Gold has big year in 2020 and outlook for this year robust. Learn about monetary expansion and gold future prices.Read More
The gold futures price reached US$1,767/ounce this week before retreating, which was the second time it has surpassed US$1,760 in the past two months, marking some of gold's highest levels in several years.Read More
Copper miner KAZ Minerals announced on Wednesday November 18 that the Baimskaya copper project in Russia will have a construction budget of $8 billion and a delayed production starting date of 2027.The news came ahead of a planned vote on the takeover of the company by its largest shareholders: the company's chairman, Oleg Novachuk, and Vladimir Kim, Kazakhstan's richest man.The takeover offer was...Read More
The London Metal Exchange three-month base metals prices were relatively flat on Thursday November 19, while fears of economic damage from a second-wave of Covid-19 lockdowns spread across the market. Tin's three-month price made the largest decline on Thursday morning, falling by 1.3% to $15,595 per tonne as of 9am. This follows a 0.9% decline from Tuesday as of 5pm on Wednesday, when the price w...Read More
Commodity traders have long forecast that there would be consolidation in their own industry, and in some of the world's biggest centers for metals business that has already started to happen.Independent metals trading companies operating out of Shanghai and Singapore - many of which launched during the early 2000s, surfing the commodities "supercycle" to bountiful profits - have seen risks to bus...Read More
RAPAPORT... Prices of fancy-color diamonds slipped 0.7% in the first nine months of the year, remaining relatively steady despite the coronavirus pandemic, the Fancy Color Research Foundation (FCRF) said."The [Fancy Color Diamond Index] displayed a general stability in relation to this chaotic period," the FCRF noted last week.The index for yellows slipped 0.3% for the three months ending Sep...Read More
The base metals were consolidating recent gains but generally holding up near high ground this morning, Thursday November 19 - this despite some nervousness emerging in wider markets about the rapid spread of Covid-19.Asian Pacific equities were mixed this morning, but major European equity indices were down while they tracked Wednesday's weakness in US marketsGold prices also weakerBase metals Th...Read More
The US 99.97% lead ingot premium widened upward in the week to Tuesday November 17, supported by strong demand from automotive battery makers, while the Northern European zinc premium rose due to tightening availability of the galvanizing metal. US benchmark zinc premium may be rolled over or slightly lower next yearLong-term negotiations for zinc kick off in Italy, Southeast AsiaZinc premiums sta...Read More
Chinese prices for nickel pig iron (NPI) fell for the first time since early July despite continued strength in the upstream nickel ore market, raising questions over whether the latter is still sufficient to prop up NPI prices in China.Activity in China's NPI market has been muted since early October, with the lack of spot trading resulting in liquidity issues for some participants, in turn causi...Read More
Reinforcing bar steel prices in the United States continue to hold firm on Wednesday November 18, but some market participants anticipate a scrap-driven price increase could be announced Fastmarkets' assessed steel rebar, fob mill US at $29.75 per hundredweight ($595 per short ton) on November 18, unchanged since September 16. US overviewThe domestic market is stable to trending up, sources said,...Read More
Brazilian flat and long steel import volumes dropped in October 2020, compared with the corresponding month a year earlier, according to figures released by the country's economy ministry earlier this month.Imports of flat steel products fell by 45.71% year-on-year to 69,930 tonnes, from 128,816 tonnes.Brazil did not import any volumes of hot-rolled coil (HRC) from Russia or China in October. Impo...Read More
The base metals were consolidating recent gains but generally holding up near high ground this morning, Thursday November 19 – this despite some nervousness emerging in wider markets about the rapid spread of Covid-19.* Asian Pacific equities were mixed this morning, but major European equity indices were down while they tracked Wednesday’s weakness in US markets* Gold prices also weaker...Read More
Steel rebar and billet prices increased in Egypt on the week to Thursday November 19, while demand remained weak, sources told Fastmarkets.Demand for rebar and billet has been limited in Egypt since the imposition of a construction ban on May 25 and despite the ban being eased on September 29, mainly because of the lack of new...Read More
Junior Gold Equity ETF (GDXJ) moved below $51.27 extending an intermediate downtrend. Pre-opening Comments for Thursday November 19thU.S. equity index futures were lower this morning. S&P 500 futures were down 9 points in pre-opening trade.Index futures moves slightly lower following release of the November Philly Fed Index and Weekly Jobless Claims report at 8:30 AM EST. Consensus for the Phi...Read More
Turkish steel mills returned to the deep-sea scrap market after three days of silence to book three new cargoes at higher prices, sources told Fastmarkets on Thursday November 19.Two European cargoes and one from the Baltic Sea were traded after three days of market inactivity from the mills.One European origin cargo was booked by a steel mill in the Iskenderun region and comprised 15,000 tonnes o...Read More
Ukrainian pellet producer Ferrexpo has sold its first ever blast furnace pellet cargo on Globalore at a premium of $25 per tonne over Fastmarkets' index for iron ore 65% Fe Brazil-origin fines, cfr Qingdao, January average. The 90,000-tonne cargo of 65% Fe blast furnace pellets has a loading laycan of December 18-27. The sale marks increasing transparency in the high-quality blast furnace pellet s...Read More
Seaborne iron ore prices were up slightly on Wednesday November 18 after authorities removed emergency pollution controls in the steelmaking hub of Tangshan, sources told Fastmarkets.Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $126.34 per tonne, up $0.90 per tonne62% Fe low-alumina fines, cfr Qingdao: $126.58 per tonne, up $0.59 per tonne58% Fe fines high-grade premium, cfr Qingdao: $1...Read More
Iron ore futures price reached the yearly high on the Dalian Commodity Exchange on Thursday November 19 and physical prices also increased, sources told Fastmarkets, with the decrease in steel inventory supporting, sources said. Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $127.89 per tonne, up $1.55 per tonne62% Fe low-alumina fines, cfr Qingdao: $128.36 per tonne, up $1.78 per tonne58...Read More
ELKO, Nev., Nov. 19, 2020 /PRNewswire/ -- U.S. Gold Corp. (Nasdaq: USAU) (the "Company"), a gold exploration and development company, today announced it will be featured as a presenting company at the H.C. Wainwright Mining Conference. The conference is being held on November 30 - December 1, 2020 virtually.Edward Karr, Executive Chairman of U.S. Gold Corp. will provide an overview of the Com...Read More
Seaborne premium hard coking coal fob and cfr prices have diverged further on Thursday November 19 following recent transactions in the respective markets, sources said.Fastmarkets indicesPremium hard coking coal, fob DBCT: $97.58 per tonne, down $1.29 per tonnePremium hard coking coal, cfr Jingtang: $159.78 per tonne, up $3.55 per tonneHard coking coal, fob DBCT: $92.78 per tonne, up $1 per tonne...Read More
The world's largest trade deal, the Regional Comprehensive Economic Partnership (RCEP), could result in India losing its share of the Asian steel market, sources told Fastmarkets this week."It is likely that steel mills in Southeast Asia will benefit from the RCEP trade deal, and India will lose market share in Asia," a Chinese trader told Fastmarkets.The RCEP was signed by China, the 10 member co...Read More
Brazilian miner Vale has started emergency protocols to evacuate residents near the Norte/Laranjeiras dam of the Brucutu iron ore mine in Brazil's southeastern state of Minas Gerais."The rise in the emergency level reflects a conservative approach by Vale, although no relevant changes have been observed regarding the safety factors of the structure," the miner said on Wednesday November 18.It is p...Read More