The Chief Executive Officer of Chilean state copper company Codelco, Nelson Pizarro, confirmed rumours this weekend that he would stay on at the company's helm even after the country's new President, Sebastian Pi??era, appoints a new chairman and three directors in May.The mining veteran, who took the post in 2014, has played a critical role in the drive to reduce spending and force a reduction in...Read More
A Mongolian former finance minister, Bayartsogt Sangajav, has been arrested as part of an investigation into suspected abuse of power during investment talks for the giant Oyu Tolgoi copper mine in 2009, the anti-corruption agency said on Monday.Mongolia's Independent Authority Against Corruption told a media briefing that Bayartsogt was detained on Sunday.The Swiss Office of the Attorney General...Read More
Chile is pushing power companies to phase out coal plants following a government announcement earlier this year that the country wouldn't build coal-fired power plants unless they were equipped with carbon capture and storage (CCS).The decision, part of a wider national plan to transition to cleaner energy sources, has already claimed some victims, with French power company Engie SA announcing la...Read More
Investing.com - Gold prices will remain vulnerable to any further gains in the dollar in the coming week after ending the week at more than one-week lows on Thursday, in a holiday-shortened week, as a stronger greenback weighed.Gold futures for April delivery settled at $1,325.00 on the Comex division of the New York Mercantile Exchange late Thursday, to end the week down 1.73%.Many financial mark...Read More
SHANGHAI, Apr 2 (SMM) – Nonferrous metals futures rose across the board though China's Caixin manufacturing purchasing managers' index (PMI) failed to meet expectations. SHFE tin jumped over 2% and aluminium rebounded close to 2%. Nickel gained 1.6%, lead rose close to 1% while zinc inched up.The ferrous complex remained strong with coke up more than 3%. Rebar gained over 2%, ir...Read More
SHANGHAI, Apr 2 (SMM) – The copper spot market in Shanghai saw active transactions on Monday April 2 as discounts stood at 110-40 yuan/mt. This compared with a discount of 180-120 yuan/mt on Friday March 30. Downstream consumers started to restock for the Qingming Festival holiday this week while sellers held back, SMM learned.At noon, standard-quality copper traded at 50,050-50,19...Read More
SHANGHAI, Apr 2 (SMM) – China has issued nine batches of approvals for restricted solid scrap material imports this year, with approved copper scrap imports of 337,900 mt, sharply down 88% from the same number of batches in 2017, SMM learned.Taizhou Chiho was approved to import 111,000 mt of copper scrap in Batch One and Batch Nine, down 74% from the same batches of 2017. Zhejiang Judong was...Read More
SHANGHAI, Apr 2 (SMM) – This is a roundup of global macroeconomic news last weekend and what is expected today.Last weekendThe US dollar index edged down below 90 with limited upward momentum, while base metals rose across the board. SHFE nickel jumped over 2.5%, lead surged over 2%, tin rose 1.7%, while zinc, aluminium and copper were up some 1%.China’s official manufacturing purchasi...Read More
SHANGHAI, Apr 2 (SMM) –Copper: Supported by crude oil prices, SHFE copper rose and stood above the 10-day moving average with KDJ indicator expanding upwards. We expect the contract to trade at 50,200-50,700 yuan/mt today, with spot discounts at 150-100 yuan/mt.Aluminium: We expect LME aluminium to hover around the $2,000/mt level and trade at $1,995-2,020/mt with limited upward room given&n...Read More
Last week we noted that Gold's quarterly close would be a key marker for Gold's immediate breakout potential. Gold was seemingly on course for its highest quarterly close since 2012 until it reversed back below quarterly resistance at $1330/oz. Hence, an imminent break to the upside is unlikely and gold watchers will have to remain patient. It's not yet Gold's time. It will be soon enough.One cata...Read More
A union representing the majority of workers at Codelco's Radomiro Tomic mine in Chile has rejected a final offer for a new labor contract, forcing a period of government-facilitated mediation, the company said on Thursday.The union, part of state miner Codelco's Northern Division, has 744 members, the majority of the mine's workers.At the same time, Codelco said in a statement it had inked a wage...Read More
Investing.com - Gold struggled for direction on Thursday, as it struggled to rise from a dampened dollar.Comex gold futures for April delivery slumped 0.15% to a one-week low of $1,322.20 a troy ounce as of 11:40 AM ET (15:40 GMT).The price of the precious metal was lower earlier in the day as the dollar strengthened but sediment was dampened after a flurry of economic data. The U.S. dollar index,...Read More
(There will be no London-based FTSE report on Friday March 30 and Monday April 2 due to public holidays in the UK.)* FTSE 100 up 0.4 pct* FTSE set for worst quarter since 2011* Cyclicals lead gainsBy Kit ReesLONDON, March 29 (Reuters) - A recovery in cyclical stocks boosted the UK's top share index on Thursday, set for a mildly upbeat end to the FTSE 100's worst quarter in nearly seven years.The b...Read More
Investing.com - Gold prices were wallowing at one-week lows on Thursday, after sharp falls in the previous session on a rally in the dollar after data showing faster U.S. economic growth and hopes for a diplomatic breakthrough with North Korea.Gold futures for April delivery on the Comex division of the New York Mercantile Exchange slid $1.3 or 0.1% to $1,323.30 a troy ounce by 04:27 AM ET (08:27...Read More
SHANGHAI, Mar 30 (SMM) – Nonferrous metals futures rose for the most part except for aluminium during the afternoon trading session on Friday March 30. SHFE tin was up over 2.6%, nickel was up above 2%, copper gained over 1%, lead grew nearly 1%, and zinc inched up some 0.6%.Ferrous metals rose across the board with coking coal up close to 6%. Rebar gained over 4%, hot-rolled coil and coke w...Read More
SHANGHAI, Mar 30 (SMM) – To improve air quality, the city of Handan plans will oversee staggered production during non-heating season from April 1-November 15, 2018. The city will intensify their efforts to regulate key companies, reduce pollutant emission from manufacturers, reinforce control on emission from heavy duty trucks and overhaul traffic control....Read More
SHANGHAI, Mar 30 (SMM) – Operating rates at wire and cable companies rebounded in March from February, driven by higher rates at large plants, SMM found. Orders grew and downstream consumers purchased actively, prompted by the recent low copper prices. Resumption of orders across large producers of wire and cable also improved from last year, as output surged. Meanwhile, State Grid Corp...Read More
SHANGHAI, Mar 30 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar index stood above 90, buoyed by month-end capital flows.Most SHFE metals registered gains following China’s announcement of corporate tax cuts, with nickel and tin rising over 1%. SHFE copper inched up. LME nickel sharply jumped close to 3%, tin edged up...Read More