There have been more deals for third-quarter cif main Japanese ports (MJP) aluminium supply agreed at a premium of $132 per tonne between several buyers and more than one producers, sources involved in the quarterly negotiations said on Tuesday June 26. The number, which could become the quarterly benchmark if more than 30,000 tonnes of business are confirmed at that level, represents a 2.3% incre...Read More
The latest news and price moves to start the Asian day on Wednesday June 27.Base metals prices on the London Metal Exchange rebounded in late trading after ending mostly lower at the 5 pm close on Tuesday June 26, weakened by volatile trade relations between the United States and other major economies. Read more in our live futures report.Here are how prices looked at the close of t...Read More
Once enough long holders had liquidated their positions, gold was free to fall with the fundamental spark being broad commodity weakness.It is of utmost importance that gold maintains its posture above this rising support trend for the bullish near-term outlook to remain valid.For the market to stay in a healthy rising technical structure, buyers should show up at increasingly higher levels.By Chr...Read More
The latest metal markets news and price moves for the start of the North American day on Tuesday June 26. Nickel prices on the London Metal Exchange were down by more than 3% at the close of trading on Monday June 25, while other base metals prices also slumped. Here's how LME prices looked at 12:36pm in London. Hassan...Read More
Gold puts up with the US Federal Reserve's seventh rate hike.Gold futures and spot investors have speculated to be cautious on Fed rate hikes, thus selling ahead of the hike announcement.Historical experience on Fed rate hikes has proven to be bullish for gold prices. Image source: Getty Images Investment Thesis The U.S. Federal Reserve showed optimism on the impact of the fiscal policy on the abi...Read More
Good morning from Metal Bulletin's offices in Asia as we bring you the latest news and pricing stories on Tuesday June 26.Most base metals prices on the Shanghai Futures Exchange ended the Asian morning trading session on Tuesday in negative territory, with deepening fears of a China-United States trade war weighing on the sector. Nickel led the complex lower with the most-traded September contrac...Read More
The U.S. dollar will likely emerge as a beneficiary of any trade war or attempt to narrow the U.S. trade deficit.Many of the U.S. trading partners are more export oriented and therefore have more to lose from a trade war.Federal Reserve policy and a relatively strong U.S. economy will keep a floor under treasury yields and could propel yields higher thereby denting demand for non-interest bearing...Read More
Canada's Yamana Gold Inc. (TSX: YRI) (NYSE: AUY) said Tuesday it has produced first gold and silver at its Cerro Moro mine, located in Argentina's Santa Cruz province.The Toronto-based miner, which began construction at Cerro Moro in 2015 and poured first dor?(C) last month, expects to finish building the mine this year.The company expects most of Cerro Moro's 2018 production in the second half o...Read More
SHANGHAI, Jun 27 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar index, which measures the greenback against a basket of six currencies, was up 0.4% at 94.66 on Tuesday.Most base metals rebounded overnight. LME aluminium surged over 2%, copper, lead, zinc and nickel edged up slightly while tin dipped. SHFE metals rose acros...Read More
• Reviving USD demand prompts some aggressive selling and drags the commodity below last Thursday's swing low level of $1261.38, to fresh YTD lows. • Formation of a death-cross on the daily chart and a decisive break below a medium-term ascending trend-line suggests a continuation of the bearish trajectory. • Near-ter...Read More
Ferro-chrome benchmark price negotiations for the third quarter of 2018 are revealing a fresh spin on some familiar topics and a more detailed look at regional price differences across the supply chain. Metal Bulletin reported last week that the widely-expected reduction in the third-quarter settlement is likely to be smaller than previously anticipated, due to strengthening ferro-chrome markets,...Read More
• A goodish pickup in the USD demand prompts some aggressive selling. • Fading safe-haven demand further aggravates the downward momentum. • Technical studies suggest an extension of the near-term bearish trajectory. Gold continued drifting lower through the mid-European session and is currently placed at fresh six-month lows, a...Read More
SHANGHAI, Jun 26 (SMM) – Both nonferrous and ferrous metals futures, except for SHFE lead, fell across the board on June 26. Lead jumped over 1.2%, while nickel slumped nearly 2.5%. Zinc and aluminium lost some 1.1%. Tin and copper inched down. Coke plunged nearly 3.9%, coking coal dropped 2.1%, rebar declined 1.8%, and hot-rolled coil went down 1.4%. Iron ore closed slightly lower.&nbs...Read More
SHANGHAI, Jun 26 (SMM) – The boom of shanty town redevelopment in China may cool down after China Development Bank (CDB) took away the local approval authority on renovation projects.Share prices of Chinese real estate developers tumbled on Monday June 25 following market talk that Beijing planned to ban shanty town redevelopment altogether and that CDB would stop approving pledged supplemen...Read More
Gold has continued its bearish trajectory following Friday’s “death cross” when its 50-day moving average sank below its 200-day moving average. The move comes as global stocks decline amid concern trade and investment restrictions could hurt growth. “It appears that gold is being treated currently as part of the commodity complex, as opposed to” a have...Read More
SHANGHAI, Jun 26 (SMM) – Some 34,000 mt of silicomanganese production per month is set to be affected in Louping county of Ningxia, as all ferroalloy submerged arc furnaces below 20,000 kVA were required to be shut for rectification as of Monday June 25.This would account for 18% of the typical monthly output in Ningxia, SMM calculated. The rectification work is expected to be finished...Read More
Gold has developed a clear downside trend break away from the strong resistance level near $1,364.The downtrend may pause near $1,250, but traders will be ready for the price to dip toward support near $1,210.Daryl Guppy Published9:04PM ET Mon, 25 June 2018CNBC.com Edgar Su | ReutersGold has developed a clear downside trend break away from the strong resistance level near $1,364. Many gold trader...Read More
• Fails to benefit from reviving safe-haven demand and escalating US-China trade tensions. • Prospects of higher interest rates in the US kept a lid on any meaningful recovery. • A modest USD rebound/positive US bond yields add to the downward pressure. Gold remained under some selling pressure for the second straight session on...Read More
"Do not allow yourself to be fooled. Follow logic and the fundamentals only. The fact is..."Editor's Note: There has been a lot of talk in the gold and silver community about what happens to the gold to silver ratio during a hyperinflation. See recent coverage, in chronological order, here first, then here, and and finally here, for what is turning out to be a treasure trove of information that r...Read More
Gold futures finished with a loss on Monday, with the precious metal marking another low year to date, even as the U.S. dollar, strong throughout the month, weakened against its currency rivals. A fresh round of global trade friction was again driving financial market sentiment Monday, although the issue has had a subdued impact in supporting haven gold. August gold GCQ8, +0.07% fell $1.80, or 0....Read More