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
The London Metal Exchange base metals complex had a small collective dip at the close of trading on Monday November 23, correcting after most base metals had gone to multi-year or year-to-date highs in the preceding week.Sentiment was cautious at the end of Friday with the three-month prices of metals such as copper, lead and nickel rallying and up by about 2%, but with market participants worried...Read More
Copper production could resume at Lundin's Candelaria copper mine in Chile after the company agreed a new collective bargaining agreement with a portion of striking workers there, Fastmarkets understands.Lundin reached a deal with around 550 workers from the AOS Union who had been striking over payment while workers...Read More
Jack ChanPosted Nov 23, 2020Gold sector as represented by $HUI is on a long-term BUY signal.Long-term signals can last for months and are more suitable for investors.Short-term is on SELL signal. Short-term signals can last for days and weeks and are more suitable for traders. COT data is supportive for overall higher gold prices.COT data is supportive for overall higher silver prices.Our ratio is...Read More
Lundin Mining has agreed a 30-month collective labor agreement with around 550 workers at its Candelaria copper unit in northern Chile, partially ending a month-long walkout at the site.On Friday November 20, the Canada-headquartered miner said the Candelaria AOS Union in Chile had accepted the company's latest offer, which was presented to the union on November 12.The miner still n...Read More
The European ferro-silicon market has risen over the past week to a range not seen for more than six months, sources told Fastmarkets on Monday November 23.And with tight domestic availability and no likelihood of any significant volume of imported material for some time to come, there was expectation in the market of further price increases in the coming weeks.Underscoring market sentiment for an...Read More
The IHS Markit Flash US Composite PMI put the overall expansion up from 56.3 in October to 57.9 in November, the highest level since March 2015.Meanwhile Oxford University and AstraZeneca said interim trial data showed their vaccine candidate offered a high level of protection and did not require extremely cold temperatures for storage.However AstraZeneca shares closed 3.8% lower in London given t...Read More
Copper production could resume at Lundin's Candelaria copper mine in Chile after the company agreed a new collective bargaining agreement with a portion of striking workers there, Fastmarkets understands.Lundin reached a deal with around 550 workers from the AOS Union who had been striking over payment while workers...Read More
Here are five Fastmarkets stories you might have missed on Monday November 23 that are worth another look.European steel association Eurofer has filed a request to the European Commission to extend safeguard measures beyond their original expiration date of June 30, 2021, Yuriy Rudyuk, partner at Brussels-based law firm Van...Read More
Commodities trader Trafigura and local government body Entreprise G?(C)n?(C)rale du Cobalt (EGC) have penned an offtake agreement specifically for the supply of artisanal cobalt in a deal designed to concurrently formalize the sector. This could make artisanally mined cobalt in the Democratic Republic of Congo (DRC) a more attractive prospect to multinational companies that demand greater supply c...Read More
Turkish domestic scrap prices have continued to increase over the past week in line with the rise in imported scrap values, sources said on Monday November 23.Fastmarkets' weekly price assessment for steel scrap, auto bundle scrap, domestic, delivered Turkey, was 2,250-2,545 lira ($293-332) per tonne on Monday, up from the 2,230-2,455 lira per tonne of last week.The movement came after steel mills...Read More
Turkish steel mills continued to book deep-sea scrap cargoes at the beginning week at slightly higher prices, sources said on Monday November 23.A steel mill in the Marmara region booked a European cargo, comprising 25,000 tonnes of HMS 1&2 (75:25) 10,000 tonnes of shredded and 5,000 tonnes of bonus, at an average price of $332.50 per tonne cfr.This fresh transaction, led to another slight...Read More
The base metals were mixed this morning, Monday November 23, but the underlying trends remain bullish following recent fresh highs in most of the metals. US dollar index remains weak, helping to underpin metal pricesBase metals The three-month base metals prices on the London Metal Exchange were mixed, with zinc and lead weaker by 0.2% and 0.6% at $2,795 per tonne and $2,017 per tonne respectively...Read More
Commodities trader Trafigura and local government body Entreprise G?(C)n?(C)rale du Cobalt (EGC) have penned an offtake agreement specifically for the supply of artisanal cobalt in a deal designed to concurrently formalize the sector. This could make artisanally mined cobalt in the Democratic Republic of Congo (DRC) a more attractive prospect to multinational companies that demand greater supply c...Read More
Weak end-user demand continued to push the tantalum concentrate price down to a fresh 2020 low in the week ended Friday November 20. Fastmarkets assessed the price of tantalite, basis 25% min Ta2O5, cif China at $48-50 per lb on Friday, down from the previous week's assessment of $50-52 per lb and a fresh year-to-date low. "Demand from the electronics sector is still weak and China is still n...Read More
Graphite consumers outside Asia, especially those in Europe and the United States, could diversify their supplier base because of skyrocketing costs for freight from China and the strength of the East Asian country's yuan, although it will remain a major exporter of graphite, according to market sources.China accounted for over 60% of the world's total output of flake graphite during 2019 and is a...Read More
Share this articleTORONTO - Kerr Mines Inc. (TSX: KER, OTC: KERMF) and Star Royalties Ltd. jointly announced the closing of the first installment of their previously announced US$18,000,000 gold purchase and sale agreement which will be used to finance the restart of underground operations and gold production at the Copperstone Gold Mine in Arizona, USA.Giulio T. Bonifacio, Chief Executive Offic...Read More
Share this article TORONTO - Sherritt International Corp. says president and CEO David Pathe intends to step down from his role in 2021 but will stay on until a replacement is in place.The company says Pathe's eight years as leader were marked by difficult and unpredictable nickel prices and financial threats posed by its participation in the Ambatovy nickel mine in Madagascar.The Toronto-based c...Read More
Share this article TORONTO - IAMGOLD Corporation (TSX: IMG) (NYSE: IAG) announced that it is temporarily reducing the underground workforce at its Westwood mine in Canada. Westwood underground remains suspended following the seismic event reported earlier this month. The temporary reduction affects approximately 437 workers, or approximately 70% of the underground workforce.As reported on Novembe...Read More
Here are five Fastmarkets stories you might have missed on Monday November 23 that are worth another look.European steel association Eurofer has filed a request to the European Commission to extend safeguard measures beyond their original expiration date of June 30, 2021, Yuriy Rudyuk, partner at Brussels-based law firm Van...Read More
Something seems a bit fishy about the recent crest of coronavirus vaccines...This morning, AstraZeneca announced clinical trials of its COVID vaccine showed to have an average efficacy of 70% in protecting against the virus.It was the third Monday morning in a row a major pharmaceutical company announced a coronavirus vaccine with a high efficacy rate.This morning, it was AstraZeneca. Last Monday...Read More