KINSHASA, Jan 24 (Reuters) - Democratic Republic of Congo's new proposed mining code, which the industry has warned will stifle investment in the copper and cobalt-rich nation, sailed through the Senate without opposition late on Wednesday.A version passed by the National Assembly - Congo's lower house of parliament - last month would increase taxes and royalties, including potentially more than...Read More
(Kitco News) - The rally behind gold prices is targeting “a major band of resistance between $1,357 and $1,380,” said head of commodity strategy at Saxo Bank Ole Hansen, adding that if breached, gold could climb above $1,450.The environment looks bullish for gold, mainly due to inflation expectations, a weak U.S. dollar, overall commodity price trends as well as geopolitical and financ...Read More
(Kitco News) - Gold and silver prices ended the U.S. day session sharply higher and near their daily highs Wednesday. Gold scored a 4.5-month high and silver notched a nine-week high. A sharply lower U.S. dollar index that slumped to a 3.5-year low today, and rallying crude oil prices that hit a 2.5-year high, are providing the precious metals bulls with rocket fuel. February Comex gold was last u...Read More
Standard Chartered sees potential for interest in gold as an inflation hedge to pick up again. “Rising inflation expectations as a driver of gold prices have provided little motivation for investors to buy gold over the past year,” analysts say. This has occurred since inflation has not materialized despite quantitative easing in key developed nations. “The relationship between g...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
The latest news and price moves to start the Asian day on Wednesday January 24.The three-month copper contract on the London Metal Exchange plummeted by more than 2% at the close on Tuesday January 23 after on-warrant stocks hit their highest level since October 20, 2017. Read more in our live futures report.Here are how prices looked at the end of the day on Tuesday.A series of put...Read More
The latest news and price moves to start the Asian day on Wednesday January 24.The three-month copper contract on the London Metal Exchange plummeted by more than 2% at the close on Tuesday January 23 after on-warrant stocks hit their highest level since October 20, 2017. Read more in our live futures report.Here are how prices looked at the end of the day on Tuesday.A series of put...Read More
Lithium fans, take note. The metal's crown as the leading raw material in batteries for electric vehicles (EVs) is facing increasing competition from other products such as cobalt and nickel. Lithium has hogged the top spot in EV batteries for some time, largely due to its early adoption in technology developed by Tesla. For more than a decade, the US-based company has been using lithium-ion batte...Read More
Base metals prices on the London Metal Exchange put in a strong performance on the afternoon of Wednesday January 24, supported by the weaker dollar, to close in positive territory across the board.The three-month nickel price ended more than 5% higher than Tuesday's closing price after hitting its highest since June 2015. Volumes were also high today, with more than 18,000 lots traded by 17:15 Lo...Read More
Copper premiums in the United States and Europe were little changed on Tuesday January 23, although US participants are gaining more confidence as the year progresses, while in China premiums once again saw downward pressure on sluggish demand. US participants growing more optimistic due to construction figures and freight costs Chinese premiums falling due to softening demand European...Read More
Lithium fans, take note. The metal's crown as the leading raw material in batteries for electric vehicles (EVs) is facing increasing competition from other products such as cobalt and nickel. Lithium has hogged the top spot in EV batteries for some time, largely due to its early adoption in technology developed by Tesla. For more than a decade, the US-based company has been using lithium-ion batte...Read More
The construction of SSR Mining's project in Argentina, projected to produce more than 15,875 tonnes per year of lead metal, started this month with the first ore feed expected in the second half of 2018. This year's guidance for lead production is up to 12.5 million lb (5,670 tonnes), SSR spokeswoman Stacey Pavlova told Metal Bulletin. The first ores from the Chinchillas lead, silver and zinc proj...Read More
Lithium fans, take note. The metal's crown as the leading raw material in batteries for electric vehicles (EVs) is facing increasing competition from other products such as cobalt and nickel. Lithium has hogged the top spot in EV batteries for some time, largely due to its early adoption in technology developed by Tesla. For more than a decade, the US-based company has been using lithium-ion batte...Read More
Silicon metal prices in the United States will find limited support from US President Donald Trump's decision to impose hefty duties on imported solar panels, industry sources said. While the measure could encourage local production and consequently have an impact on the demand for silicon, the key driver for the metal's price will be the final determinations on the trade investigations of US sili...Read More
Turkish steel mills returned to the deep-sea scrap markets for material at lower prices on Wednesday January 24, after a short break for price negotiations.Metal Bulletin's daily index for Northern European HMS 1&2 (80:20) closed the day at $346.50 per tonne cfr, down by $7.44 per tonne day-on-day.The daily index...Read More
The construction of SSR Mining's project in Argentina, projected to produce more than 15,875 tonnes per year of lead metal, started this month with the first ore feed expected in the second half of 2018. This year's guidance for lead production is up to 12.5 million lb (5,670 tonnes), SSR spokeswoman Stacey Pavlova told Metal Bulletin. The first ores from the Chinchillas lead, silver and zinc proj...Read More
Domestic prices for hot-rolled coil (HRC) have risen in Southern Europe due to lower availability of the material from the region's mills and a lack of competitive import offers, sources told Metal Bulletin this week.Metal Bulletin's weekly price assessment for domestic HRC in Southern Europe went up to ?,?530-545 ($650-669) per tonne ex-works this week, compared with ?,?520-540 per tonne ex-works...Read More
Domestic prices for heavy steel plate in Southern Europe are expected to rise following an increase in slab prices, sources told Metal Bulletin on Wednesday January 24.A rise in slab prices has had a notable effect on Southern European prices because the majority of plate in the region is produced by re-rollers in Italy.Metal Bulletin's weekly price assessment for domestic grade-S235JR heavy steel...Read More
China's domestic prices for hot-rolled coil recovered some losses on Wednesday January 24 with the paper market continuing to trend upward throughout the day.DomesticEastern China (Shanghai): 4,080-4,100 yuan ($637-640) per tonne, up 10 yuan per tonne Northern China (Tianjin): 3,940-3,960 yuan per tonne, up 10 yuan per tonneSpot prices edged up during the day due to a strengthening paper market. T...Read More
Domestic prices for hollow steel sections in Southern Europe are likely to rise over the next month, with producers facing a shortage of hot-rolled coil (HRC) in the region, sources have told Metal Bulletin.HRC prices have enjoyed a strong start to 2018 in Southern Europe thanks to a lack of available imported material at workable prices and problems with output at Italian steelmaker Ilva."[Steelm...Read More