Prices for rebar produced and delivered in southern Europe have narrowed downward by ?,?10 per tonne over the past week, sources told Metal Bulletin on Wednesday June 20.Metal Bulletin's weekly price assessment for domestic rebar in southern Europe was ?,?475-490 ($550-568) per tonne delivered on Wednesday, down from ?,?475-500 per tonne one week earlier. The assessment includes offers and de...Read More
Prices for domestic hollow steel sections narrowed in North Europe and widened in South Europe this week, with the market cautious due to various tariff and safeguarding investigations, sources told Metal Bulletin on Wednesday June 20.Metal Bulletin's price assessment for commodity-size, grade-S235 square hollow sections made and delivered in Northern Europe narrowed by ?,?5 per tonne to ?,?635-65...Read More
(Kitco News) - Gold prices are moderately lower and hit another six-month low in early-afternoon U.S. trading Wednesday. Silver prices are slightly lower and hit a four-week low. The near-term technical postures for both metals have deteriorated the past week, which is inviting the chart-based sellers into the futures markets. August Comex gold futures were last down $4.00 an ounce at $1,274.60. J...Read More
(Kitco News) - While the lackluster gold price in an environment of growing uncertainty weighs on sentiment in the mining space, one junior CEO said that there is a more significant issue the sector faces in a global trade war.In a recent telephone interview with Kitco News, Thomas Smeenk, CEO of Broadway Gold Mining (TSX.V: BRD) said that there is some anxiety that financing for junior miners cou...Read More
Three-month base metals prices on the London Metal Exchange were up across the board on the morning of Wednesday June 20, with the complex up by an average of 0.3%. Nickel and zinc prices led the way with gains of 0.5%, while copper was up by 0.2% at $6,843 per tonne. This rebound follows yet another day of price weakness on Tuesday that saw the base metals complex drop by an average of 1.7% and t...Read More
(Kitco News) - Kitco aficionados, it is now time to have your say in where you think gold prices are heading in the short-term.Will gold prices go higher, lower or remain unchanged next week? Kitco readers will have until 9 a.m. EDT, Friday to cast their vote. The results will be tabulated and released after noon (12 PM EDT) along with the results from our market professional survey.Readers can al...Read More
Domestic prices for steel beams in Europe rose this week due to strong consumer demand and following an increase in scrap prices, sources told Metal Bulletin on Wednesday June 20. Metal Bulletin's weekly price assessment for domestic S235-grade, 200x200mm category-2 H-beam in Northern Europe rose by ?,?5 per tonne to ?,?580-615 ($672-713) per tonne delivered on Wednesday, from ?,?580-610 per...Read More
(Kitco News) - Silver will eventually outperform gold but headwinds remain for now, said the consultancy Metals Focus.Whenever silver gains the upper hand, the gold/silver ratio would decline. This measures how many ounces of silver it takes to buy an ounce of gold.Analysts pointed out that last week, the gold/silver ratio fell to 75, the lowest since late November, after having been as high as 82...Read More
(Kitco News) - Gold prices were continuing to trade lower on the day after U.S. consumers bought less pre-existing homes in May, according to the latest report from the National Association of Realtors (NAR). Existing home sales edged down 0.4% last month to a seasonally adjusted and annualized rate of 5.43 million units, compared to April’s annualized rate of 5.45 million homes, the associa...Read More
(Kitco News) - Gold has settled down overnight with indications of fresh buying out of Asia. The primary short-term headwind for gold remains the strength of the dollar, which continues to benefit from inflows against the widening yields in favor of the U.S. From a technical level, support appears around the $1,272 area, with the next level at $1,267. Should we lose the secondary line, the short-t...Read More
Turkish long steel producer Kroman Celik is upgrading its wire rod mill to produce a greater range of sizes and premium grades.The upgrade of the mill - which was installed in 2006 and started production in 2008 - will be completed in summer 2019, according to Italian equipment supplier Danieli, and will allow the company to produce wire rod in diameters of 4.5-26mm diameter and...Read More
Editor's Note: Welcome to Kitco's new Bitcoin Daily Technical Alert. Every trading day veteran Kitco technical analyst Jim Wyckoff will provide you with a concise and easy-to-understand near-term technical brief on Bitcoin. Importantly, Jim will glean the short-term charts and technical studies, and then alert you to the signals he sees regarding upcoming potential bigger price moves or price tren...Read More
(Reuters) - The Nasdaq touched a record on Wednesday, lifted by a climb in large-cap tech and consumer discretionary names, while the Dow and S&P 500 were hemmed in as concerns over an escalation in the U.S.-China trade spat simmered.Twenty-First Century Fox Inc climbed 7.8 percent after Walt Disney Co, up 0.7 percent, sweetened its offer for some of the company’s assets to $71.3 billion...Read More
Key data from the Wednesday June 20 pricing session in Europe. Key drivers - Steady demand for ferro-titanium in the past week has cemented prices in their current range, with little seen to change in the near term, sources said. - Almost 400 tonnes of alloy was reportedly traded in the spot market this week...Read More
NEW YORK (Reuters) - U.S. crude futures rose nearly 2 percent on Wednesday, supported by a drop in domestic inventories, while Brent edged down ahead of an OPEC meeting later this week that may result in increased global production.U.S. crude inventories USOILC=ECI fell 5.9 million barrels last week, the largest one-week decline since January, the Energy Information Administration said on Wednesda...Read More
The following Metal Bulletin noble alloys and ores prices changed on Wednesday June 20:Noble alloys Molybdenum Europe drummed molybdic oxide, $/lb: $11.10-11.20 per lb...Read More
NEW YORK (Reuters) - Stocks on world markets edged higher on Wednesday, recovering from a recent selloff on rapidly escalating China-U.S. trade tensions, while Treasury yields rose after the Federal Reserve chairman said the U.S. central bank should continue with a gradual pace of interest rate increases.Fed Chairman Jerome Powell said the pace should stay the same given that the labor market does...Read More
Ferro-chrome prices cif China have risen over the past two weeks, underpinned by uncertain electricity supply at the country's main exporter, which could lead to higher production costs, as well as tightening domestic supply. Metal Bulletin calculated the charge chrome index cif China at $0.97 per Ib on Friday June 15, up 4 cents week on week and following another 4 cent increase the week pri...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 6 points in pre-opening trade. Walgreen gained $2.06 to $66.67 and General Electric fell $0.13 to $12.82 after Walgreen replaced General Electric in the Dow Jones Industrial AverageStarbucks dropped $2.15 to $55.28 after lowering guidance. Stifel Nicolaus lowered its target price to $55 from $58.FedEx (FDX $257.50) is...Read More
Russia's Metalloinvest - a major global supplier of iron ore, pig iron and hot-briquetted iron (HBI) - will replace two existing electric-arc furnaces (EAFs) at its Ural Steel asset in 2019, the company said on Wednesday June 20. The furnaces will be transitioned to using flexible modular furnace (FMF) technology, which will provide flexibility in the use of various charge components, with the pos...Read More