European trade groups warned about the potentially "catastrophic impact" of a Chinese magnesium supply shortage on metals producers in the region, calling on the European Commission and national governments to take immediate action to mitigate the risks to industry.The groups - European Aluminium, European steel association Eurofer, European Automobile Manufacturers' Association, European metals a...Read More
LONDON (Reuters) - Global shares got a tech boost to help tee up a third straight week of gains on Friday, despite growing inflation concerns, while the dollar dipped and oil prices bounced off their lows.MSCI's broadest gauge of global shares was up 0.1%, 1.4% higher on the week and just 0.8% off its all-time high. Europe's top markets all rose, with the biggest, Britain's FTSE 100, up 0.5%.Europ...Read More
Unites States steelmaker Cleveland-Cliffs plans to increase its share of the US domestic prime scrap market amid increasing demand and the failure of the country's own manufacturing supply to keep up, the company's chairman, president and chief executive officer said.Lourenco Goncalves told a conference call for the Cleveland, Ohio-based company's third quarter earnings that the company didn't hav...Read More
(Recasts, adds comment and updates prices)* Gold up 1.3% so far this week* Gold could test $1,800/oz level again- analyst* Gold trade lacklustre despite robust U.S. inflation data - CitiOct 22 (Reuters) - Gold gained for a fourth consecutive session on Friday, propped up by a subdued dollar, while inflationary pressures boosted demand for the precious metal as a safe-haven investment.Spot gold ros...Read More
Ferrous scrap prices in the global markets continued to strengthen in the week ended Friday October 22 amid firm demand and tight supply. Turkish steel mills continued to pay higher prices for deep-sea scrap cargoes, while buyers in Southeast Asia had to raise their bids because of limited supply.?EUR?Turkish steel mills end the week with five deep-sea cargo trades, prices up?EUR?Tight supply in t...Read More
Oct 22 (Reuters) - The week to come will give European Central Bank policy makers another chance to ponder just how sticky inflation really is, while U.S. earnings will be dominated by FAANG companies.In China, an imminent default of China Evergrande Group (3333.HK) might be off the cards for now, but troubles seem far from over.Markets in Britain are bracing for new budget forecasts, while bitc...Read More
The price for grade 18/8 alloy steel scrap increased due to higher nickel costs, while underlying market fundamentals remained stable, sources told Fastmarkets on Friday October 22.Fastmarkets' weekly price assessment for stainless steel scrap 18/8 solids domestic, delivered merchants UK was ?1,340-1,440 ($1,850-1,988) per tonne on Friday, up by ?10-40 per tonne from ?1,330-1,400 per tonne the...Read More
Share this article VANCOUVER - Torq Resources Inc. [TORQ-TSXV; TRBMF-OTCQX; S8QA-FSE] has acquired an option to earn a 100% interest by paying US$25 million and spending US$15.5 million on exploration, subject to an NSR, on the 3,250-hectare (32.5 km2) Santa Cecilia gold-copper project, located approximately 100 km east of the city of Copiapo, northern Chile.The project is in the southern region...Read More
LONDON (Reuters) -Britain's economy unexpectedly regained momentum in October, despite surging costs and mixed consumer signals, according to surveys on Friday that could tempt the Bank of England to raise interest rates for the first time since the pandemic.The preliminary "flash" IHS Markit/CIPS Composite Purchasing Managers' Index rose by the largest amount since May to hit 56.8, up from 54.9 i...Read More
Share this article TORONTO - Emerita Resources Corp. [EMO-TSXV, EMOTF-OTC] shares rallied in active trading Friday after the company released drilling results from the La Infanta polymetallic deposit on its Iberia West project in Spain.The company said it has received complete assays for the first step-out hole from the Infanta drill program as well as the final in-fill drillholes. It said the in...Read More
Base metals prices on the London Metal Exchange were mainly stronger during morning trading on Friday October 22, but those on the Shanghai Futures Exchange were largely down - this follows significant losses on the LME on Thursday.Chinese property giant Evergrande Group makes a dollar bond interest payment.US treasury yields up sharply following better-than-expected US initial jobless claims data...Read More
Share this article VANCOUVER - 79 Resources Ltd. [SNR-CSE] said Friday it has closed the previously announced acquisition of Buck Gold Inc., a privately-owned Vancouver exploration company which controls approximately 1,200 square- kilometre of mineral properties near Houston, British Columbia.The mineral properties controlled by Buck gold are contiguous to area holdings of Newmont Corp., [NGT-TS...Read More
Oct 22 (Reuters) - Nasdaq futures edged lower on Friday after chipmaker Intel warned of lower profit margins, while Snap Inc led declines among social media firms after flagging a hit to digital advertising from privacy changes by Apple.Intel Corp (INTC.O) slid 10.3% in premarket trading as it missed third-quarter sales expectations, while its Chief Executive pointed to shortage of other chips h...Read More
(Reuters) - Two early investors in blank-check company Digital World Acquisition Corp. sold their holdings as news emerged that it was merging with former President Donald Trump's new media venture.Hedge fund manager Boaz Weinstein, who runs Saba Capital Management, and Lighthouse Investment Partners, said they had exited without giving a precise time for the sales or price at which they cashed ou...Read More
BRASILIA, Oct 22 (Reuters) - Brazil’s currency and stocks extended losses on Friday following an exodus of senior Treasury officials after the government announced plans to ramp up spending ahead of next year’s election.The two most senior Treasury officials and their two deputies submitted their resignations on Thursday “for personal reasons,” according to the Economy Mini...Read More
If you've followed my alerts over the course of my career, you know that in addition to a passion for picking stocks and options trades, I also have another passion: I love fishing.Well, that love almost got me killed last weekend while fishing in a tournament on the Chesapeake Bay. With swells reaching 10 feet at times, 20-knot winds, and supersized cargo ships pushing out massive wakes, it was...Read More
An overview of the new energy materials markets and their price moves in the week to Friday October 22.Susan Zou, Yingchi Yang and...Read More
(Recasts, adds Draghi comments)BRUSSELS, Oct 22 (Reuters) - Italy has urged the European Union to start work immediately on a plan to create a joint storage system for strategic gas reserves, Prime Minister Mario Draghi said on Friday.Speaking to reporters after an EU summit, Draghi said Brussels needed to draw up an inventory of gas reserves that are available today across the bloc.“On ener...Read More
(Recasts with president's comments, consultancy note, details)MEXICO CITY, Oct 22 (Reuters) - Mexican inflation rose slightly during the first two weeks of October, official data showed on Friday, an uptick the president attributed to a global fall in production as well as the U.S. economy "heating up," which has spurred demand.President Andres Manuel Lopez Obrador told reporters he expected highe...Read More
A summary of Australia-listed lithium producer Orocobre's production results as of 30 September 2021, released on Friday October 22.In brief Average pricing for the fourth quarter of 2021 and January 2022 for shipments of spodumene, a precursor of lithium, is $1,650 per tonne on a cif basis for 6% Li2O, "almost double that of the September quarter," the company said. The average spodumen...Read More