wealyk with mixed trading. SHFE nickel continued to weaken over 1%, alumini...Read More
Steel billet prices in most markets were stable or went down in the week from Monday April 16 to Friday April 20 on reduced trading activity worldwide, with the exception of China, where prices strengthened slightly amid good demand.Raw materialsGlobal scrap prices could not recover last week after the decline in Turkish scrap import values, caused by weak rebar demand in the country's domestic an...Read More
Steel billet prices in most markets were stable or went down in the week from Monday April 16 to Friday April 20 on reduced trading activity worldwide, with the exception of China, where prices strengthened slightly amid good demand.Raw materialsGlobal scrap prices could not recover last week after the decline in Turkish scrap import values, caused by weak rebar demand in the country's domestic an...Read More
Base metals on the London Metal Exchange ended lower at the close of trading on Monday April 23, with aluminium falling 7.5% after the United States announced it would not impose secondary sanctions against UC Rusal. The US Department of the Treasury's Office of Foreign Assets Control (OFAC) will not impose secondary sanctions on non-US persons for engaging in the same activity involving Rusal or...Read More
Participants in the European aluminium market expect a bearish reversal of premiums after the United States Treasury decided on Monday April 23 that it will not impose secondary sanctions on non-US market participants for doing business with Russian supplier Rusal.The Treasury said that it wanted to mitigate the consequences for those affected by the sanctions because it wanted to target Russian o...Read More
The London Metal Exchange will begin testing the electronic trading of close prices in early 2019, starting with nickel, LME chief executive officer, Matt Chamberlain, said at the LME Update Forum.During the trial, the closing price of nickel will move off the Ring and on to its member trading system, LME Select.Speaking at the LME Update Forum, Chamberlain highlighted that member feedback - predo...Read More
UG2 chrome ore, and Chinese and Japanese ferro-chrome markets were bearish last week on anticipation of China's stainless steel mills lowering their ferro-chrome tender prices for May. Scarce activity due to sellers holding back from soft UG2 chrome ore Charge chrome quiet before tenders revealed Trades show fall in ferro-chrome into South Korea European ferro-chrome prices stab...Read More
An overview of the battery raw materials markets and their price moves from the past week. Read More
UG2 chrome ore, and Chinese and Japanese ferro-chrome markets were bearish last week on anticipation of China's stainless steel mills lowering their ferro-chrome tender prices for May. Scarce activity due to sellers holding back from soft UG2 chrome ore Charge chrome quiet before tenders revealed Trades show fall in ferro-chrome into South Korea European ferro-chrome prices stab...Read More
Manganese ore markets recorded further losses on Friday April 20 amid deteriorating sentiment around Chinese alloy and steel demand, while European alloy prices maintained current levels on sufficient stocks. Ore prices keep sliding on weaker alloy, steel demandSilico-manganese prices drop in ChinaIndian silico-manganese tracks ore lowerEuropean alloy prices remain steadyUS silico-manganese price...Read More
Hydro has notified UC Rusal that it may be necessary to declare force majeure on certain contracts due to the United States imposing sanctions on the Russian aluminium producer, Hydro said on Friday April 20.This is because Hydro could be prevented from upholding its obligations due to the sanctions issued by US Department of the Treasury against Oleg Deripaska and Rusal on April 6, the company sa...Read More