Newmont Mining Corp. (NYSE: NEM) has sold Japan's Sumitomo Corp. a 5%-stake in its Yanacocha gold mine in Peru for $48 million, making the Asian trading house a partner in the business that also involves local miner Buenaventura.The US miner and Buenaventura's ownership interests in the mine, which was Peru's largest gold operation until output began falling in recent years, will be 51.35% and 43....Read More
Good morning from Metal Bulletin's office in Singapore as we bring you the latest news and pricing stories on Thursday June 21.Nickel was the outperformer on the Shanghai Futures Exchange during Asian morning trading on Thursday, with robust demand and declining inventory levels outweighing the trade concerns which have been pressuring the rest of the complex recently.Check Metal Bulletin's live f...Read More
• The bearish momentum extends to break below a medium-term ascending trend-line, extending from Jan. 2017 lows through lows touched in July/Dec. 2017. • Formation of a death-cross on the daily chart (50-day SMA crossing 200-day SMA from the top) further reinforces the bearish breakdown. • Near-term oversold conditions m...Read More
Gold prices marked a third straight session decline on Thursday to carve out another low for 2018 as a leading dollar index-lifted in a rising interest-rate environment-tapped its highest level since last summer. August gold GCQ8, +0.02% lost $4, or 0.3%, to settle at $1,270.50 an ounce. Prices finished at their lowest for a most-active contract since Dec. 20, according to FactSet data. Among exc...Read More
SHANGHAI, Jun 22 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar index slipped and closed at 94.85 overnight with weaker-than-expected US economic indicators. US treasury yields also fell.LME metals saw mixed trading. LME zinc dropped over 2% and fell to the lowest since August 2017. Lead and tin dipped while nickel and alu...Read More
Investing.com – Gold prices fell on a stronger dollar on Thursday, hovering close to a six-month low as the U.S. Federal Reserve Chair confirmed an outlook for higher interest rates in the United States.Gold futures for August delivery on the?EUR?Comex?EUR?division of the New York Mercantile Exchange fell by $7.1 or 0.56%, to $1,267.40 a troy ounce by 1:13AM ET (05:13 GMT).?EUR??EUR?The U.S....Read More
Before I write anything on silver, I must admit that I have been a silver bull ever since I started analyzing silver. I continue to be a very long term silver bull. I am unfazed by silver's bearish trend over the past few years. I personally invest only in physical silver. I like to trade in physical silver. I am against investing in a silver ETF or any metals ETF. I must thank my friends in Kucha...Read More
SHANGHAI, Jun 21 (SMM) – SHFE nickel outperformed its nonferrous counterparts on Thursday June 21 with a gain of 1.7%. Tin inched up 0.19% and aluminium nudged up 0.04%. Copper dipped 0.12%, zinc and lead lost 0.60% and 0.68%, respectively.The ferrous complex saw mixed trading. Coke jumped 1.3%, iron ore edged up 0.22% while hot-rolled coil dipped 0.18% and rebar los...Read More
SHANGHAI, Jun 21 (SMM) – China is likely to implement a three-year initiative to “make skies blue again”, Zhao Yingmin, vice-minister of the Ministry of Ecology and Environment (MEE) said at a state policy briefing on Wednesday June 20.The initiative aims to sharply lower levels of PM2.5 in three years, reduce the number of heavy-polluted days and improve air quality. K...Read More
Demand for Gold is sinking as markets recover sentiment for Thursday. Markets are ultimately anticipating a wind-down of the current trade tensions between the US and China. Gold is sinking into fresh lows in the Asia session, hitting a six-month bottom at 1,264.00. Market expectations that the US will reverse its current trade policy against China and avert a trade war are hampering broader dem...Read More
Zinc prices on the London Metal Exchange fell more than 2% by the close of trading on Thursday June 21, while sister-metal lead struggled to find support amid intensified trade war uncertainties between China and the United States. Falling further from the $3,000 per tonne support level, zinc's three-month price reached a daily low of $2,912 per tonne during the afternoon."Zinc is under significan...Read More
Gold futures settled lower on Wednesday and marked a fresh nadir for 2018 as overall strength in dollar eroded appetite for the precious yellow metal. August gold GCQ8, +0.00% retreated by $4.10, or 0.3%, to settle at $1,274.50 an ounce. That was the lowest settlement for a most-active contract since Dec. 21. "The near-term path of least resistance remains lower right now as dollar strength rem...Read More
Comex copper prices traded in negative territory on Thursday June 21 morning in the United States, with threats of an impending trade war between the US and China hanging over the market.Copper for July settlement on the Comex division of the New York Mercantile Exchange inched down 0.70 cents or 0.3% to $3.0330 per lb. The contract is now on a six-day losing streak."Copper has started to consolid...Read More
Trading activity in the physical iron ore market was lackluster on Thursday June 21 with prices staying rangebound.Metal Bulletin 62% Fe Iron Ore Index: $64.88 per tonne cfr Qingdao, down $0.61 per tonneMetal Bulletin 58% Fe Premium Index: $53.58 per tonne cfr Qingdao, down $0.03 per tonneMetal Bulletin 65% Fe Iron Ore Index: $87.70 per tonne cfr Qingdao, down $0.60 per tonneMetal Bulletin 62% Fe...Read More
By Amrith Ramkumar and David Hodari Gold prices fell to a fresh 2018 low on Thursday, continuing a prolonged retreat even as investor jitters over a potential trade war stoked volatility in other markets. Front-month gold for June delivery declined 0.3% to $1,267.20 a troy ounce on the Comex division of the New York Mercantile Exchange, its fourth drop in the past five sessions and its lowest cl...Read More
By Amrith Ramkumar and David Hodari Gold prices fell to a fresh 2018 low on Thursday, continuing a prolonged retreat even as investor jitters over a potential trade war stoked volatility in other markets. Gold for August delivery declined 0.4%, to $1,268.90 a troy ounce, on the Comex division of the New York Mercantile Exchange, on track for its fourth drop in the last five sessions and its lowe...Read More
(Bloomberg) - President Donald Trump vowed to open large swaths of lands in Minnesota's remote Superior National Forest to mining, a move that could benefit a copper-nickel mine being pursued by Antofagasta Plc subsidiary Twin Metals Minnesota LLC.Speaking at a rally in Duluth, Minnesota, on Wednesday, Trump said his administration would soon be "taking the first steps" to rescind a move made in t...Read More
Seaborne pig iron has become relatively competitive versus ferrous scrap over the past year in most regions, and China is no exception. As the first chart below illustrates, the gap between the MBR's proxy for imported pig iron price in China and the Metal Bulletin's Chinese domestic heavy melt scrap price assessment had shrunk by late 2017. The premium averaged $17 per tonne this year to date, co...Read More
LUSAKA, June 21 (Reuters) - Zambia plans to introduce electricity tariffs that reflect the cost of production by the end of this year, a senior government official said on Thursday, a move that could increase costs for economically vital mining firms that currently pay a flat price.In 2015 and 2016, Zambia experienced a critical shortage of electricity of up to 600 megawatts due poor rainfall in a...Read More
After taking a breather yesterday copper was in retreat again on Thursday falling to $3.018 a pound or $6,650 a tonne, down nearly 9% or $640 a tonne since touching four-year highs just two weeks ago.Copper is often used as an indicator for economic prospects thanks to its widespread use in industry, transportation, power grids and construction.Worries about the impact of a trade war between the U...Read More