International metals group Liberty House is to make an "unconditional and comprehensive offer" for French speciality steelmaker Asco Industries (Ascometal) ahead of the cutoff time on Friday January 19 that was set by a court in eastern France, it said on deadline day.Liberty House declined to disclose the value of its bid, but noted its intention to invest "?,?300 [$366.62 million] over five year...Read More
China's domestic stainless steel prices continued to trend downward over the past week amid high selling interest coupled with soft demand. Metal Bulletin's assessment of prices for benchmark 304 stainless cold-rolled coil in the major market of Wuxi was 14,500-15,200 yuan ($2,256-2,365) per tonne including VAT for the week ended Thursday January 18, down 200 yuan per tonne a week earlier. Steel.....Read More
Import prices for containerized heavy melting scrap (HMS) in Taiwan showed some signs of softening this week on increased supply.Metal Bulletin's price assessment for imports of United States-origin HMS 1&2 (80:20) into Taiwan was $348-360 per tonne cfr for the week ended Friday January 19, widening downward by $2 per tonne from a week earlier.Sellers continued to offer cargoes at $360 per tonne c...Read More
An alleviation of supply concerns in the seaborne coking coal market has led to prices for the steelmaking raw material starting to retreat this month, but just how low they fall will be determined by how quickly demand rises over the next few weeks when Chinese buyers make an expected return.Fixed-price spot transactions in the seaborne premium hard coking coal market have been scarce in recent w...Read More
Candlestick patterns create models which are a visual representation of market sentiment as well as a forward forecasting tool. This technical approach looks at past market moves in an attempt to identify patterns that occur with regularity that can be found during various market scenarios. Continuation PatternsIn one of the pattern types identified, there are two basic classes. The first class of...Read More
(Kitco News) - Commodity exchange-traded funds (ETFs) inflows point to an excitement in the gold market, according to Bloomberg Intelligence commodity strategist Mike McGlone.“Dominated by precious metals, inflows indicate a gold market that continues to gain favor despite rapidly increasing financial assets,” McGlone said in a note published on Thursday. Growing demand for divers...Read More
(Kitco News) - Gold and silver prices were ending the U.S. day session lower Thursday, on some normal profit-taking pressure after both markets earlier this week hit multi-month highs. February Comex gold was last down $10.10 an ounce at $1,329.10. March Comex silver was last down $0.171 at $16.995 an ounce.The precious metals did not show much reaction to growing concerns in the marketplace regar...Read More
(Kitco News) - After recovering in 2017, gold prices are in for further gains this year, with the potential to hit $1,440 an ounce, said MKS PAMP in its annual outlook.“As the demand is set to improve, the supply side will remain under pressure. This combined with ongoing geopolitical tensions and the official sector expected to be a net buyer prompts us to set the yearly average at 1365.00...Read More
(Kitco News) - The risks of a government shutdown continue to rise as Congress’ deadline quickly approaches; however, gold bulls might be disappointed if they are expecting to see higher prices as a result of ongoing political turmoil on Capitol Hill.Washington has until Friday to come up with an agreement to fund the government. But, with a growing number of politicians are pushing back aga...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 Thursday January 18.Base metals prices on the London Metal Exchange were mostly lower for the second day in a row at the close on Wednesday January 17, retreating further from earlier highs. Read more here in our live futures report.Here are how prices looked at the end of the day on Wednesday.Three trading companies have accepted Nornickel...Read More
The latest news and price moves to start the Asian day on Thursday January 18.Base metals prices on the London Metal Exchange were mostly lower for the second day in a row at the close on Wednesday January 17, retreating further from earlier highs. Read more here in our live futures report.Here are how prices looked at the end of the day on Wednesday.Three trading companies have accepted Nornickel...Read More
Base metals prices on the London Metal Exchange were mostly higher at the close on Thursday January 18, with only tin bucking the higher trend. Aluminium prices closed over 2% higher than Wednesday's close price supported by stronger-than-expected Chinese data and the dollar weakening once more. "Judging by its current technical configuration, LME aluminium continues to consolidate from recent gai...Read More
Oyu Tolgoi has declared force majeure on copper, gold and silver concentrate shipments to customers due to a protest by Chinese coal transporters in the area of the Ganqimaodu border zone, Turquoise Hill Resources said. Safe and normal mine operations, including underground development, have been maintained and no production impact is expected, the company added. The protestors used a large number...Read More
Comex copper prices recovered from a multi-week low in the US morning on Thursday January 18, with solid Chinese data and a weaker dollar providing support. Copper for March settlement on the Comex division of the New York Mercantile Exchange inched up 1.10 cents or 0.3% to $3.20 per lb. The complex is largely being supported by a weakening dollar and the release of key Chinese data today. Chinese...Read More
Oyu Tolgoi has declared force majeure on copper, gold and silver concentrate shipments to customers due to a protest by Chinese coal transporters in the area of the Ganqimaodu border zone, Turquoise Hill Resources said. Safe and normal mine operations, including underground development, have been maintained and no production impact is expected, the company added. The protestors used a large number...Read More
The Turkish deep-sea scrap market continued to remain quiet on Thursday January 18, with Turkish steel mills staying away due to the current high prices, sources told Metal Bulletin.Turkish steel producers were expecting to be back for more February cargoes, but they are struggling with softening rebar export values and weak demand in the country's major export markets.Suppliers in the United Stat...Read More
Oyu Tolgoi has declared force majeure on copper, gold and silver concentrate shipments to customers due to a protest by Chinese coal transporters in the area of the Ganqimaodu border zone, Turquoise Hill Resources said. Safe and normal mine operations, including underground development, have been maintained and no production impact is expected, the company added. The protestors used a large number...Read More
Comex copper prices recovered from a multi-week low in the US morning on Thursday January 18, with solid Chinese data and a weaker dollar providing support. Copper for March settlement on the Comex division of the New York Mercantile Exchange inched up 1.10 cents or 0.3% to $3.20 per lb. The complex is largely being supported by a weakening dollar and the release of key Chinese data today. Chinese...Read More
The London Metal Exchange has appointed Robin Martin as its new head of market development, the exchange said. Robin is currently managing director for market infrastructure at the World Gold Council (WGC). He joined the organisation in November 2012. In July 2017, the LME and the WGC teamed up to launch LMEprecious which introduced...Read More