Here are five Fastmarkets stories you might have missed on Monday June 22 that are worth another look.The dramatic consequences of the Covid-19-related lockdowns across Europe, and the corresponding shutdowns of industrial activities, have resulted in an enormous disruption to the supply chains across all sectors of the steel industry.Chilean state-run copper producer Codelco has decided to halt a...Read More
The three-month price of copper on the London Metal Exchange was higher at the close of trading on Monday June 22, topping the complex with a 1.8% uptick despite thin trading volumes, while zinc's forward curve loosened over the afternoon.Copper's outright price on the LME closed at $5,880.50 per tonne on Monday afternoon, climbing from an intraday low of $5,807 per tonne, but failed to breach nea...Read More
Production at Hydro's Paragomias bauxite mine, in the state of Par?? in northern Brazil, has been temporarily halted due to a power outage, the producer said on Monday June 22.Three power transmission towers overturned on June 20, cutting the power supply to the mine, the company said.The Paragominas mine delivers bauxite to the Alunorte alumina refinery in Barcarena via a 244-kilometer pipel...Read More
Jack ChanPosted Jun 22, 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.Current data favors overall higher gold prices.Current data favors overall higher silver prices.Our ratio is on SELL signal...Read More
Chilean state-run copper producer Codelco has decided to halt all of its construction projects in the north of the country, including the underground phase of Chuquicamata, while the Covid-19 pandemic spreads across the region, the company said on Saturday June 20.The current operations of the open pit at Chuquicamata will be maintained, however, with workers from the city of Calama, 20km to the s...Read More
Production at Hydro's Paragomias bauxite mine, in the state of Par?? in northern Brazil, has been temporarily halted due to a power outage, the producer said on Monday June 22.Three power transmission towers overturned on June 20, cutting the power supply to the mine, the company said.The Paragominas mine delivers bauxite to the Alunorte alumina refinery in Barcarena via a 244-kilometer pipel...Read More
About 21,000 tonnes of diesel leaked into rivers and subsoil near the city of Norilsk on May 29 after a fuel tank at one of the company's thermal power plants apparently subsided. The spill was one of the worst to occur in the Russian Arctic.Russia's minister of emergency control, Evgeny Zinichev, said a total of 32,000 cubic metres of water-fuel mixture had been collected and placed in tanks, whi...Read More
Steve Coughlan, Bernie Ridgeway and Kent Swick have built global mining service and technology businesses on the back of decades-long connections with the WA gold sector.Read More
Although the rally on Wall Street flouts common sense and arguably even sanity, born-again bulls continue to rampage. What will put an end to their foolishness? Surely not more grim economic data, nor an increase in what is already the highest unemployment rate since the Great Depression, nor a wave of business failures that could eventually asphyxiate the consumer economy. None of these problem...Read More
By: Ira EpsteinGold weekly chart shows support at 18-DMA just below $1,700. The market is at an upside bias, right below record highs:Read More
Here are five Fastmarkets stories you might have missed on Monday June 22 that are worth another look.The dramatic consequences of the Covid-19-related lockdowns across Europe, and the corresponding shutdowns of industrial activities, have resulted in an enormous disruption to the supply chains across all sectors of the steel industry.Chilean state-run copper producer Codelco has decided to halt a...Read More
The miner and commodities trader said on Friday it had been informed of the OAG's action.Read More
China's electrolytic manganese flake export price maintained its one-year low on Friday June 19 on lower offers from traders amid sluggish overseas demand, sources said.Fastmarkets' weekly price assessment for manganese 99.7% electrolytic manganese flake, fob China was $1,430-1,500 per tonne on Friday June 19, unchanged from a week earlier. This is a new annual low since June 21, 2019, when the pr...Read More
Turkish domestic scrap prices have remained fairly stable over the past week, with most market participants believing that prices have reached a peak, sources said on Monday June 22.The steel mills adjusted their buy prices for domestic scrap in line with their stock levels and finished long steel sales over the past week.Three steel producers increased their buy prices for auto bundle scrap by 20...Read More
Despite fears of second waves of the Covid-19 virus, base metals prices on the London Metal Exchange were generally holding up well this morning, Monday June 22. But while prices are holding up well, they do seem to have lost upward momentum.Asian-Pacific equity and pre-market major western equity index futures were mainly weaker this morning.Gold prices gapped higher this morning, suggesting inve...Read More
Domestic prices for hot-rolled coil fell further in Northern Europe in the week to Friday June 19 due to low market demand.Fastmarkets' daily steel hot-rolled coil index, domestic, exw Northern Europe, was ?,?390.00 ($435.86) per tonne on Friday, down by ?,?6.25 per tonne week on week and down by ?,?19.84 per tonne month on month.The region's integrated mills have been offering HRC at ?,?400-410 p...Read More
News station KFOR in Oklahoma has reported that four Oklahoma dispensaries are being forced from their locations by convenience store chain 7-Eleven after the company bought buildings rented by the dispensary owners and have declined to renew their leases.Starla Norwood, a registered nurse that runs one of those dispensaries called Nurses Station dispensary, said that 7-11 essentially told her tha...Read More
The dollar bears and gold bugs are pouring a tall glass of "I told you so" right now.Because the U.S. dollar is in big trouble.The fact is, there have been big problems with the greenback for years. And the economic fallout from the COVID-19 pandemic might be the last straw.On Friday Boston Fed President Eric Rosengren said continued fiscal and monetary support will likely be needed to address the...Read More
The export market for flat steel products from the Commonwealth of Independent States was firm during the week ended Monday June 22 because of demand in Turkey and despite high prices for raw materials.Fastmarkets' weekly price assessment for steel hot-rolled coil, export, fob Black Sea, CIS, was $405-415 per tonne on Monday, widening upward from $405-410 per tonne the week before.A sale of Russia...Read More
Here are five Fastmarkets stories you might have missed on Monday June 22 that are worth another look.The dramatic consequences of the Covid-19-related lockdowns across Europe, and the corresponding shutdowns of industrial activities, have resulted in an enormous disruption to the supply chains across all sectors of the steel industry.Chilean state-run copper producer Codelco has decided to halt a...Read More