China's crude stainless steel capacity is expected to increase by 7.5 million tonnes per year to 44-45 million tpy by 2020, although there is some pessimism about mills' utilization rates, according to Zhang Zhifang, chairman of Chinese producer Taiyuan Iron & Steel. Production capacity of cold-rolled stainless steel in particular will increase in the short term, Zhang pointed out during his prese...Read More

LONDON (Reuters) - The Bank of England hit back at European Union criticism on Wednesday, saying British banks were fully prepared for any disorderly Brexit and that it was the EU itself which should act to prevent market disruption.BoE Governor Mark Carney challenged assertions made by the EU’s banking watchdog, the European Banking Authority (EBA), on Monday that banks were inadequately pr...Read More

(Kitco News) - Gold prices are seeing moderate losses and are trading neartheir daily lows in late-morning action Wednesday. A rally in the U.S. dollarindex today has put some more downside pressure on the precious metals prices.Higher U.S. stock index prices today also suggest there is littlerisk aversion in the marketplace to provide any support to the safe-haven goldand silver markets. August g...Read More

CloseGain/LossGold $1251.80-$7.10Silver$16.05-$0.25XAU79.93-0.69%HUI170.45-1.43%GDM607.67-0.74%JSE Gold1032.87+8.41USD95.34+0.63Euro115.56-0.91Yen90.79-0.16Oil$72.76+$2.2310-Year2.828%-0.052T-Bond145.21875+0.96875Dow24117.59-0.68%Nasdaq7445.08-1.54%S&P2699.63-0.86% The Metals: Gold edged up to $1259.90 at about 8AM EST, but it then drifted back lower into the close and ended near its late...Read More

- London house prices down 1.9 per cent in Q2 (yoy)- London house prices still 50% above 2007 bubble peak (see chart)- Brexit and weak consumer confidence to blame say experts- Little sign that U.K. property "weakness" is likely to change- London property bubble appears to be burstingFrom Bloomberg:U.K. house-price growth has slowed to the weakest pace in five years, while London values are...Read More

WASHINGTON (Reuters) - A top U.S. Federal Reserve official on Wednesday defended a key international regulatory body, in a speech that could help boost his candidacy to lead the Switzerland-based Financial Stability Board (FSB).The FSB was created in the wake of the 2007-2009 global financial crisis to help set international regulatory standards and is currently chaired by the Bank of England&rsqu...Read More

China's crude stainless steel capacity is expected to increase by 7.5 million tonnes per year to 44-45 million tpy by 2020, although there is some pessimism about mills' utilization rates, according to Zhang Zhifang, chairman of Chinese producer Taiyuan Iron & Steel. Production capacity of cold-rolled stainless steel in particular will increase in the short term, Zhang pointed out during his prese...Read More

NEW YORK (Reuters) - Oil prices jumped on Wednesday as plunging U.S. crude stockpiles compounded supply concerns due to uncertainty over Libyan exports, a production disruption in Canada, and U.S. demands that importers stop buying Iranian crude from November.U.S. crude stocks fell by nearly 10 million barrels last week, the most since Sept. 2016, while gasoline and distillate inventories rose les...Read More

NEW YORK (Reuters) - The U.S. dollar rose broadly on Wednesday, including against the Swiss franc and Japanese yen, both traditional safe havens, as trade-related worries eased following a slight moderation in the U.S. administration’s approach to Chinese investment.The dollar was up 0.34 percent against the yen at 110.42 yen, and advanced 0.44 percent against the franc. The Japanese and Swi...Read More

WASHINGTON (Reuters) - White House press secretary Sarah Sanders will get Secret Service protection after she was asked to leave a restaurant in southern Virginia in protest of President Donald Trump’s policies, a source familiar with the matter told Reuters.The source did not provide details. The Secret Service and the White House both declined to confirm the matter.NBC News, which first re...Read More

WASHINGTON (Reuters) - Two major auto trade groups on Wednesday warned the Trump administration that imposing up to 25 percent tariffs on imported vehicles would cost hundreds of thousands of auto jobs, dramatically hike prices on vehicles and threaten industry spending on self-driving cars.A coalition representing major foreign automakers including Toyota Motor Corp, Volkswagen AG (VOWG_p.DE), BM...Read More

Turkish steel mills have resumed their deep-sea scrap purchases with slightly lower prices, sources said on Wednesday June 27.A steel producer in the Marmara region booked a Baltic Sea cargo, comprising 25,000 tonnes of HMS 1&2 (80:20) at $353 per tonne and 5,000 tonnes of bonus at $368 per tonne cfr late on Tuesday June 26.Most market participants were expecting steel mills to resume buying...Read More

(Reuters) - U.S. crude stocks fell by nearly 10 million barrels last week as refineries hiked output, while gasoline and distillate inventories rose, the Energy Information Administration said on Wednesday.Crude inventories fell by 9.9 million barrels in the last week, compared with analysts' expectations for a decrease of 2.6 million barrels.Crude stocks at the Cushing, Oklahoma, delivery hub fel...Read More

(Kitco News) - Gold and silver prices aretrading near unchanged levels in early U.S. trading Wednesday. Gold did hit asix-month low overnight. The precious metals bulls are attempting to stop thebleeding in prices, which has mainly come from an eroding raw commodity sector.However, the big rally in crude oil recently is a solid clue the raw commoditysector has bottomed out and will see better days...Read More

HONG KONG (Reuters) - The rapidly deteriorating trade and investment relationship between Washington and Beijing is sending a further chill through Chinese dealmakers who have already seen the number of Chinese acquisitions of American assets take a big hit.So far this year, Chinese companies have spent just $1.6 billion on U.S. assets, down almost 80 per cent from the year-earlier period, accordi...Read More

(Reuters) - U.S. stock index futures were nearly flat on Wednesday, pulling back from sharp losses earlier, after the Trump administration softened its stance on restricting foreign investments.The U.S. government will rely on a modernized Committee on Foreign Investment in the United States (CFIUS) as the best approach to protect sensitive domestic technologies, a senior administration official s...Read More

WASHINGTON (Reuters) - President Donald Trump urged Republican lawmakers to pass a “strong but fair” immigration bill before the House of Representatives on Wednesday, despite its slim chances in the U.S. Senate.In a Twitter post written in capital letters throughout, Trump said House Republicans should pass the bill, even though he said Democrats would stop it from passing in the Sena...Read More

Comex copper prices were once again facing a bout of selling with a stronger dollar and the persistent threat of additional tariffs weighing on the red metal. Copper for September settlement on the Comex division of the New York Mercantile Exchange dipped 1.50 cents or 0.5% to $2.9770 per lb. The With trade tensions mounting, commodities continue to face pressure from macroeconomic instability, ty...Read More

The Wednesday Market Minute Global stocks soften as trade war focus shifts to U.S. investment laws.Asia shares slide, led by weakness in China and a stronger U.S. dollar, as investors fret over next move in global trade disputes.China stocks extend declines, even as yuan pegged at a six-month low against the dollar.Oil markets extend gains amid concerns over Libya supply and U.S. moves to s...Read More

WASHINGTON, (Reuters) - New orders for key U.S.-made capital goods and shipments unexpectedly fell in May, but data for the prior month was revised higher, suggesting moderate growth in business spending on equipment in the second quarter.The Commerce Department said on Wednesday that orders for non-defense capital goods excluding aircraft, a closely watched proxy for business spending plans, slip...Read More