Here are five Fastmarkets stories you might have missed on Monday August 24 that are worth another look.The steel recycling division of Tata Steel has announced it is launching a mobile app for sourcing steel scrap in India, the company said on August 19.London-based metals trading firm...Read More
The three-month price of nickel on the London Metal Exchange was higher at the close of trading on Monday August 24, outperforming its peers and closing a little more than 1% higher, while the entire base-metals complex was given a boost by a rally in global equity markets.Nickel's outright price closed at $14,926 per tonne on Monday afternoon, its highest closing price since November 2019, and co...Read More
The Turkish steel producers have entered a third consecutive week with no deep-sea scrap bookings due to the still-weak finished markets for long steel products, sources said on Monday August 24.After booking some US and Baltic Sea cargoes at $285 per tonne cfr for HMS 1&2 (80:20) on August 7, the steel mills in Turkey went quiet in the deep-sea scrap import markets.In the past two weeks, the Turk...Read More
Cobalt producers Huayou and Glencore are founding members of a new body aiming to develop artisanal and small-scale miners in the Democratic Republic of the Congo (DRC). The objectives of the Fair Cobalt Alliance (FCA) include supporting the professionalization of site management and instilling best practice across the artisanal mining sector to develop health and safety, and minimize the environm...Read More
Here are five Fastmarkets stories you might have missed on Monday August 24 that are worth another look.The steel recycling division of Tata Steel has announced it is launching a mobile app for sourcing steel scrap in India, the company said on August 19.London-based metals trading firm...Read More
London-based mining private-equity company Appian Capital Advisory has appointed Nelson Silva, a former director at Brazilian state-owned oil company Petrobras, to be its senior safety and social performance adviser, it said on Monday August 24.Silva will take the role of assisting with environmental, health, safety and community issues on Appian's mining portfolio, the company added.Appian operat...Read More
The extraordinary run up in precious metals markets continues as silver makes some truly epic percentage gains while gold pushes further into record territory. As of Friday morning, gold prices had pulled back but are still up 3.1% for the week to trade at $2,044 per ounce. Gold is advancing now for the ninth consecutive week, with the biggest pops occurring over the past three.Silver, meanwhile,...Read More
This week gold priceshave smashed one record after another, well surpassing the previous high set in2011, of $1,920 an ounce. At time of writing, spotgold’s last bid was $2,064.10.The usual suspects arebehind the surge, ie., worrisome covid-19 infections, geopolitical concernsespecially US-China tensions over trade (PresidentTrump tried to force China-owned TikTok into selling its US op...Read More
For a long time, pundits talked excitedly about the rapid, V-shaped recovery. I never shared this view, finding it too optimistic and without basis in reality. Like Jeff Goldblum in Jurassic Park, I hate being right all the time, but it really seems that I was right about this issue. According to the July World Flash report by IHS Markit, we can read that “the new wave of infections has redu...Read More
The three-month price of nickel on the London Metal Exchange was higher at the close of trading on Monday August 24, outperforming its peers and closing a little more than 1% higher, while the entire base-metals complex was given a boost by a rally in global equity markets.Nickel's outright price closed at $14,926 per tonne on Monday afternoon, its highest closing price since November 2019, and co...Read More
The term ‘unprecedented’ has been used to explain 2020 throughout the world. Whether it be the simultaneous triple bubble that is currently being experienced within equity, bond, and real estate markets, or the volume of quantitative easing deployed by central banks in order to combat Covid-19, 2020 has been an unprecedented year thus far to say the least. Safety and stability of capit...Read More
Tonight I would like to go over some PM charts looking for a possible place for our current impulse move to find some strong resistance that could lead to the next consolidation phase. It’s not going to be easy as there are several possibilities that could work. Lets put the Chartology to work and see what we come up with.There was something fairly rare last week that happened to gold which...Read More
Seaborne iron ore prices eased for the second consecutive trading session on Monday August 24 amid limited trading activity, according to trade sources.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $125.23 per tonne, down by $2.15 per tonne.62% Fe low-alumina fines, cfr Qingdao: $124.78 per tonne, down by $1.93 per tonne.58% Fe fines high-grade premium, cfr Qingdao: $111.21 per tonne, dow...Read More
Canadians, at least thosefortunate enough to enjoy a long weekend, returned to their desks Tuesdayto watch gold prices crack another milestone - $2,000 per ounce - as thespectacular summer rally for the precious metal continues. At time of writing, spotgold’s last bid was $2,019.20, marking a $42 gain since Monday’s tradingsession. Silver prices also experienced a major leg u...Read More
Seaborne coking coal prices were relatively flat on Monday August 24 due to a lack of transactions, sources told Fastmarkets. Fastmarkets indicesPremium hard coking coal, fob DBCT: $104.09 per tonne, down $0.62 per tonne Premium hard coking coal, cfr Jingtang: $114.63 per tonne, unchangedHard coking coal, fob DBCT: $85.19 per tonne, unchangedHard coking coal,...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view. We also review our price forecasting accuracy for the second quarter 2020.Q2 2020 price forecast performance review According to the results of Fastmarkets' Apex for the second quarter of 2020 published this week, Fastmarkets' base metals research team was the second most accurate price forecaster for nickel (99.06%), lead...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.Aluminium: Comfortable consolidationAluminium appears comfortable consolidating for the moment, and this will leave prices in a stronger position to challenge overhanging long-term trend-line resistance from the May 2018 high, which stands at $1,670 per tonne currently.Copper: Consolidation unlikely to lastCopper reached its...Read More
Now, I have not gone raving silver bug on you. The title says “silver bull” because that is what silver is in, a bull market by definition of having taken out the 2016 high of 21.23. We targeted that point as a cyclical bull market gateway, silver cut through it like a knife through warm butter… and there you have it. A key higher high. I don’t apologize for any of the abo...Read More
This inflation-adjusted silver chart (frommacrotrends.net) tells an interesting story:The levelaround $18 appears to have been very critical, especially since it is the 1920and 1968 inflation adjusted high. It was an important level to cross on theway to the 1980 high, evidenced by the fact that it came back to that level(after it blast through in Dec 1973) before setting off to that all-time high...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.Aluminium: Upside breakout last weekThe price of aluminium on the London Metal Exchange surprised us with a break to the upside in the week ended July 10, when prices on the Shanghai Futures Exchange raced to three-and-a-half-year highs. While we think there is more short-term upside potential if technical and liquidity fact...Read More